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Unity Bank grows profit after tax by 130%

By on April 30, 2013

Unity Bank Plc grew its profit after tax by 130 per cent 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, the bank grew its profit after tax to N6.18bn as of December 31, 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 and representing a growth of 16 per cent. Interest and similar income grew by 30 per cent from N31.71bn in 2011 to N41.24bn in 2012.

Total operating expenses declined by eight per cent from N32.23bn the previous year to N29.67bn in the year under review.

The bank stated that this had impacted positively on cost to income ratio, which improved from 81 per cent in 2011 to 79 per cent in the year under review.

The improvement is on the back of continued optimal resource allocation and cost efficiencies, according to it.

Unity Bank’s loans and advances rose significantly by 60 per cent from N117.88bn the previous to hit N189.04bn in 2012.

According to the audited accounts, customers’ deposits grew by 1.19 per cent from N266.88bn as of end of December 2011 to N270.06bn in December 2012.

Overall total assets of the bank grew by six per cent from N372.93bn in December 2011 to N395.72bn a year later.

As a further reflection of customer’s continued and growing confidence in the brand, the bank sustained growth in the key growth indicators in its first quarter 2013 financial result.

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

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

 

 

[Punch]

One Comment

  1. Yungboss

    April 30, 2013 at 2:01 pm

    After all this, share holders will get peanut for their shares.

    http://whitepagesng.com/blog