Unity Bank Declares N3.38 Billion Profit After Tax For 2019

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Unity Bank Plc has disclosed its gross earnings for its 2019 financial year as N44.59 billion, following its strong growth in its 2018 financial year.

Brand Spur gathered that Unity Bank announced its profit before tax (PBT) in the first-quarter 2020 (Q1) standing at N550million, alongside its 2019 Financial Year result to the Nigerian Stock Exchange (NSE).

Highlights

  • Gross earnings grew by +28.69% Y-o-Y
  • Total assets climbed by +39.01%.
  • Profit before tax rose by +148.21% FYE 2019, this was an improvement from a loss of N7.55bn in FYE 2018.
  • Net interest income rose by +18.04% FYE 2019.
  • Non-performing loans increased marginally by +0.90% FYE 2019.
  • Fees and commission went up by +116.43% between FYE 2018 and FYE 2019, meaning that there was an improvement in sundry fee-based activities and a growth in earnings from customer retail transactions.

It was reported that the bank bold corporate action to clean up its balance sheet in 2017 led to its growth in 2018, 2019 and Q1 2020 drastic growth.

Meanwhile, a review of the Bank’s Q1 2020 showed that the lender recorded growth in Profit After Tax (PAT) by 9% to N506.07 million as against N464.87 reported in the same quarter in 2019.

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Similarly, the audited 2019 result showed that the Unity Bank recorded a PBT of N3.64 billion, while Profit After Tax (PAT) closed at N3.38 billion, thereby consolidating on the gains on the reforms instituted by the Bank to grow a healthy balance sheet since the past two years.

Unity Bank performance Review

A review of the Bank’s performance shows a relative growth across key financial metrics such as the Net Operating Income for the year ended December 2019, which rose by 76.39% to N23.211 billion from N13.159 billion in the corresponding period of 2018.

Net Interest Income also posted strong growth as it grew by 18.06% to N16.493 billion from N13.970 billion the previous year. This is even as the Bank’s Total Asset saw a 71.93% increase to close at N293.052 billion from N210.80 billion in the corresponding period of 2018.

Read Also:  Asoko Insight Secures $3.6 Million in Series A Funding Round

The retail lender also recorded a total comprehensive income of N5.52 billion while Earnings Per Share stood at 28.94 Kobo.

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The result further showed that having better positioned itself to advance credit to the economy through the cleaning up of its loan book in 2017, the Bank grew its loan books by 135.87% to N104.02 billion in 2019 as against the N44.10 billion it closed in 2018.

The Bank’s CEO’s Statement

Speaking on how the bank had made such significant progress and profit, the Managing Director/Chief Executive Officer of Unity Bank, Mrs Tomi Somefun stated that the potential in many aspects of the business as it reflected in growing balance sheet of the Bank is indicative of market confidence.

Somefun said: “It is also noteworthy that playing in the Agriculture sector as part of growth strategy and as bulwarks to drive value chain businesses in many segments of the retail market has continued to pay off.

According to her, ”Looking ahead, we shall consolidate on the gains in the agribusiness, capitalizing on the growing profile in the sector, whilst also focusing on the youth market with increased investment in technology.”

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“The quest to deepen our retail play will go hand in hand with our focus on digital innovations. Already, we have deployed USSD banking, carried out augmentation of the platform to introduce local languages and further drive financial inclusion and had also launched omnichannel to cater for all segments of the banking public, especially the underbanked.

”In the coming years, the Bank will be opening more channels and bundled products bouquet for identified cluster initiatives and also leverage and expand relationships with other partners to drive more growth in earnings and profits” she added.

In a similar vein, the Bank has finished its plan to set up a healthcare product called UnityCares to tap into credit support intervention scheme for the Health sector released by the Central Bank of Nigeria (CBN).

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Unity Bank Declares N3.38 Billion Profit After Tax For 2019 - Brand SpurUnity Bank Declares N3.38 Billion Profit After Tax For 2019 - Brand Spur

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Unity Bank Declares N3.38 Billion Profit After Tax For 2019 - Brand SpurUnity Bank Declares N3.38 Billion Profit After Tax For 2019 - Brand Spur

Latest News

Cityneon Raises S$235 Million; Well Positioned for Next Growth Chapter

  • The global experience entertainment company gets a S$235 million shot in the arm, closes its private fund raising in April 2021
  • Investors both new and existing include Singapore's Pavilion Capital, Seatown Holdings International and EDBI, Qatar's Doha Venture Capital and financial institutions and family offices in Singapore and China
  • These now join other existing Cityneon shareholders CITIC Capital, veteran entrepreneur and investor Mr. Johnson Ko, and Executive Chairman & Group CEO Mr. Ron Tan
  • Funding comes just after the Group acquired multi-year licensing rights for James Cameron's AVATAR touring exhibition, and two original artefacts IP on the ancient civilization Machu Picchu from Peru and Ramses the Great (Ramses II) from Egypt
  • Investments position the Group well to bring experiences across the globe, targeting to launch six experiences in China and five in the U.S. by the end of 2021, with more in other parts of the world

SINGAPORE - Media OutReach - 21 April 2021 - Cityneon Holdings ("Cityneon", the "Company"/collectively with its subsidiaries, the "Group") raised S$235 million in the most recent round of private funding. The latest round of funding adds seasoned investors to Cityneon's already strong stable of shareholders.

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This funding round was led by Singapore's Pavilion Capital, Seatown Holdings International, EDBI, and Cityneon's Executive Chairman & Group CEO, Mr. Ron Tan. EDBI and Pavilion Capital are existing shareholders of Cityneon whilst new investors include Seatown Holdings International, Qatar's Doha Venture Capital, which will now own approximately 4 per cent of the Group, and other financial institutions and family offices in Singapore and China.

These now join other existing Cityneon shareholders CITIC Capital, veteran entrepreneur and investor Mr. Johnson Ko, and Executive Chairman & Group CEO Mr. Ron Tan to form a new and strong shareholder base for the Group. Mr. Johnson Ko and Mr. Ron Tan remain as the largest shareholders of the company via their combined entity, West Knighton Limited.

The Group is now well positioned for its next growth chapter and will use the proceeds for capital expenditure that includes building more of its various intellectual property (IP) exhibition sets, totaling 24 travelling and four semi-permanent sets under the Studio IP partnerships and three travelling sets under the original artefact IP partnerships by the end of 2022.

Already, the Group just signed its fifth IP rights with Avatar from 20th Century Studios last year. Amidst the anticipation from Avatar fans worldwide, Cityneon will debut a multi-sensory Avatar exhibition in Chengdu, China in May 2021, ahead of the Avatar movie sequel which is slated for release in 2022. Avatar is the world's top grossing film of all time at over US$2.8 billion, and adding millions more after its successful re-release in China in March 2021. Avatar's director James Cameron has announced that he will be producing four sequels with 20th Century Studios, with the first sequel slated for release next year. Disney acquired 20th Century Studios for US$71 billion in 2019.

The Company also recently entered the original artefacts IPs space and will stage international exhibitions of the treasures of the ancient civilization Machu Picchu from Peru in Boca Raton, Florida and Pharaoh Ramses II from Egypt in Houston, Texas. These two experiences will start welcoming visitors in October and November 2021, respectively.

Other IP rights that the Group holds include partnerships with Universal Studios for Jurassic World: The Exhibition, Marvel for Avengers S.T.A.T.I.O.N., Lionsgate for The Hunger Games: The Exhibition and Hasbro for Transformers Autobot Alliance. All in, Cityneon holds the IP rights for five of the top 10 worldwide box office hits and two artefacts IP from Peru and Egypt. The Group expects to have six sets of its various IP rights travelling across China, and five travelling and permanent sets in the United States, with a few more in other parts of the globe.

The Group will also be reopening experiences that were temporarily closed in 2020, aiming to provide visitors with a safe entertainment option. These include the Marvel Avengers S.T.A.T.I.O.N. in Toronto, Canada that will be re-opening in May 2021; and the Marvel Avengers S.T.A.T.I.O.N. exhibition in Lotte Mall in Seoul, Korea in April 2021; the same exhibition space which previously housed Jurassic World: The Exhibition, another IP experience exhibition by the Group in 2019. In the past month, the Group also witnessed record visitor numbers at their semi-permanent installations in Las Vegas, USA, signaling a strong comeback and demand for their immersive experiences, as they step into the 6th year of operations there.

While there are exciting plans lined up, the Group is not resting on its laurels. More Hollywood IPs and artefact IPs can be expected, and there will be further announcements on new IP verticals in entertainment experiences that the Group is looking to enter.

Mr. Ron Tan, Executive Chairman & Group CEO of Cityneon, said: "It is exciting that the Company is going through such strategic expansion as one of the largest providers of exhibition entertainment experiences globally. The S$235 million funding round sets a solid foundation for us to invest in developing more of our entertainment experiences, to stage even more exhibitions of the five box office hits and two artefact IPs that we hold the rights to all over the world. I'm thankful that our strong investors base, now from Singapore, Hong Kong, China and the Middle East, have trust in our vision, and believe alongside us that this space of big ideas and big experiences will only grow."

By the end of this year, Cityneon will arguably be the largest provider of exhibition entertainment experiences internationally; with global footprints in more than 50 cities and welcoming 10 million unique visitors across the world by 2022.

Cityneon Holdings

With its global reach and international partnerships, Cityneon has the capability to serve its clients anywhere in the world. Cityneon was listed on the Mainboard of the Singapore Stock Exchange since 2005, and was privatized on February 2019 by West Knighton Limited, a company wholly owned by Cityneon's Executive Chairman and Group CEO, Ron Tan, together with Hong Kong veteran entrepreneur and investor, Johnson Ko Chun Shun. Johnson is a capital markets veteran and has held controlling interests and directorships in many listed companies. In May 2019, Cityneon welcomed CITIC Capital as a new shareholder, who holds approximately 10% shares in Cityneon. CITIC Capital is part of CITIC Group, one of China's largest conglomerates, and has over US$25b of assets under its management across 100 funds and investment products globally. Other institutional shareholders of the Group include EDBI - a Singapore government-linked global investor, and Pavilion Capital - a Singapore-based investment institution which focuses on private equity investments, that made strategic investments in August and October 2019 respectively, to support the Group's further expansion globally. For more information, please visit www.cityneongroup.com.


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