How Unity Bank increases asset base by 67.9% to N492bn
By Eyo Nsima
Unity Bank Plc, a leading Bank in Nigeria has achieved 67 per cent growth in its total assets.
The assets stood at N492.02billion in the year ended December 2020 from N293.05 billion in the corresponding period of 2019.
The bank also declared Gross Earnings of N42.71 billion for the year ended December 2020 as well as Profit Before Tax of N2.22 billion and Profit After Tax of N2.09 billion.
In its audited results for full-year ended 31 December 2020, released to the Nigerian Stock Exchange, it stated that the growth in total assets was fuelled by 38 per cent growth in Customers Deposits as well as 92.2 per cent growth in Loans and Advances to Customers.
It also stated that customers’ deposit rose to N356.62 billion, up from N257.69 billion in the corresponding period of 2019.
Furthermore, the Bank’s gross loans portfolio increased to N206.2 billion in December 2020 from N106.9 billion in December 2019, indicating its increased lending strategy to support Nigeria’s food agenda.
However, the Managing Director/Chief Executive Officer, Mrs. Tomi Somefun stated that the results showed the resilience of the bank, which went through very difficult times.
He added: “We will latch on targeted strategies to deploy significant investment in technology in order to ride the waves of the COVID-19 pandemic. On the back of this, the Bank will increase its focus on achieving major efficiency gains, deepening its retail footprints and penetrating identified cluster market segments, as bulwarks to tapping into various youth markets platforms, in addition to the mass market”.
