• Tue. Jul 16th, 2024

Unity Bank Posts N38.2 Billion Gross Earnings In Q3’23

ByHybridNewsNg

Nov 4, 2023

Retail lender, Unity Bank Plc, has reported gross earnings of N38 billion for the nine-month period ending on September 30, 2023. During this time, customer deposits appreciated by 5%, reaching N344.4 billion, signaling both business growth and customer trust in the bank.

Unaudited nine-month results disclosed to the Nigerian Exchange Group Limited demonstrated that Unity Bank continued to adhere to its expansion-oriented and customer-focused model. Total loans and advances increased to N222.8 billion, while interest and similar income reached N33 billion. These figures underscore the bank’s strategic dedication to revitalizing and sustaining asset creation aimed at providing returns to its shareholders.

Other significant highlights from the nine-month financials include total assets amounting to N423.4 billion and net fee and income commission totaling N4.4 billion. However, recent foreign exchange regulations impacted the bank’s bottom line, a situation expected to be rectified as the Naira appreciates.

Commenting on the results, Mrs. Tomi Somefun, the Managing Director/CEO of Unity Bank Plc, affirmed the bank’s commitment to recapitalizing the institution, driving asset creation, innovating products to compete effectively in new markets, and relentlessly pursuing digital banking innovation to reverse negative positions.

She mentioned that despite the challenging operating environment, the deposit position continues to witness steady growth, reflecting market confidence. This confidence will enable the bank to thrive in the months ahead, driving increased business conversion, profitability, and sustainable returns.

Furthermore, Somefun highlighted the encouraging adoption of the bank’s digital banking services, with expansion planned in the pursuit of enhanced retail franchise, fintech partnerships, consumer banking, innovative retail loans, and portfolio investment diversification. This optimistic outlook signals a renewed engagement with the market in the short and medium term, aimed at boosting market share and financial standing.

Analysts expressed confidence that Unity Bank’s strategy to deepen its retail sector will result in multiple income streams, enhancing both its market presence and financial position in the future.

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