Unity Bank’s balance sheet grows to N235.9b

By

Unity Bank Plc has grown its balance sheet by 50.8 per cent from N156.51 billion in 2017 to N235.98 billion last year.

The audited financial statements presented to the Nigerian Stock Exchange (NSE) also showed gross earnings of N37.33 billion in the period under review.

Similarly, Profit Before Tax (PBT) moved in a positive trajectory to close at N1.41 billion, with the lender recording a Profit After Tax (PAT) of N1.27 billion, shaking off the negative position it posted the previous year.

The bank’s performance was supported by some fundamentals derived from corporate action to clean up its books by eliminating all the legacy non-performing loans, which resulted to full de-risking of balance sheet, enabling a new lease of life.

Other performance indices showed significant growth across key financial metrics, with net operating income for the year ended December 31, 2018 growing by 112 per cent to N21.63 billion from N10.22 billion in the corresponding period of 2017.

Non-Interest Income also increased to N6.3 billion from N1.61 billion recorded in 2017, as earnings per share for last year stood at 13.03 kobo, up from -127 kobo recorded in 2017.

The bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun, said: “The most gratifying aspect of our 2018 performance is that the bank has made a dramatic turnaround from losses in the previous year to a promising profit position in 2018.

“This was made possible by growth in the business throughputs and transaction-based banking with its attendant strong non-interest income.

“We equally recorded significant growth in our customer acquisition through enhanced customer-centric products that we rolled out during the year, riding on our rebranded channels and platforms, which were well accepted by the youth.

“We leveraged our exceptional competencies in agribusiness and rural economy niche market, which contributed to substantial growth in loans through on-lending schemes to farmers in the last quarter of 2018, all of which buoyed our performance for the year under review”.

She explained that the strong performance feat came through composite strategic focus, involving the  revamp of its service delivery channels, products revamp and profiling, as well as building structured and secured operating environment to protect customers’ businesses.

source:https://samueljackson12.blogspot.com/2019/04/unity-banks-balance-sheet-grows-to.html



Comments

Post a Comment

Popular posts from this blog

Prostitution; Nigerian Women At Growing Risk From Human Traffickers In Germany.

By
Image
According to InfoMigrants, Nigerian women are at growing risk from traffickers in Germany who exploit and engage them in prostitution. Read the full report below by InfoMigrants. The new prostitute protection law in Germany was meant to identify victims of human trafficking – most of them migrant women. More than 18 months after the law came into effect, thousands continue to be targeted for exploitation, and the risk for Nigerian women seems to be increasing. There are campervans parked by the roadside. Some have hearts painted on them, one says “girls, girls” in red letters. It’s an easy matter for someone to stop for a quick transaction in one of these Love-Mobiles – sex with one of the “girls” in exchange for the going rate. Prostitution is mainly legal in Germany, as are these mobile brothels. But many of the women in the business – including those working from the Love-Mobiles – are victims of illegal human trafficking. Most of the women are from Eastern Europe or Nige...
Read more

FULL TEXT: A sacrifice for our new political order – Ezekwesili

By
Image
“When the ACPN leadership approached me in a series of visits to appeal that I run for office on their platform, the party appeared to be a good fit. It was founded by some disgruntled PDP members some years ago, but when its prime founder decided to return to the PDP, a core of its membership refused to move back with him. I was told that they stayed back because of their opposition to the ways of the PDP. Considering my vocal disapproval of the PDP and the APC, I admired the ACPN’s decision to stand firm and refusal to be co-opted.” It has been an interesting one week since I made the tough but necessary decision to suspend my campaign for the presidency. I have been truly overwhelmed by the reactions to my announcement from Nigerians. Even in airports outside the country as I travelled last week, Nigerians walked up to me with questions, concerns, encouragement, and motivation. I also saw disappointment by some who had poured their hearts and hopes into actualising our mission ...
Read more

Update On Slay Queen Who Was Stripped Naked And Tortured Over Missing Phone.

By
Image
The League of Patriotic Lawyers has given Edo State Commissioner of Police, Mr. Olusegun Odumosu, 24 hours to unravel those behind the torture and insertion of pepper into a girl’s private part in Benin City over alleged stealing of a mobile phone.  Chairman of the platform and former Student Union President of the University of Benin, Mr. Abubakar Yesufu, who said this in a statement yesterday, also urged the state Director, Department of State Services, DSS, to be involved in the investigation. A video of the incident, seen by Vanguard yesterday, showed the girl being stripped naked by a group of people, who inserted pepper into her private parts for allegedly stealing a phone. The unidentified girl was heard crying and saying she didn’t steal any phone, while she was being humiliated by the crowd. Yesufu said: “The League of Patriotic Lawyers has given the Edo State Commissioner of Police 24 hours to arrest and commence prosecution of all the street urchins behind thi...
Read more