Unity Bank Announces 49.9% Increase in Profit to N3.33bn in 2021FY
Kayode Tokede
Unity Bank Plc has declared a profit before tax of N3.33 billion in the financial year ended December 31, 2021, indicating a 49.9 per cent increase from the N2.22 billion it reportedin 2020.
Similarly, review of the lender’s 2021 full-year result filed with the Nigeria Exchange Limited (NGX) showed a significant improvement in its bottom line as profit after tax rose by 52.1 percent to N3.17 billion from N2.09 recorded in the corresponding period of 2021.
The bank also grew gross earnings, rising by 8.1 per cent to N50.28 billion from N46.52 billion in 2021.
This comes on the heels of a faster than expected recovery from the disruptions of the COVID-19 pandemic, which provided an opportunity for the lender to expand its retail footprint through strategic product offerings that appealed to broader segments of the market.
Another key highlight of the agribusiness-focused lender’s financial performance is the growth of its assets, which rose by 9.5 per cent to close at N538.87 billion from N482.02 billion in 2020, cumulating three years of consecutive high growth.
Equally, the Bank grew assets by 39 per cent and 67.9 percent in 2019 and 2020 respectively to see a rebound with an even greater resurgence in the lender’s profitability for two successive years.
Also, in the year under review, the lender grew its loan portfolio significantly, increasing by 33.2 per cent to N269.27 billion from N202.08 billion, following the Bank’s aggressive focus on boosting its liquid assets base.
Another top-line performance of the audited financial statements recorded was growth in the lender’s net operating income, which rose to N28.41 billion from N21.3 billion in the corresponding period of 2020, representing a 10.9 per cent increase.
This is even as the net interest income recorded a significant jump by 12.2 per cent to N20.05 billion from N17.74 billion in the corresponding period of 2020. Earnings per Share closed at 27.15 Kobo.
The Managing Director/CEO, Unity Bank, Mrs. Tomi Somefun, in a statement stated that the key performance indicators have continued on a trajectory of healthy balance sheet growth, asset quality and profitability achieved on the back of deft diversification of the Bank’s earnings base that balances out fairly in asset creation, investments and trade activities and riding on the innovative customer-centric product offerings for both the retail and consumer segments of the market
She shared the optimism that given the increased focus of the Bank on growing its retail footprints supported by significant investment being made in technology to expand its digital banking space, the growing contribution of the channels and platforms delivery will further boost the multiple streams of income in the coming years.
