August 16, 2022

Reporters’ Diary

Factual Reportage

Unity Bank restates commitment to improved performance

Unity Bank Plc has expressed commitment to improved performance to boost stakeholder’s fortunes through engagements in various key sectors of the economy.

The bank in a statement in Lagos on Monday said its board was working harmoniously with the management team to drive growth.

The statement also denied online reports on purported action of the board of Unity Bank on the performance of the bank.

“Our attention has been drawn to some online reports, on purported action of the board of Unity Bank, on the performance of the bank.

“The bank has a cohesive board that is working harmoniously with the Executive Management team led by Mrs Tomi Somefun, to drive the growth of the bank.

“The management of the bank, with the support of its board, has made inroads into key sectors of the economy through initiatives and programmes that have improved the fortunes of the bank over that past five years.

“Notable amongst these are sale of the bank’s non- performing legacy loans, the relocation of its corporate head office to Lagos, deliberate focus on digital, retail and commercial business,” the statement said.

It noted that the bank had supported the growth of the real sector of the economy, through its participation in the Central Bank Nigeria (CBN) intervention funds, to promote agri-business in Nigeria.

The statement added that the bank had enrolled over one million farmers, under the Anchor Borrowers Programme (ABP) of the Federal Government.

“It is worthy of note that through the CBN’s ABP, the bank has enrolled over one million farmers over the last three years.

“This has boosted the production of critical food items in Nigeria (rice, maize, cotton and wheat) as well as creation of various value-chain opportunities and employment, within the agric sector.

The bank for the nine months ended Sept. 30, 2020 posted gross earnings of N33.90 billion against N31.25 billion achieved in 2019, indicating an increase of eight per cent.

The lenders profit before tax for the nine months grew by six per cent to N1.71 billion from N1.61 billion in 2019.

Similarly, profit after tax grew by six per cent to N1.57 billion compared with N1.48 billion recorded in 2019.