Unity Bank Records N38.2bn gross earnings in Q3’23

Retail lender, 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.

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 model with total loans and advances rising to N222.8 billion, even as interest and similar income stood at N33 billion.

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.

READ ALSO: Unity Bank grows gross earnings to N27.5bn in H1’2023

Commenting on the result, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun said that the Bank was focusing on its efforts to recapitalize the institution, drive asset creation, innovate with products to compete favourably in new markets and completely reverse negative positions.

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.

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’’.

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