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Unity Bank Grows Capital to N43bn

Category: Capital Market

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Unity Bank Grows Capital to N43bn


Unity Bank Plc has grown its capital base to N42.98 billion as at September 30, 2010. The Acting Group Managing Director (AGMD) of the bank, Alhaji Ado Wanka made this known while responding to media enquiries on how the bank beat the September 30, 2010 deadline set by the Central Bank of Nigeria (CBN) for the bank to shore up its capital.

Wanka said, “We achieved Capital Adequacy Ratio (CAR) of 10.45 per cent and Shareholders Funds of N42.98 billion. These figures have been confirmed to the CBN and as you know the CBN has released a statement stating that the bank has met the statutory requirement as a national bank.He said as is the usual regulatory practice, Unity Bank would be receiving a CBN verification team that will ensure that the bank gets positive certification at the end of the exercise.Explaining further how the bank was able to meet and surpass the N25 billion statutory requirement as a national bank, Wanka said, “As you know, we successfully raised N17.34 billion through our rights issue.

The rest of the N42.98 billion was realised through sale of some of our non-core banking fixed assets, recoveries and write backs based on new CBN rules.” On the future of the bank, Wanka said, “Unity Bank remains focussed on its goal of being counted among the top five banks in Nigeria by 2012.“We now have enough Shareholders Funds to carry out extensive operations that support the profitability of our business. In addition to applying the funds to working capital and project finance, enhance our state-of-the-art technology and deepening our corporate brand presence to position the bank among the best in the industry, we will continue to improve on our services and delivery platforms,” he added.

Unity Bank reported gross earnings of about N45 billion at the year ended December 2009. The bank has also posted gross earnings of about N27 billion in the second quarter of 2010 and a profit after tax of more than N7 billion in the same half year of 2010.


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