Unity Bank Plc reported a pre-tax profit of N3.33 billion in the financial year ending December 2021.
The figure indicates a 49.9% increase from the 2.22 billion naira recorded in 2020.
In its 2021 annual result filed with the Nigeria Exchange Group (NGX), the bank also posted an 8.1% growth in gross revenue to N50.28 billion from N46.52 billion in 2021.
The financial statement showed an improvement in its net income, with profit after tax increasing by 52.1% to N3.17 billion from the N2.09 billion recorded in the corresponding period of 2021.
The development follows a faster-than-expected recovery from the disruptions of the COVID-19 pandemic, which allowed the lender to expand its retail footprint through strategic product offerings that appealed to broader segments of the market. .
Another key element of the agribusiness-focused lender’s financial performance is the growth of its assets, which rose 9.5% to close at N538.87 billion from N482.02 billion in 2020. , accumulating three consecutive years of strong growth.
Commenting on the result, Tomi Somefun, Managing Director/CEO, Unity Bank Plc, said the key performance indicators continued on a trajectory of healthy balance sheet growth, asset quality and profitability through skillful diversification of the bank’s profit base. which balances asset creation, investment and business activities fairly and is based on innovative customer-centric product offerings for the retail and consumer segments of the market.
Somefun expressed optimism that, given the bank’s increased focus on growing its business footprint, supported by significant investments in technology to expand its digital banking space, the growing contribution of channels and delivery platforms will further drive multiple revenue streams in the years to come.
She further said: “The Bank’s growing profile in agribusiness has now placed it on a footing that enables it to attract important companies across the value chain for the continued growth of its banking services. individuals and SMEs, while the Bank is constantly deploying product development/marketing initiatives to continue its growth. brand franchise, maximize benefits and drive double-digit retail growth”.
The bank’s assets also grew by 39% and 67.9% in 2019 and 2020, respectively, to see a rebound in profitability for two consecutive years.
During the year under review, the lender said it significantly increased its loan portfolio, increasing by 33.2% to 269.27 billion naira from 202.08 billion naira, following the bank’s aggressive concentration on strengthening its liquid asset base.
Another major performance from the recorded audited financial statements was the growth in the lender’s net operating profit to N28.41 billion from N21.3 billion for the corresponding period of 2020, an increase of 10.9%. This is even as net interest income recorded a significant jump of 12.2% to 20.05 billion naira from 17.74 billion naira in the corresponding period of 2020. Earnings per share increased closed at 27.15 kobo.