Unity Bank’s Q3’23 earnings reach N38.2 billion

Unity Bank Plc, as reported by InfoStride News, has shown robust performance for the nine-month period ending on September 30, 2023, with gross earnings reaching N38 billion. The bank has experienced a 5% increase in customer deposits, which now stand at N344.4 billion, demonstrating the bank’s growth and customers’ trust in its services.

In an unaudited report submitted to the Nigerian Exchange Group Limited, Unity Bank continues to pursue an expansionary and customer-centric model. Total loans and advances have reached N222.8 billion, while interest and similar income have reached N33 billion. This underscores the bank’s strategic focus on revitalizing and maintaining asset creation to deliver returns to its shareholders.

The financial results for the nine months reveal that the bank’s total assets now amount to N423.4 billion, with net fee and income commission amounting to N4.4 billion.

However, the recent foreign exchange (FX) regulations have had a negative impact on the bank’s bottom line, a situation that may be reversed as the Naira appreciates. Speaking about these results, Unity Bank Plc’s Managing Director/CEO, Mrs. Tomi Somefun, emphasized the bank’s commitment to recapitalizing the institution and aggressively driving asset creation.

The bank is also focusing on product innovation to compete effectively in new markets and is determined to lead the pursuit of digital banking innovation. Somefun believes this approach will help the bank reverse any negative positions it may currently face.

Despite a challenging operating environment, the bank’s deposit position continues to grow steadily, supporting its business activities. Unity Bank aims to increase its transaction volume as part of its short and medium-term strategy.

Somefun stated, “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.”

She further mentioned that the bank is experiencing increased adoption of its digital banking services and plans to expand its retail franchise, forge fintech partnerships, enhance consumer banking, offer innovative retail loans, and diversify its portfolio investments. These efforts make the bank’s outlook optimistic.

Analysts are confident that Unity Bank’s strategy to deepen its presence in the retail market in the short and medium term will lead to additional income streams, boost market share, and enhance its financial position in the near future.