Unity Bank Plc posted gross earnings of N59.3bn for the full year ended December 31, 2023, representing a growth of 3.84 per cent year-on-year.
In its audited financials submitted to the NGX Group Limited, the Bank also witnessed improvements across key performance indicators, including a significant appreciation of customer deposits by 23 per cent to N402.9bn from N327.4bn within the period under review, an indication of sustained retail growth and customer confidence.
Other key highlights of the full-year results include the total assets which stood at N472.5bn; net fee and income commission, N5.2 billion and an increase in interest income by 9.6 per cent to 53.7bn from N48.8bn within the period.
Commenting on the result, the Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs. Oluwatomi Somefun said the Bank had issued a profit alert to reflect revaluation loss arising from Naira devaluation which was due to the acute shortage of Forex that created an inclement business environment and, on the aggregate, set in an economic headwind. She noted, however, that in the full-year statement, this has bottomed out and the key performance indicators are rebounding from the low level of growth and negative trends that characterized the year.
Somefun stated: “As we begin to see the margins being closed, it is an indication that the measures being taken to revamp all aspects of the business is being well received by the market: be it workable recapitalization plan, aggressive drive for asset creation, product innovation, or digital banking”.
“We will need to covet the improvements and further build upon it. As a corporate brand, we have a lot that is keeping us going: the positive sentiments and optimism, the growing franchise of the business and steady growth in different segments of the retail market across all the geo-political zones of Nigeria” ” she said.
She added, “We have the right indicators to reclaim lost grounds – innovating with the development and soon to be launched an omnichannel digital app to improve reliability, customer experience, support diverse products functionality which will impact earnings, income and profitability.”
She noted that the Central Bank of Nigeria (CBN) has recently approved a business combination with another innovative Bank in Nigeria, marking a significant milestone in the Bank’s growth strategy as it advances its recapitalization plans.
This partnership according to her is built on a shared vision to redefine the banking experience for our customers and will drive the transformation of the consolidated entity. By leveraging Unity Bank’s extensive branch network and strong customer relationships alongside the entity’s digital expertise and commitment to innovation, we aim to create a seamless integration of traditional and modern banking services.
