Unity Bank Plc has announced its plans to raise additional capital to support its growth initiative, provide efficient banking services and increase lending to the real sector. The fresh capital will also enhance its pursuit of planned growth trajectory especially in Agriculture financing, SMEs, rural economy and overall financial inclusion schemes already outlined.
Unity Bank, which announced its audited financial result for the year ended December 31, 2015, recorded gross earnings of N78.8 billion and a Profit After Tax (PAT) of N4 6 billion.
The bank attributed its performance to repositioning strategy, in which, its assets were critically stressed-tested resulting in major impairment charges of N27 billion for 2015 as against N17 billion in 2014.
The Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun commented: “With the bank’s repositioning efforts and consistent focus to tap into the emerging opportunities in the enlarged economic space within Nigeria, Unity Bank is poised to deliver quality banking service to emerging sectors in retail/SME, commercial and the agricultural value chain.
“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 and build new clientele base.
“With the bank’s capital raising exercise, the year ahead is bright as the effects of the on-going transformation initiatives will surely consolidate Unity Bank as “a retail bank of choice”, culminating in superior financial performance and values to all stakeholders.”
