Unity Bank Plc, a leading retail lender in Nigeria, has announced impressive financial results for the full-year period that ended in December 2022.
The bank reported a Profit Before Tax (PBT) of N1.1 billion, marking a significant increase compared to the corresponding period in 2021.
Additionally, gross earnings rose by 13.1% to N57 billion from N50.2 billion.
In its audited full-year financial statement submitted to the Nigeria Exchange Group Limited, Unity Bank highlighted growth in key performance indicators such as interest income, loans and advances to customers, customer deposits, and profits.
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Notably, the bank experienced a remarkable surge in total comprehensive income, which rose by 262.1% to N1.2 billion from N744 million in the same period in 2021.
The Bank also achieved a growth of N1.1 billion in Profit Before Tax, with Profit After Tax standing at N941.4 million.
The bank’s loan book expanded by 7.5% to N289.4 billion, contributing to a significant increase in interest and similar income, which rose by 7.5% to N48.9 billion.
Furthermore, income from fees and commissions recorded a substantial growth of 25.7% to N7.68 billion within the review period.
Despite a marginal growth of 1.6% in customer deposits to N327.4 billion, Unity Bank continues to target deeper penetration of its retail market by introducing products tailored to different market segments.
Unity Bank has also released its unaudited financials for Q1 2023, showing sustained improved performance.
The bank achieved a 21% growth in Profit After Tax (PAT), reaching N1.04 billion from N869.2 million in the corresponding period of 2022.
Additionally, gross earnings for the quarter rose by 17% to N15.9 billion compared to N13.6 billion in Q1 2022.
Mrs. Tomi Somefun, the Managing Director/CEO of Unity Bank Plc, expressed her satisfaction with the bank’s financial statements.
Despite economic challenges and volatilities faced during the 2022 financial year, she highlighted the bank’s focus on building momentum, which resulted in positive key performance indicators.
Mrs. Somefun stated that the financial statements revealed both strong and less optimal points, guiding the bank’s outlook for the future.
She reassured stakeholders that Unity Bank will remain focused on strategic choices and key growth drivers to achieve double-digit growth.
To drive growth, the bank has invested significantly in technology and innovation since late 2022.
This aligns with its strategic pursuit of success in the retail space, with a particular emphasis on digital and lifestyle banking, dynamic product development, and accelerated onboarding.
The bank plans to continue these investments in the coming months to reduce customer pain points, simplify customer experience, increase customer acquisition, expand partnerships, and develop new sustainable income lines.
Unity Bank will also prioritize fast-paced process automation, cost and resource efficiency, targeted value chain relationships, and brand visibility.
By expanding its range of products and services to meet evolving customer needs, the bank aims to strengthen its position in the market.
Analysts have positively received Unity Bank’s repositioning strategy, which focuses on expanding its retail footprint.