Unity Bank foresees more positives in future key indices

Unity Bank plc is optimistic that recent positive growth it achieved in third quarter (Q3) 2014 result released at the Nigerian Stock Exchange (NSE) will continue in the foreseeable future.
The bank said it will continue to leverage on its growth strategy which it noted is strictly that of operational efficiency derived from it business model and strategic intent.
Henry James Semenitari, managing director/CEO, Unity Bank plc who disclosed this in Lagos noted that the bank recorded a tremendous growth from a loss position of N33.64bn as at December 2013 to a profit position of N12.02bn before tax as at last quarter, September 2014.
Unity Bank plc also recorded improvement of 37.2 percent in operational efficiency with a cost-to-income ratio (CIR) reduced from 95.7 percent as at December 2013 to 60.03 percent currently.
The bank, which was recently recognised as one of the top 100 businesses in Nigeria by the Federal Government, successfully completed it Rights Issue and Special Placement of about N40bn. “The offer was over subscribed,” he said.
Unity Bank plc performance highlights in Q3’2014 shows gross earnings rose by 6.05 percent to N48.14bn (Q3 2013: N45.40bn); net interest income (NII) improved by 23.36 percent to N25.70bn (Q3 2013: N20.83bn); and total operating income improved by 22.86 percent to N35.06bn (Q3 2013: N28.54bn).
Also, the bank’s total operating expenses reduced by 22.13 percent to N20.87bn (Q3 2013: N26.80bn); profit before tax (PBT) improved by 897.56 percent to N12.02bn (Q3 2013: N1.20bn); while profit after tax (PAT) improved by 858.84 percent to N11.02bn (Q3 2013: N1.15bn).
The bank’s Weighted Average Cost of Funds (WACF) improved to 5.0 percent (Q3’2013 6.8 percent). Better than the Industry average of 5.5 percent; cost to income ratio improved to 60.03 percent, (Q3’ 2013 95.7 percent), better than the Industry average of 71.5 percent.