Categories: News

Unity Bank Records N38.2 Billion Gross Earnings in Q3’23

Unity Bank Plc has recorded gross earnings of N38 billion for the nine-month period ended September 30, 2023, with customer deposits appreciating by 5% to N344.4 billion within the period, an indication of business growth and customer confidence in the Bank.

A review of the lender’s unaudited nine-month results released to the Nigerian Exchange Group Limited showed that the Bank continued to maintain its expansionary and customer-centric model with total loans and advances rising to N222.8 billion, even as interest and similar income stood at N33 billion, which underscores the Bank’s strategic focus to reinvigorate and sustain asset creation that will deliver returns to shareholders.

Advertisement

Other key highlights of the 9-month financials include the total assets which stood at N423.4 billion; net fee and income commission, N4.4 billion within the period. However, the recent FX regulation impacted the Bank’s bottom line, a situation that can be reversed as the Naira appreciates.

Example Ad #2 (only visible for logged-in visitors)

Commenting on the result, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun said that 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 pursuit of digital Banking innovation in order to shake off and completely reverse negative positions.

Advertisement

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.

“This also means that the Bank enjoys market confidence which will enable the institution thrive better in the months ahead with increased business conversion, profitability and growth needed to achieve sustainable returns,” she said.

Advertisement

Added to the above, Somefun also stated that “the Bank is seeing encouraging uptake in its digital Banking services and with expansion envisaged in the pursuit of enhanced retail franchise, fintech partnership, consumer banking and other innovative retail loans as well as diversification of portfolio investment, the outlook remains one of optimism’’.

Analysts expressed the confidence that re-engaging the market in the short and medium term by deepening the retail end of the market as part of the business strategy will drive more income streams to boost both market share and financial position in the days ahead.

Advertisement
citynews

Recent Posts

Breaking: House Of Reps Finance Committee Visits FIRS

The House of Representatives Finance Committee has paid a working visit to the headquarters of…

31 mins ago

BREAKING: Tinubu govt drops treason charges against EndBadGovernance protesters

  The Federal High Court in Abuja has dismissed the treason charges brought against the…

4 hours ago

#USRoadToWhiteHouse2024: Trump-Harris polls remain tied in battleground states…

What to know about the end of the #USElection2024 campaign The most recent polling analysis…

4 hours ago

#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls

#US election 2024 Live Updates:  What you need to know about USelection2024 latest polls •…

5 hours ago

Prince Harry and Meghan Markle pursue separate projects

A royal commentator suggests that Prince Harry and Meghan Markle are taking separate paths in…

7 hours ago

#USElection2024: Trump, Harris close campaign in swing states on eve of deadlocked election

PHILADELPHIA/GRAND RAPIDS, Michigan (Reuters) -Donald Trump and Kamala Harris both predicted victory as they campaigned…

7 hours ago