LAGOS – Mr Henry Semenitari, the Managing Director, Unity Bank Plc, on Wednesday said the bank targeted profit before tax of N30.41 billion in 2017.
Semenitari disclosed this at the bank’s “Facts behind the figures” held at the Nigerian Stock Exchange (NSE) in Lagos.
He said that the bank was targeting a profit before tax of N20.26 billion for the financial year ending Dec. 31 and N26.13 billion in 2016 financial year.
Semenitari said that the bank would achieve the target, barring unforeseen circumstances and stable business environment.
The managing director said the bank also targeted gross earnings of N109.49 billion in 2017; N88.52 billion in 2016 and N76.26 billion in 2015 financial years.
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Semenitari attributed the bank’s growth strategy to operational efficiency derived from its business model and strategic intent.
He said that agriculture sector remained a major strategic focus of the bank, based on its historical strength.
He said the bank would focus on emerging middle market entrepreneurs to remain retail bank of choice.
The managing director said the institution recorded a “tremendous growth” from a loss position of N33.64 billion in December 2013 to a profit position of N13.6 billion before tax in 2014 financial year.
On the bank’s share reconstruction, Semenitari said it embarked on the exercise to sustain its business module toward commencement of dividend payment.
He said that the exercise would enable the bank to ensure enhanced dividend payout to all shareholders in the nearest future.
The managing director explained that the volume of shares, when compared with the shareholders’ funds, would not enable the bank to generate profit that would enhance shareholders’ value.
He assured stakeholders that the basis of the reconstruction was largely on performance which would enable the bank to ensure enhanced dividend payment to all shareholders in the nearest future.
The News Agency of Nigeria (NAN) reports that the bank reconstructed 116.89 billion shares on the exchange rate of one for 10 shares already held by the shareholders.
The bank, for the financial year ended Dec. 31, 2014, posted operating income of N59.89 billion against the N40.78 billion declared in the comparative period of 2013.
Also, net interest income rose to N45.45 billion from N30.14 billion recorded in 2013.
Its total asset stood at N413.31 billion from N403.629 billion achieved in the corresponding period of 2013.
Its total liability decreased to N337.04 billion from N375.42 billion recorded in 2013. (NAN)
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