Retail lender Unity Bank Plc has reported a robust performance in its unaudited nine-month financial results for the period ended September 30, 2023.
The bank’s gross earnings surged to N38 billion, demonstrating a remarkable 5% rise in customer deposits to N344.4 billion, reflecting increased business expansion and a strengthening of customer confidence in the institution.
According to the review of the financial statement released to the Nigerian Exchange Group Limited, the bank’s total loans and advances escalated to N222.8 billion, aligning with its strategic focus on fostering asset creation to deliver optimal returns to shareholders.
The interest and similar income were reported at N33 billion, affirming the Bank’s commitment to driving sustainable revenue generation.
However, the recent foreign exchange regulations have exerted downward pressure on the bank’s bottom line, a situation that could potentially reverse as the Naira regains its stability in the market.
Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun, emphasized the institution’s unwavering determination to fortify its capital base, intensify asset creation, and innovate new products, ensuring a competitive edge in emerging markets. She reiterated the bank’s relentless pursuit of digital banking innovation as a crucial strategy to overcome and reverse any negative positions.
“The steady growth in the deposit position reflects the market’s trust in our capabilities, providing a solid foundation for the bank as we intensify efforts to bolster transactions and reinforce our business model in the near and medium term,” Somefun remarked.
She further highlighted the bank’s encouraging progress in digital banking services and outlined plans for expanded retail franchises, fintech partnerships, consumer banking, and innovative retail loan offerings, all contributing to a positive outlook for the institution.
Financial analysts expressed optimism, emphasizing the bank’s strategic focus on deepening its retail segment and diversifying its investment portfolio. They anticipate this move to further boost market share and enhance the financial position of Unity Bank in the foreseeable future.
