Unity Bank has denied rumored plans to sack its Managing Director and CEO, Mrs. Tomi Somefun. It says it would continue to improve on key performance indicators.
Speculations were rife that the board of trustees of the bank was plotting to sack Some fun over the reported crisis in the bank’s financial fortune.
Reacting to the report, Matthew Obiazikwo Head of communications said, “Our attention has been drawn to some online reports on the purported action of the board of Unity Bank on the performance of the bank.
“Unity Bank has a cohesive board that is working harmoniously with the Executive Management team led by Mrs. Tomi Somefun (MD/CEO) 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 programs that have improved the fortunes of the Bank over the past five years.
“Notable amongst these is the sale of the Bank’s legacy non-performing legacy loans, the relocation of its corporate head office to Lagos (the commercial hub of Nigeria), deliberate focus on digital, retail and commercial business as well as supporting 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.
“It is worthy of note that through the CBN’s Anchor Borrowers’ Programme (APB), the Bank has enrolled over one million farmers over the last three years which has boosted the production of critical food items in Nigeria (Rice, Maize, Cotton, and Wheat) as well as creating of various value-chain opportunities and employment within the Agric Sector”.
The Bank’s gross earnings for the 9 months ended September 2020 grew by 8 percent to 33.906 billion from N31.256 billion in the same period in 2019.
Unity Bank’s Profit Before Tax (PBT) for the 9 months grew by 6 percent to N1.710 billion from N1.611 billion in 2019, while Profit After Tax, PAT equally grew by 6 percent to N1.573 billion compared to the N1.482 billion recorded in the same period in 2019. Profit After Tax for the period stood at N543.135 million, an equally 6 percent increase from the N514.631 billion recorded in Q3, 2019.
A further review of the result showed that the Bank recorded an impressive 44 percent rise in total assets to N420.870 billion for the 9- month period ended September 2020, from N293.052 billion in the corresponding period of 2019.
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The lender also substantially grew deposits to N332.362 billion from N257.691 billion for the same period in 2019 – a 29 percent increase showing improved customers confidence in the Bank.
Unity Bank in its statement issued through Nigeria Stock Exchange (NSE) on Friday, April 09, 2021, submitted its 2021 audited report to the CBN and currently awaiting final approval by the regulators.