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Unity Bank Repositions for Growth - TELL Magazine

Unity Bank Repositions for Growth

The management of Unity Bank says it is set to reposition the financial institution to underpin Nigeria’s growth even as Henry Semenitari, its managing director, MD, resigned last week. This is after a successful recapitalisation and re-branding exercise that evolved the bank into a profitable and customer-focused financial services company.

In compliance with the requirements of the Central Bank of Nigeria, CBN, the bank says it will appoint a new managing director from within to replace Semenitari. With an average professional banking experience of 24 years each, led by Thomas Etuh, chairman, and Aminu Babangida, Vice –chairman, the Unity Bank board has a combined 120 years of experience with highly talented, leadership to drive growth and continued improvement in services to customers while upholding the principle of responsible banking practices.

Despite the tough macro environment, the bank net income rose from N7.5 billion in the first half of 2014 to N8.23 billion in the half year 2015. Unity Bank’s fee and commission income increased by 23 percent to N4.66 billion to offset the dip in interest income in 2015 from the earlier period. Its total assets increased by four per cent to N429.6 billion, while cash and cash equivalents stood at 23.46 billion within the same period. The bank, which has developed competences in investment, corporate and retail banking, assures its shareholders of another impressive result at the end of its financial year.

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