Unity Bank Posts N27bn Gross Earnings

Unity Bank Plc at the weekend released its half year 2022 financials posting a gross earnings of N27.6 billion, representing a growth of 17 per cent compared to what it recorded in the same period of 2021.

In its financials submitted to the Nigeria Exchange Group Limited, the bank had posted a 23 per cent growth in Profit Before Tax which rose to N1.8 billion from N1.5 billion in the corresponding period of 2021. Profit After Tax (PAT) for the period equally increased by 23 per cent to close at N1.6 billion from N1.382 billion in H1’21.

The key highlights of the financial statements showed growth in interest and similar income, which rose 18 per cent to N23.938 billion from N20.273 billion in the corresponding period of 2021, an indication of sustained growth in the loan book as well as improved earnings from the lender’s robust digital channels, arising from sustained investment in its digital payment infrastructure.
Similarly, the lender posted sustained asset growth as total assets moved up by seven per cent to N574.3 billion from N538.9 billion in 2021. Customers deposit grew by 12 per cent to N359.5 billion from N322.3 billion in December 2021.
The bank in a statement said the increased deposit was an indication of the positive trend of its innovative retail products targeting several segments of the retail market as well as enhanced customer acquisition strategies for emerging products rolled out to the market during the period under review.
Unity Bank’s loan book had in the period under review also grown to N303.632 billion from N269.270 billion in 2021, representing a 13 per cent growth.
Commenting on the financial statements, the managing director and Vhef Executive of Unity Bank Plc, Mrs Tomi Somefun noted that, while the key performance indicators continue on an upward trajectory, “the outlook for our financial position has now moderated significantly looking at other fees and income lines which performance was hitherto characterised by volatilities in the operating environment.
“As the bank aims to further grow all indices to double-digit regions in the coming years, one reassuring take from the financial position lies in the market confidence, as well as steadily growing retail and SME franchise arising from the development of products that resonate with different markets segments, which will enable the Bank to continue to operate and successfully navigate the tough operating environment, amid rising economic headwinds,” Somefun stated.
The Unity Bank boss also stated that having invested massively in technology to “drive a major revamp in our digital Banking products and channels including the Unifi Mobile App, our USSD, *7799#, internet banking, among others.