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Unity Bank 2020 Annual Report

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Unity Bank 2020 Annual Report 1 OUR 2 BUSINESS VISION MISSION DEFINITION TO BE TO CREATE A NATIONAL NIGERIA’S SUPERIOR WEALTH COMMERCIAL BANK RETAIL BANK FOR OUR WITH A OF CHOICE STAKEHOLDERS RETAIL SOUL DEP RITY END G hright The A TE fort bank B IN are with c st IL le lings an a ak IT op ea nal lwa eh Y e ir d xter on ys ol r p e d e ers. its c d u th an hold re ou er O ll al ake an lia n s a rn st d l bi t in e s & oy lit nt er alt y i m y. to S us U S s c t n u h i E o e t i s y N n h e E L e in s o n B M n c w d a U g e o n n o u P i iv i . m in k F t r A t s p g i E e a lu e n h r a g o T a n o g s r C i e H s n s l g p d R e e i s l l o s a g l p r Y p n i U n e n m i a i o i t h c c d TEAM t s O e i o c t i e d p v S p a l n a o l f o e r l n E a r t WORK l t u . d o p o R O f All levels of staff within the bank work s a n together to ensure . n o W s i e d r e t our commitments to h e h a e t E r t t a m our stakeholders s c d X y i e o s e e t b C e e e p s are delivered. N k x c n u s E x e e c t t O e L a v o r I e i n r L u v o S c i d t d o t E r S a f a e e e N t r r o r i a A i d l a s t C a P s e e u e d E q W OUR CORE VALUES 3 EXECUTIVE SUMMARY 6 FINANCIAL HIGHLIGHTS 7 BOARD OF DIRECTORS 10 CORPORATE INFORMATION 16 REPORT OF THE BOARD AND MANAGEMENT 18 DIRECTORS’ REPORT 29 CORPORATE GOVERNANCE REPORT 38 STATEMENT OF DIRECTORS’ RESPONSIBILITY 52 REPORT OF THE STATUTORY AUDIT COMMITTEE 53 REPORT OF BOARD EVALUATION 54 INDEPENDENT AUDITORS’ REPORT 58 STATEMENT OF PROFIT OR LOSS 63 STATEMENT OF FINANCIAL POSITION 64 STATEMENT OF CHANGES IN EQUITY 65 STATEMENT OF CASH FLOWS 66 NOTES TO THE FINANCIAL STATEMENTS 68 STATEMENT OF VALUE ADDED 160 FIVE-YEAR FINANCIAL SUMMARY 161 SUMMARY PROFIT OR LOSS 162 ENTERPRISE RISK MANAGEMENT DISCLOSURE 164 CORPORATE SOCIAL RESPONSIBILITY 224 PRINCIPAL OFFICERS 232 PRODUCT INFORMATION 236 CORPORATE DIRECTORY INFORMATION 248 AML/CFT FRAMEWORK 254 SHAREHOLDERS’ INFORMATION 258 NOTICE 261 PROXY FORM 263 E-DIVIDEND MANDATE FORM 265 4 FINANCIAL HIGHLIGHTS 5 Executive Summary Unity Bank Plc outperformed the broader economy in 2020 by all indices. The Bank’s Total Assets grew by a significant 67.90% over that of 2019 to close at N492.02 billion in 2020. Deposits from customers also appreciated by a record 38.39% above that of 2019 to settle at N356.62 billion. The growth experienced in 2020 is a promising indication of better outcome for 2021 and beyond. It further reflects the Bank’s renewed focus on driving efficiency and productivity. This is anchored on targeted initiatives to grow both volume and quality of assets and offer a wide range of customer- centric products, supported by novel technologies to its teeming and growing customers across Nigeria. The Bank will consolidate on the gains it has recorded and further build the franchise in many areas of the business to shake off any lethargy and galvanize productivity across its earning assets, thereby diversifying its earnings base to further improve the bottom-line. 6 Executive Highlights 2020 Performance Snapshot In Billions of Naira 31 DEC 20 31 DEC 19 BALANCE SHEET Total Assets 492.02 293.05 Customer Deposits 356.62 257.69 Gross Loans & Advances 206.21 106.91 Shareholders’ funds (275.41) (278.85) INCOME STATEMENT Gross Earnings 42.71 44.59 Net Operating Income 25.46 23.21 Operating Expense (23.24) (19.57) PBT 2.22 3.64 REGULATORY RATIOS Liquidity Ration (LR) 31.09% 33.19% Loan-Deposit Ration (LDR) 57.8% 41.5% Capital Adequacy Ratio (CAR) (101.47%) (201.59%) STAFF STRENGTH Professional Staff 1,595 1,578 Contract Staff 2,280 2,254 COVERAGE VIA BRANCH & DIGITAL CHANNELS • 215 Branches • 403 ATMs; • 7,915 Operational POS • 948,893 Active cards (cumulative) BUSINESS SEGMENTS • Corporate Banking • Commercial Banking • Personal Banking • Private Banking • SME • Institutional Banking 7 EXECUTIVE HIGHLIGHTS INCOME STATEMENT (N’bn) 50 44.59 42.71 40 30 25.46 23.21 23.24 20 19.57 10 2.22 3.64 GROSS NET OPERATING OPERATING PROFIT EARNINGS INCOME EXPENSE BEFORE TAX STATEMENT OF FINANCIAL POSITION (N’bn) 500 492.02 400 356.62 300 293.05 257.69 206.21 200 SHAREHOLDERS’ 106.91 FUNDS 100 -275.41 -278.85 0 -100 TOTAL CUSTOMER GROSS LOANS ASSETS DEPOSITS & ADVANCES -200 -300 2020 2019 8 BOARD OF DIRECTORS 9 Board of Directors Alhaji Aminu Babangida is the Chairman of the Board of Directors. Prior to his appointment in October, 2017, he was the Vice-Chairman of the Board of Directors. Alhaji Babangida was appointed to the Board of Unity Bank Plc in 2011 where he has held Chairmanship and membership positions in a number of Board Committees including the Board Credit Committee, Statutory Audit Committee, Board Finance & General Purpose Committee, amongst others. Alhaji Babangida, is an Entrepreneur, a co-founder/Chief Executive Officer of Phoenix Energy, Abuja and a Team Member of El-Amin International School, Minna. He also worked on the trading floor of Trafigura BV, London, UK. Alhaji Aminu Babangida Alhaji Babangida attended Regents Business School, London and Chairman Westminster Business School London where he obtained a B.A in International Business and M.A in International Business Management respectively. He is knowledgeable in the field of oil exploration. He is a member of the Institute of Directors (IOD), Bank Directors Association of Nigeria (BDAN) and the Chartered Institute of Bankers of Nigeria (CIBN). He has also attended various local and international courses. Dr. Oluwafunsho Obasanjo was appointed Non-Executive Director on March 18, 2011. She is a scientist with insight in the areas of Molecular Biology/Biochemistry, Chemistry, Analytical Techniques and Bioinformatics. She obtained an M.Sc in Medicinal Chemistry from the University College, London, United Kingdom and also holds a PhD in Bio-Organic Chemistry from the University of East Anglia. Dr. Obasanjo is the Chairperson of the Board Credit Committee and also Member of Board Governance & Nominations Committee, Board Risk Management & Audit Committee, Board Finance & General Purpose Committee and Statutory Audit Committee. She Dr. Oluwafunsho has held Chairpersonship and membership positions in a number of Obasanjo Board Committees of the Bank. Non-Executive Director She is a member of the Institute of Directors (IOD), Bank Directors Association of Nigeria (BDAN) and the Chartered Institute of Bankers of Nigeria (CIBN). She has attended various local and international courses/trainings. 10 BOARD OF DIRECTORS Mr. Sam Okagbue is the Chairman of the Board Risk Management & Audit Committee. He was appointed to the Board of Unity Bank Plc as an Independent Director on February 2, 2015. He is a Member of the Board Credit Committee, Board Finance & General Purpose Committee, Board Governance & Nominations Committee and Statutory Audit Committee. He has held Chairmanship and membership positions in a number of Board Committees of the Bank. He is a legal professional and a founding member and Managing Partner of the Law Firm, George Ikoli & Okagbue (GI&O). He holds an LL.B from University of Ife (now Obafemi Awolowo University), Ile-Ife and an LLM from University of London, London School of Economics. Mr. Mr. Sam N. Okagbue Okagbue’s career spans over three decades beginning with the National FCArb Assembly of Nigeria where he served as the Secretary to the Senate Independent Director Committee on Defence from 1981 – 1982. Mr. Okagbue has served in various legal capacities some of which include; Associate and Partner at different times in the Law Firm of Bentley Edu & Co.; Company Secretary and Legal Adviser, Fidelity Union Merchant Bank Limited. He was also the Legal Advisor; African Institute of Petroleum and Consultant to International Finance Corporation. Mr. Okagbue is a member of several professional bodies amongst which are; Institute of Directors (IoD) of Nigeria, International Lawyers Network (ILN), International Trademark Association (INTA), Institute of Trademark Agents (ITMA), Nigerian Economic Summit Group (NESG), Fellow, Nigerian Institute of Chartered Arbitrators (FCArb) and the Nigerian Bar Association. He has been a Notary Public (Federal Republic of Nigeria) since 1992. Hajiya Yabawa Lawan Wabi, mni is the Chairperson of the Board Governance & Nominations Committee and she was appointed to the Board of Unity Bank Plc on February 2, 2015. She is a Member of Board Credit Committee, Statutory Audit Committee, Board Finance & General Purpose Committee and Board Risk Management & Audit Committee amongst others. Hajiya Wabi has spent several years in the service of Nigeria, both at the State and Federal levels.
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