Unity Bank  records N42.71bn gross earnings in 2020

Unity Bank Plc has grew its assets base to N492.02 billion at the end of the 2020 financial year.
The amount  represent a significant increase of 67.90 per cent from  N293.05 billion total assets
value recorded in 2019.

This is even as the agric-focused bank recorded gross earnings of N42.71 billion within the
period under review against N44.59 billion achieved in the preceding year.
A review of the Bank’s audited results for full year ended 31 December 2020, released to the
Nigerian Stock Exchange, showed that the Bank improved its bottom line marginally as profit
after tax, (PAT) stood at N2.09 billion against N3.38 billion reported the previous year.

Profit Before Tax, (PBT) closed at N2.22 billion, from N3.64 billion recorded in the
corresponding period of last year that was defined by the unmitigated impact of global pandemic
characterized by disruptions in business activities and general downturn that resulted in
revenue/returns dip in major leading sectors globally.

The bank grew its customers’ deposit portfolio to N356.62 billion, up from N257.69 billion in the
corresponding period of 2019, representing a growth of 38.4 per cent.
Other major highlight of the audited financial statement relates to growth in its net operating
income which rose by 9.7 per cent to N25.46 billion from N23.21 billion in the corresponding
period of 2019. This is even as the net interest income recorded a significant jump, as it rose by
7.60 to N17.75 billion from N16.49 billion in the corresponding period of 2019. Earnings per
Share closed at 17.85 Kobo.

The Bank’s gross loans portfolio increased by 92.9 per cent to N206.2 billion in December 2020
from N106.9 billion in December 2019. The Bank’s lending strategy was specially tailored to
support the nation’s food agenda. This had the added advantage of improving food security
across the country, providing employment to thousands of youths and entrepreneurs, contributing
to the conservation of FX stocks and mitigating security challenges by ensuring adequate
empowerment of citizens and deepening skills acquisition across the value chain.

Commenting on the result, Unity Bank’s Managing Director/Chief Executive Officer, Mrs. Tomi
Somefun stated that the results showed the resilience of the Bank during unprecedented times of uncertainties and our ability to innovate and focus on key balance sheet items that will enable maintain growth trajectory.

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