Unity Bank Plc has reported a total gross earnings of N59.3 billion for the financial year ending December 31, 2024, reflecting a 3.84% year-on-year increase. The bank’s audited financial results, submitted to NGX Group Limited, also showed significant improvements across key performance indicators, including a 23% growth in customer deposits to N402.9 billion from N327.4 billion, signaling sustained retail expansion and customer confidence.
Other highlights of the bank’s full-year financial performance include total assets amounting to N472.5 billion, net fee and commission income of N5.2 billion, and a 9.6% increase in interest income to N53.7 billion from N48.8 billion.
Commenting on the financial results, Unity Bank’s Managing Director/Chief Executive Officer, Mrs. Oluwatomi Somefun, noted that the bank had earlier issued a profit alert due to a revaluation loss arising from the naira devaluation, which was influenced by foreign exchange shortages and broader economic challenges. However, she highlighted that key performance indicators are rebounding, showing positive trends.
“As we begin to see the margins being closed, it is an indication that the measures being taken to revamp all aspects of the business are being well received by the market: be it a workable recapitalization plan, aggressive drive for asset creation, product innovation, or digital banking,” she stated.
Mrs. Somefun further emphasized the bank’s commitment to leveraging its strengths, including a growing retail franchise and steady expansion across all geopolitical zones in Nigeria. She also announced the upcoming launch of an omnichannel digital banking app designed to enhance customer experience, improve reliability, and support a diverse range of financial services, which is expected to boost earnings and profitability.
As part of its recapitalization strategy, Unity Bank has received approval from the Central Bank of Nigeria (CBN) for a business combination with another innovative financial institution. The partnership is aimed at integrating traditional banking with digital solutions, leveraging Unity Bank’s extensive branch network and strong customer base to drive a transformative banking experience.
Market analysts have expressed optimism about the bank’s performance, noting that its resilience, investor confidence, and ongoing strategic initiatives position it for sustained growth in Nigeria’s evolving financial landscape.