Unity Bank achieves N65.03bn gross earnings Q3

• Gross Earnings of N65.03BN
• Profit Before Tax of N2.72bn
• Total Assets of N483.82bn
• Shareholders’ funds grew by 1% from N83.56bn to N84.01bn in September 2016

Unity Bank Plc has released its unaudited third quarter (Q3) 2017 financial results which shows that the bank has sustained a positive but modest performance across key financial indices in spite of the challenging operating environment.

This attests to the Bank’s ability to remain profitable and resolute in its commitment to delivering value and return on investment to its shareholders and customers. The bank in its statement to the Nigerian Stock Exchange shows that it posted gross earnings of N65.03 billion and a pre-tax profit of N2.7 billion

A review of the Bank’s performance for the nine-month period ending 30 September, 2017 which shows a modest growth across key financial indices sees a growth by one percent for gross earnings to N65.03 billion from N64.58 billion in the corresponding period of 2016, pre-tax profit of N2.72 billion and post-tax profit ofN2.45 billion.

Operating expenses was down by about 2 per cent to N18.6 billion in 2017 from N18.9 billion 1n Q3 2016 which is as a result of the cost containment initiatives instituted by the management aimed at optimizing resources that attract efficiency and effectiveness of the Bank’s Assets. The Bank’s Earnings per share for the period under review stood at 20.94 kobo.

Commenting on the results, Mrs. Tomi Somefun, Managing Director/CEO Unity Bank Plc noted that the Bank in the process of repositioning itself has tapped into the emerging opportunity in the enlarged economic space within Nigeria particularly in the Agriculture and SME value chains. The Bank is building strong infrastructure for retail banking and attracting youths for its sustainable banking business by developing customer-centric products to meet the needs of its esteemed customers.

She noted that the Bank is aggressively and creatively pushing the frontiers of its business with initiatives aimed at unlocking inherent potentials that will enable it to effectively ride on economic headwinds and target opportunities in the markets.

The Bank recently recorded unprecedented success in the resolution of its legacy Non-performing Loans (NPLs); an initiative now considered as an industry-wide direction in Private Asset Management Company (PAMC) as encapsulated in the new CBN exposure draft for addressing banks’ NPLs challenges. The full impact of the initiative on the account and shareholder’s value is expected to begin manifest soon.

Working hand- in- hand with the Federal Government to achieve a reduced dependence on oil revenue, Unity Bank is contributing its quota towards the development of the agricultural sector by developing NIRSAL Farmers Savings Account product; specifically designed for bank customers (farmers) in rural areas under a special relationship with NIRSAL while also working with CBN to restructure the Bank’s portfolio of non-performing agricultural loans for tenure extension in order to reduce legacy impact on the bank’s bottom-line performance.

The Bank has also gone into partnership and collaboration with Development Finance Institutions like BoI, NEXIM, USAID, etc., to attract intervention funds to finance agricultural businesses and also create products around rural financing and agricultural business development.

A statement from the Bank states that the Board of the bank expects that barring unforeseen circumstances, the trend of the results achieved in Q3, 2017 would be surpassed in the next quarter.