Unity Bank grows gross earnings to N38bn in Q3’23

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Unity Bank Plc has recorded gross earnings of N38 billion for the nine-month period ended Sept. 30, 2023.

The bank said this in its unaudited results released to the Nigerian Exchange Group (NGX) Ltd. in Lagos.

The bank’s customer deposits appreciated by five per cent to N344.4 billion within the period, indicating business growth and customer confidence.

A further  review of the unaudited showed that the bank continued to maintain its expansionary and customer-centric model with total loans and advances rising to N222.8 billion.

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 nine-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 foreign exchange regulation impacted the bank’s bottom line, which can be reversed as the naira appreciates,” said the bank.

Commenting on the result, Mrs Tomi Somefun, Managing Director/Chief Executive Officer of the bank, said the bank was focusing on its efforts to recapitalize the institution, aggressively drive asset creation, innovate with products to compete favorably in new markets.

Somefun added that the bank had relentlessly driven the pursuit of digital banking innovation in order to shake off and completely reverse negative positions.

She said 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.

“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,” she said.

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