UNITY BANK SHAREHOLDERS COMMEND BOARD AND MANAGEMENT TEAM

Shareholders of Unity Bank Plc have commended the Board and Management team of the bank for posting a profit of N12.41 billion for the year ended December 2010, as against a loss of N15.86 billion in the previous year.

The shareholders made the commendation at the Fifth Annual General Meeting (AGM) of the bank, which took place on Wednesday, 29th June, 2011 at the Chelsea Hotel, Abuja.

The shareholders also tasked the new Chairman of the bank's Board of Directors, Alhaji Nu'uman Barau Danbatta, and the Managing Director-designate, Alhaji Ado Wanka, to sustain and improve on the profit made by the outgoing Board and Management led by Professor Akin Mabogunje and Malam Falalu Bello respectively.

Speaking on behalf of shareholders, Alhaji Muktar Muktar said: 'We are impressed with the turnaround and we say well done to the Board and Management team for a truly wonderful performance.'

The shareholders also approved a cash dividend of five kobo per share and a bonus of one new share for every 20 held.

In the Chairman's statement, Professor Mabogunje said: 'In the face of the challenging environment and intense competition in the year under review, our bank posted an impressive performance.

'For the financial year ended December 31, 2010, gross earnings was N61.36 billion, representing a 36.46 per cent increase over last year's figure of N44.96 billion.'

The statement further said that total deposits taken by the bank increased to N222.15 billion, noting that this indicated the confidence of the banking public in the healthy status of the bank.

Meanwhile, in his review at the AGM, the outgoing Group Managing Director, Malam Falalu Bello said: 'The bank has successfully reversed the negative performance trend that characterised its results during the two preceding periods and launched itself into profitability.'

Bello also said 'gross earnings of the bank grew from N44.96 billion to N61.36 billion representing an increase of N14.4 billion or 36.48 per cent over the corresponding period of 2009.

Similarly, profit-after-tax increased by N28.2 billion or 177.81 per cent from a loss- after-tax of N15.86 billion in 2009 to a profit-after-tax of N12.47 billion in 2010.'

It will be recalled that Unity Bank successfully raised N17.34 billion through Rights Issue in 2010, as announced by the Central Bank of Nigeria (CBN) in a statement issued on October 4, 2010.

The statement read in part, 'Unity Bank Plc has successfully raised N17.34 billion through a Rights Issue, thereby meeting the regulatory capital requirement and the minimum adequacy ratio of N25 billion and 10% respectively. The bank has since raised its shareholders' funds to N44.153 billion as at December, 2010.