By Emma Ujah

Unity Bank PLC has grown its balance sheet by 63.68% from N309.35billion in December 2010 to N506.35 billion in December 2011 while operating income grew by N27.59% from N24.23 billion to N30.91 billion.

The Chairman of the bank Alh. Nu’uman Barau Danbatta, disclosed this at the bank’s 6th Annual General Meeting, in Abuja, yesterday.

Reflecting increased customers’  confidence in the bank total  deposits grew by 20.14% from 222.15 billion to N266.88 billion as at end of December.

The bank also recorded marginal increase in shareholders’ funds which stood at N44.51 billion in 2011 as against N44.15 billion in 2010, representing an increase of 0.81 %. while the loan recovery efforts of the bank reduced its Non-Performing Loans to Total Loans Ratio from 15 % the previous year to 5% in the year under review.

Alh. Danbatta further explained that Loans and Advances grew by 2.88% from N 118.58 billion to N 121.98 billion during the same period. This, according to him would have been higher but for the sale of assets worth about N20billion to the Assets Management Corporation of Nigeria.

The Chairman said the clean- up exercise as well as other initiatives currently being implemented were aimed at putting the Bank on the path of sustainable growth and profitability in 2012 and beyond.

The chairman also assured that the Bank is poised to building a superior customer service environment to make the institution the preferred choice of a wide range of customers and explained that this can be achieved with a highly skilled and dedicated staff that is willing to go the extra mile for its clients which can be achieved through in attracting and retaining the best people.

In his submission, the Managing Director of the Bank, Mr. Ado Yakubu Wanka reiterated that the Bank would continue in its bid to shore up its capital base to sustain a vibrant and financially strong and stable Bank. In that direction, he said, arrangements have reached advanced stage for the raising of tier 1 capital in order to enhance the Bank’s long term solvency and financial stability.

Mr. Wanka also disclosed that in furtherance to the Bank’s retail banking posture, several products have been introduced even as new A TMs and POS terminals have been rolled out in many merchant locations across the country.