Unity Bank Returns to Profitability in 2019, Stays Positive in Q1
After a protracted delay in releasing its audited scorecard, Unity Bank Plc on Wednesday declared gross earnings of ₦44.59 billion for the financial year ended Dec. 31, 2019.
The data is made available from the audited financial statements for 2019 submitted to the Nigerian Stock Exchange on Wednesday.
Coming from a loss after tax of ₦7.695 billion in 2018, the lender drops in ₦3.38 billion as profit for 2019.
Meanwhile, the bank also posted a profit before tax of ₦550 million in its first quarter (Q1) result released alongside the 2019 financial year result.
A review of the bank’s Q1 result showed that profit after tax rose 9% to ₦506.07 million as against ₦464.87 reported in the comparative quarter of 2019.
The result is coming on the back of the reforms instituted by the lender’s balance sheet repair program embarked upon by the management.
Commenting on the results, Mrs. Tomi Somefun, the bank’s Managing Director, said that “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.
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“Looking ahead, we shall consolidate on the gains in the agribusiness, capitalizing on the growing profile in the sector, whilst also focusing on the youth market with increased investment in technology”, Somefun said.
She noted that the bank’s quest to deepen its retail play would go hand in hand with its focus on digital innovations.
“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.
“It will also leverage and expand relationships with other partners to drive more growth in earnings and profits,” she said.
Somefun said that the bank had concluded arrangements to launch a healthcare product called UnityCares.
The objective for this is to tap into credit support intervention scheme for the Health sector being rolled out by the 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.
Unity Bank Returns to Profitability in 2019, Stays Positive in Q1
Notice: Special Report on Unity Bank Plc. We will be looking at the Bank in the last 10 Years.
E: editor@dmarketforces.com
