Unity Bank Records N38.2bn Gross Earnings, Focuses On Recapitalisation

The Unity Bank Plc says measured business growth and customer confidence in the Bank have propelled it to record gross earnings of N38 billion for the nine-month period ended September 30, 2023.

This is as its Managing Director and Chief Executive Officer, Mrs. Tomi Somefun said the Bank is focusing efforts on recapitalization, an aggressive drive for asset creation, and innovation with products to favourably compete in new markets.

According to the retail lender’s books, the encouraging performance saw customer deposits appreciating by five (5) percent to N344.4 billion within the period under review.

A review of its unaudited nine-month results released to the Nigerian Exchange Group Limited (NGX Group) indicated that the Bank continued to maintain its expansionary and customer-centric model with total loans and advances rising to N222.8 billion.

This is even as interest and similar income stood at N33 billion, a development that underscores the Bank’s strategic focus on reinvigorating and sustaining asset creation aimed at delivering impressive returns to shareholders.

Among other key highlights of the nine-month financials are the total assets which stood at N423.4 billion; net fee and income commission at N4.4 billion within the period, even as the records however showed that the recent FX regulation impacted the Bank’s bottom line, which can be reversed as the Naira appreciates.

The Bank’s Managing Director, Mrs. Tomi Somefun, who commented on the results, said aside from other recognisable plans of action, the institution would relentlessly drive the pursuit of digital Banking innovation in order to shake off and completely reverse negative positions within its system.

She said the tough operating environment notwithstanding, 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.

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

Additionally, she stated that “the Bank is seeing encouraging uptake in its digital Banking services and with expansion envisaged in the pursuit of an 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’’.

Meanwhile, financial experts have expressed confidence that if the Bank re-engages the market in the short and medium term by deepening the retail end as part of the business strategy, it will drive more income streams to boost both market share and financial position in the days ahead.