Business and Economy

Unity Bank Plc Records N38.2B Gross Earnings in Q3 of 2023

For the nine months that concluded on September 30, 2023, retail lender Unity Bank Plc reported gross earnings of N38 billion. During that time, customer deposits increased by 5% to N344.4 billion, demonstrating the bank’s expansion and the trust of its clients.

The Bank maintained its expansionary and customer-centric model, as evidenced by an examination of the lender’s unaudited nine-month results provided to the Nigerian Exchange Group Limited. Total loans and advances increased to N222.8 billion, while interest and similar income remained at N33 billion. This highlights the Bank’s strategic focus to sustain and reenergize asset creation that will generate returns for shareholders.

The total assets, which were N423.4 billion, and the net fee and income commission, which came to N4.4 billion over the time, are two other noteworthy aspects of the nine-month financials. The Bank’s bottom line was hurt by the latest FX restrictions, albeit this could be undone if the Naira strengthens.

Speaking about the outcome, Unity Bank Plc’s Managing Director and CEO, Mrs. Tomi Somefun, stated that the bank is concentrating on its initiatives to recapitalize the organization, actively promote asset creation, develop innovative products to compete favorably in new markets, and relentlessly pursue innovation in digital banking to completely reverse negative positions.

She said that even in the difficult operating climate, the deposit position is steadily increasing, which helps the company as the Bank pushes initiatives to increase transactions as part of its short- and medium-term strategy.

In addition, she noted, “this indicates that the Bank has the confidence of the market, which will help the institution flourish in the coming months with higher business conversion, profitability, and growth required to achieve sustainable returns.”

To supplement the previous statement, Somefun added, “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 optimism that strengthening the retail end as part of the business plan will re-engage the market in the short and medium term, creating additional revenue streams that will improve the company’s market share and financial standing in the coming days.

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