Unity Bank grows revenue to N27.6bn, under volatile operating environment

Unity Bank reported 17% growth in its half-year turnover for 2022, as the lender closed the first six month of the year at N27.6 billion, surpassing the N23.6 billion the company generated in H1 2021.

The retail lender had seen growth spread through its key earning segments, with its interest and similar income on loan book rising from N20.273 billion to N23.93 billion, indicating 18% growth year-on-year.

Its Profit After Tax (PAT) followed the same path, as Unity Bank recorded N1.6 billion during the period under review, reflecting 23% increment, when compared to the N1.38 billion reported in 2021 first half period.

This was disclosed in the company’s unaudited half-year financial statement seen by Ripples Nigeri. The growth extended into Unity Bank’s total asset value, which rose by 7%, considering the lender posted N538.9 billion in H1 2021, but recorded to N574.3 billion during the same period this year.

Read also:Unity Bank earns N36.18bn in nine months

Earnings from loan book mirrored the increase in the loan disbursed by Unity Bank, as the loan book rose to N303.63 billion, a 13% difference when compared to the N269.27 billion customers borrowed as at December 2021.

Deposits into Unity Bank’s vault also saw an upward movement, with customers increasing their holdings in the lender to N359.5 billion, representing 12% growth from the N322.3 billion in December 2021.

Commenting on Unity Bank’s earnings report, the lender’s Managing Director/CEO, Tomi Somefun, explained that “the outlook for our financial position has now moderated significantly looking at other fees and income lines which performance was hitherto characterised by volatilities in the operating environment.”

Somefun further stated that, “As the Bank aims to further grow all indices to double-digit regions in the coming years, one reassuring take from the financial position lies in the market confidence, as well as steadily growing retail and SME franchise arising from the development of products that resonate with different markets segments, which will enable the Bank to continue to operate and successfully navigate the tough operating environment, amid rising economic headwinds.”

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