Unity Bank Plc has revealed that its gross earnings grew to N46 billion at the year ended December 2009. The revelation was contained in the Group Managing Director’s review presented at the bank’s 4th Annual General Meeting (AGM) which held yesterday at the Nicon Luxury Hotel, Abuja.

According to the Group Managing Director (GMD) of the bank, Malam Falalu Bello, the bank’s total assets in 2006 was N131.03 billion. He said this figure grew by 55.1% to N203.23 billion in 2007 and increased by 79.1% to N364.08 billion in 2008. The bank’s gross earnings in 2008 was N42 billion from where it grew 9.5% to N46 billion at the end of 2009.

Bello said, barring any unforeseen circumstances, the bank has a bright future having grown profitably as demonstrated by its favourable report at the half year ended June 30, 2010 where the bank reported a profit after tax of N7 billion.

Addressing the shareholders, the Chairman of the Board of Directors of the bank, Professor Akin Mabogunje, reviewed the difficult operating environment in which the bank operated and maintained that it had taken measures that would guarantee the financial institution remains in the path of profitability and prosperity.

According to the Board Chairman, part of the measures taken is the Rights Issues to raise more than N23billion in line with the CBN requirements. The proceeds of the exercise will be applied to working capital/project finance, deployment of state-of-the-art technology.

and a corporate rebranding exercise to position the bank among the best-in-class in the industry; and is likely to dilute public shareholding of the bank from its current level of 70% to below 30%.

Professor Mabogunje indicated that the CBN had given the bank approval to open 29 new branches and two new cash centres across the country and to relocate four of the existing branches. At the AGM, the shareholders ratified the decision for the bank to change its financial year end from November 30 to December 31.