Unity Bank declares N44.59b gross earnings in 2019

Unity Bank Plc on Wednesday declared gross earnings of N44.59 billion for the financial year ended December 31, 2019.

The bank also posted a profit before tax of N550 million in its first quarter result released alongside the 2019 financial year result to the Nigerian Stock Exchange.

A review of the bank’s Q1 result showed that profit after tax rose by nine per cent to N506.07 million as against N464.87 reported in the comparative quarter of 2019.

The audited 2019 full year result showed that the bank recorded a profit before tax of N3.64 billion.

Its profit after tax closed at N3.38 billion, thereby consolidating on the gains of the reforms instituted by the Bank to grow a healthy balance sheet since the past two years.

Commenting on the results, Tomi Somefun, the bank’s Managing Director, said: “The potential in many aspects of the business as reflected in growing balance sheet of the Bank is indicative of market confidence in our repositioning efforts.

“It is also noteworthy that playing in the agriculture sector as part of growth strategy and as bulwarks to drive value chain businesses in many segments of the retail market has continued to pay off.

“Looking ahead, we shall consolidate on the gains in the agribusiness, capitalising on the growing profile in the sector, whilst also focusing on the youth market with increased investment in technology.”

Somefun noted that the bank’s quest to deepen its retail play would go hand in hand with its focus on digital innovations.

She said: “Already, we have deployed USSD banking, carried out augmentation of the platform to introduce local languages and further drive financial inclusion and have also launched omni-channel to cater for all segments of the banking public, especially the underbanked.

“In the coming years, the bank will be opening more channels and bundled products bouquet for identified cluster initiatives and also leverage and expand relationships with other partners to drive more growth in earnings and profits.”

Somefun said the bank had concluded arrangements to launch a healthcare product called UnityCares to tap into credit support intervention scheme for the Health sector being rolled out by Central Bank of Nigeria as stimulus packages.

She said the stimulus packages were rolled out by the apex bank to support the indigenous pharmaceutical companies and healthcare practitioners that hope to build and expand capacity.