Unity Bank Plc has released its audited financial statements for the year ended December 31, 2018 to the Nigerian Stock Exchange (NSE) which shows gross earnings of N37.33 billion.
The bank grew its bottom-line by 109.9% as Profit Before Tax (PBT), moved in a positive trajectory to close at N1.41 billion, recording a Profit After Tax (PAT) of N1.27 billion, and shaking off the negative position it posted in 2017FY.
A further analysis indicated the bank’s corporate action to clean up its books by eliminating all the legacy non-performing loans (NPLs) which resulted in full de-risking of its balance sheet and creating a new lease of life for it.
The bank’s balance sheet size increased from N156.51 billion in 2017 to N235.98 billion, culminating in a 50.8% growth during the year.
A breakdown reveals significant growth across key financial metrics, with Net Operating Income for the year ended December 31, 2018 growing by 112% to N21.63 billion from N10.22 billion in the corresponding period of 2017.
Non-Interest Income also increased to N6.3 billion from N1.61bn recorded in 2017 and earnings per share (EPS) for the year 2018 stood at 13.03 kobo, up from negative of 127kobo recorded in 2017 FY.
Speaking to Daily Trust on the result, the Executive Director, Finance and Operations, Ebenezer Kolawole said: “The bank has leveraged on its core competence and strategic advantage in deepening its reach in agribusiness and the attendant value-chain, driving the over 360% growth in loan portfolio in this segment of the market, with NPL ratio closing the year at 0.69%”
