TheNigerianVoice Online Radio Center

Unity bank grows profit after tax (pat) by 130%

By The Citizen


Unity bank Plc grew its profit after tax by 130% in the 2012 financial year as it improved on all other ratios.

According to its Audited Accounts which have been made available to The Nigerian Stock Exchange (NSE), Unity bank Plc grew its Profit After Tax to N6.18bn as at 31st December 2012, up from N2.69bn at which it closed in 2011.

The bank's gross earnings stood at N53.76bn up from N46.27bn in 2011 - representing a growth of 16%.  Interest and similar income grew by 30% from N31.71bn in 2011 to N41.24bn in 2012.

Total operating expenses declined by 8% from N32.23bn the previous year to N29.67bn in the year under review. Financial analysts believe that this has impacted positively on cost to income ratio which improved from 81% in 2011 to 79% in the year under review. This improvement is on the back of continued optimal resource allocation and cost efficiencies, they maintained.

The bank's loans and advances rose significantly by 60% from N117.88bn to hit N189.04bn in 2012. This growth is mostly in the real sector in line with national economic imperatives of making more credit available to that sector.

According to the Audited Accounts, customers' deposits grew by 1.19% from N266.88bn as at end - December 2011 to N270.06bn in December 2012. Overall total assets of the bank grew by 6% from N372.93bn in December 2011 to N395.72bn in December 2012.

Unity bank continued financial improvement has also reflected in its first quarter Account just published. As a further reflection of customer's continued and growing confidence in the brand, it sustained growth in the key growth indicators in its 1st quarter 2013 financial result.

style="text-align: center;"> -2-

 Loans and advances grew by 95% from N139.27 billion as at 31st March 2012 to N201.70bn in the first quarter of 2013 while customers' deposit rose by 12% to close at N299.32billion from N267.38 billion in the corresponding period of 2012.

Gross earnings grew by 16% from N12.69bn in first quarter of 2012 to N14.71billion in 2013 while profit before tax stood at N2.50billion up by 8% from N2.31billion in the same period of 2012.

Overall, the first quarter Accounts indicated that the total assets grew by 11% from N395.72billion in 2012 to N433.56billion in 2013. Watchers of the banking and financial sector are optimistic that this improved performance would be improved upon in the