Unity Bank grosses N50.28bn in 2021 earnings

Unity Bank Plc has seen its gross earnings, rise by 8.1% to N50.28bn from N46.52bn in 202.

A review of the lender’s 2021 full-year result filed with the Nigeria Exchange Group showed a significant improvement in its bottom line as Profit after tax rose by 52.1% to N3.17bn from N2.09 recorded in the corresponding period of 2021.

The bank declared a Profit before tax of N3.33 billion in the financial year ended December 2021, indicating a 49.9 percent increase from the N2.22 billion it recorded in 2020.

Another key highlight of the agribusinessfocused lender’s financial performance is the growth of its assets, which rose by 9.5% to close at N538.87bn from N482.02bn in 2020, cumulating three years of consecutive high growth.

Commenting on the result, the Managing Director/CEO, Unity Bank Plc, Mrs Tomi Somefun, stated that the key performance indicators have continued on a trajectory of healthy balance sheet growth, asset quality and profitability achieved on the back of deft diversification of the Bank’s earnings base that balances out fairly in asset creation, investments and trade activities and riding on the innovative customer-centric product offerings for both the retail and consumer segments of the market.