Unity Bank Records N38.2bn Gross Earnings
…Customer Deposits Up 5%
By Patience Ikpeme
Unity Bank Plc has posted gross earnings of N38 billion for the nine months ended September 30, 2023, with customer deposits growing by 5% to N344.4 billion within the period, indicating business expansion and customer confidence in the bank.
Total loans and advances rose to N222.8 billion, while interest and similar income stood at N33 billion, underscoring 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 total assets of N423.4 billion and net fee and commission income of N4.4 billion.
Unity Bank’s Managing Director/CEO, Tomi Somefun, said 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.
Somefun also stated that the bank is seeing encouraging uptake in its digital banking services, and with expansion envisaged in the pursuit of an enhanced retail franchise, fintech partnerships, consumer banking, and other innovative retail loans as well as portfolio investment diversification, 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.
The Unity Bank’s Q3’23 results are a positive sign for investors and analysts. The bank’s growing customer deposits and total loans and advances indicate that it is expanding its business and gaining market share. The bank’s focus on asset creation and digital banking innovation is also encouraging.
Overall, the outlook for Unity Bank is positive. The bank’s management team is focused on the right areas, and the bank is well-positioned to benefit from the ongoing economic recovery in Nigeria.
