Unity Bank records N38.2 billion gross earnings in Q3’23

 

LAGOS, Nigeria – Retail lender, Unity Bank Plc has recorded gross earnings of N38 billion for the nine-month period ended September 30, 2023, with customer deposits appreciating by 5% to N344.4 billion within the period, indicating business growth and customer confidence in the Bank. 

A review of the lender’s unaudited nine-month results released to the Nigerian Exchange Group Limited showed that the Bank continued to maintain its expansionary and customer-centric model with total loans and advances rising to N222.8 billion, even as interest and similar income stood at N33 billion, which underscores the Bank’s strategic focus to reinvigorate and sustain asset creation that will deliver returns to shareholders.

Other key highlights of the 9-month financials include the total assets which stood at N423.4 billion; net fee and income commission, N4.4 billion within the period. However, the recent FX regulation impacted the Bank’s bottom line, which can be reversed as the Naira appreciates.

Commenting on the result, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun said that the Bank is focusing on its efforts to recapitalize the institution, aggressively drive asset creation, innovate with products to compete favourably in new markets and relentlessly drive the pursuit of digital Banking innovation in order to shake off and completely reverse negative positions.

She stated that despite the tough operating environment, the deposit position continues to witness steady appreciation, which supports the business as the Bank drives initiatives to ramp up transactions as part of its strategy for the short and medium term.

“This also means that the Bank enjoys market confidence, which will enable the institution to thrive better in the months ahead with increased business conversion, profitability and growth needed to achieve sustainable returns,” she said.

Added to the above, Somefun also stated that “the Bank is seeing encouraging uptake in its digital Banking services and with expansion envisaged in the pursuit of enhanced retail franchise, fintech partnership, consumer banking and other innovative retail loans as well as diversification of portfolio investment, the outlook remains one of optimism’’.

Analysts expressed confidence that re-engaging the market in the short and medium term by deepening the retail end as part of the business strategy will drive more income streams to boost both market share and financial position in the days ahead.