F’Y 2021: Unity Bank grows profit by 50% to N3.3b

Unity Bank Plc saw overall improvement in performance across all indicators in 2021, recording pre-tax profit growth of 49.9 per cent to N3.33 billion.

Key extracts of the audited report and accounts of Unity Bank for the year ended December 31, 2021 released at the weekend at the Nigerian Exchange (NGX) showed that profit before tax rose from N2.22 billion in 2020 to N3.33 billion in 2021.

Profit after tax also grew by 52.1 per cent to N3.17 billion from N2.09 recorded in 2020. Gross earnings improved by 8.1 per cent to N50.28 billion in 2021 as against N46.52 billion in 2020

The balance sheet of the agribusiness-focused bank also expanded with total assets rising by 9.5 per cent to N538.87 billion in 2021 compared with N482.02 billion in 2020, sustaining three years of consecutive growth. Unity Bank had grown its total assets by 39 per cent and 67.9 per cent in 2019 and 2020

The bank also grew its loan portfolio by 33.2 per cent to N269.27 billion in 2021 from N202.08 billion in 2020, underlining the bank’s aggressive focus on boosting its liquid assets base