Unity Bank Plc has posted a 43 per cent growth in profit in its first quarter 2021 unaudited results released at the weekend, sustaining a growth momentum demonstrated in its 2020 full year earnings.
The Q1-2021 results showed that its profit before tax grew by 43 per cent to N784.3million from N550.1 million recorded in the corresponding period of 2020, while profit after tax for the period which also grew by 43 per cent stood at N721.5million compared to the N506.1million recorded in Q1-2020.
As an outcome of increased focus on supporting local enterprises and industry, the asset portfolio also showed a significant growth in loan book of 76 per cent as net loans and advances to customers increased to N223.2billion up from N126.6billion recorded in the corresponding period.
The total assets of the bank for the period showed an appreciable growth of 42 per cent to close at N521.5 billion from N366.8 billion in the corresponding period of 2020. The balance sheet of the bank had been considerably de-risked with an NPL ratio of near zero per cent which it had consistently maintained over time, thus making the Bank to rank as one of the best in risk management and credit creation culture.
Commenting on the result, managing director/CEO, Unity Bank Plc, Mrs. Tomi Somefun, saiid the first quarter result is a promising indication of better outcome for the year, profoundly reflecting the bank’s renewed focus on driving efficiency and productivity anchored on targeted initiatives to grow both volume and quality of assets.
The bank, she stressed, also offers a wide range of customer-centric products supported by novel technologies to its teeming and growing customers in all the six-geopolitical zones in Nigeria.
US$629million China Development Bank loan facility; Lekki Port receives first Disbursement
Lagos, Nigeria. Tuesday, May 4, 2021. Lekki Port LFTZ Enterprise Limited has received the sum of US$60million, which is the first instalment of the US$629Million loan facility from China Development Bank for the construction of the Lekki Deep Sea Port.
The US$629Million loan facility Agreement with China Development Bank was signed in Lagos, Nigeria in 2019 to provide the funding for the deepest seaport in the sub-Saharan African region.
The Managing Director, Lekki Port LFTZ Enterprise Limited, Du Ruogang, disclosed this while briefing the delegation of the Federal Ministry of Transportation and other stakeholders during the ministry’s first quarterly monitoring visit to the project site on Saturday May 1, 2021.
Ruogang stated that the first instalment of the loan facility was received on Thursday April 29, 2021 as the company had satisfied all the conditions precedent for the release of the funds. He expressed appreciation to the Federal Ministry of Transportation, the Lagos State Government and the Nigerian Ports Authority for all the support in this regard.
He stated that receipt of the first instalment of the loan facility is a major breakthrough in the quest to deliver a world-class deep seaport and to ensure that commercial operations commence before the end of 2022.