Unity bank reports N38.2b gross earnings in Q3 2023

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Unity bank reports N38.2b gross earnings in Q3 2023
Unity bank reports N38.2b gross earnings in Q3 2023

Unity Bank Plc, a retail lender, has released its unaudited financial results for the nine-month period ending on September 30, 2023, revealing gross earnings of N38 billion.

During this period, customer deposits increased by 5% to reach N344.4 billion, indicating robust business growth and the confidence of customers in the bank.

The bank has continued to uphold its expansionary and customer-centric approach, with total loans and advances reaching N222.8 billion.

The interest and similar income amounted to N33 billion, underscoring the bank’s strategic focus on reinvigorating and sustaining asset creation to deliver returns to its shareholders.

Additional highlights from the nine-month financials include total assets of N423.4 billion and net fee and income commission of N4.4 billion.

However, the bank’s bottom line was impacted by recent foreign exchange (FX) regulations, a situation that can potentially be reversed as the Naira appreciates.

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

Despite a challenging operating environment, the bank has seen a steady increase in deposits, which supports its business as it implements strategies to boost transactions in the short and medium term.

Somefun noted that this reflects market confidence and positions the bank for improved business conversion, profitability, and growth in the months ahead.

Somefun mentioned that the bank is witnessing positive adoption of its digital banking services and is planning to expand its retail franchise, engage in fintech partnerships, offer innovative retail loans, and diversify its portfolio investments, fostering an optimistic outlook.

Analysts expressed confidence that Unity Bank’s strategy, focused on deepening its presence in the retail sector in the short and medium term, will generate additional income streams, strengthen its market share, and enhance its financial position in the future.