How Unity Bank drove profit by 18% t0 N2.4bn in 2021
Nigerian lender, Unity Bank Plc, saw its profit rise by N2.47 billion in the full year 2021, according to an analysis by BusinessDay.
Profit grew to N2.47 billion in December 2021 from N2.09 billion in December 2020.
Net interest income rose to N20 billion, a 13 percent increase from N17.7 billion in the comparable periods.
Net fee and commission income jumped 17.2 percent to N6.11 billion in December 2021 from N5.21 billion in December 2020.
Net operating income rose to N27.1 billion in December 2021 compared to N25.46 billion in December 2020.
Total assets grew 8.97 percent to N534.2 billion from N492 billion in the period under review.
The company’s Net cash flows from operating activities, the amount of money a company brings in from its ongoing, regular business activities, such as manufacturing and selling goods or providing a service to customers dropped to a loss of N62.3 billion in 2021 from N15.65 billion in 2020.
Net cash flows from investing activities, one of the sections on the cash flow statement that reports how much cash has been generated or spent from various investment-related activities in a specific period rose to N3.96 billion from N9.23 billion year on year loss.
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Net cash flows from financing activities, a section of a company’s cash flow statement, which shows the net flows of cash that are used to fund the company jumped to N44.3 billion in 2021 compared to N77.64 billion in the year ago period.
Interest and similar income rose to N43.12 billion from N39.1 billion in the period under review.
The bank increased its interest and similar expenses to N23.11 billion compared to N21.37 billion in the comparable period.
Fees and commission income increased to N6.1 billion from N5.2 billion in the period under review.
Unity bank’s other operating income dropped to N1.9 billion compared to N3.73 billion. Personnel expenses jumped to N10.6 billion as against N10.4 billion in the period under review.
Loans & Advances jumped 32.8 percent to N268.2 billion,in December 2021 from N202 billion in December 2020.
Amortised Cost stood at N64.4 billion in December 2021 compared to N64.3 in December 2020. Plant & Equipment stood at N1.8 billion, 42.8 percent increase from N1.26 in the period under review.
Unity Bank offers wide ranging financial services to individuals, businesses and the public sector of the nation’s economy. As a further commitment to the growth of the nation’s economy, Unity Bank focuses in particular on SMEs and Agribusinesses.