Stronger Assets Amid CBN Lending Policy-newsng.org

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Unity bank closed the year with a 39 per cent increase in total assets to N293 billion from N210 billion in 2018 following an impressive performance in gross loans and advances to customers and customers’ deposits.

Kolawole said: “We have been able to move our loan trajectory. We have also been able to move from N9 billion in 2017 to N44 billion in 2018. It also increased to N104 billion in 2019.

“Between 2018 and 2019, we have about 104 per cent growth in our loans and that has helped us deliver value and meet the expectation of Central Bank of Nigeria (CBN) in terms of Loan-to-Deposit ratio.”

He explained further that “we have supported key real sector most especially the agriculture sector despite the low yield, we are proud of ourselves for supporting that sector.

“We made sure to give attention to the production of rice, maize among others. We partnered with the farmers to deliver excellent services to the agriculture sector.”

The CBN had mandated commercial banks to lend 65 per cent of the deposit to support real sectors of the economy and Unity Bank last year did a loan of about N104 billion, 136 per cent increase over N44 billion reported in 2018.

Unity Bank’s Customers’ deposits also rose by 104 per cent to N257.69 billion in 2019 from N126.21 billion reported in 2018.

Kolawole further noted that customers’ savings continued to improve on a daily basis as the management continued to deliver products that meet the savings needs of Nigerians.

“To be able to win more savers in this magnitude, it takes a lot of effort. We delivered customer-centric products that met their needs.”

This reflected increased customer confidence, enhanced customer experience early wins from the ongoing business transformation programme and the deepening of its retail banking franchise.