Unity Bank posts N1.04bn profit in Q1 2023

Unity Bank Plc has recorded a Profit After Tax (PAT) of N1.04 billion, a 21 per cent growth against N869.2 million it earned in the corresponding period of 2022.

In its unaudited financials for first quarter 2023, the bank’s gross earnings for the quarter was put at N15.9 billion, a 17 per cent growth from N13.6 billion generated in the corresponding period of 2022.

Mrs Tomi Somefun, Managing Director/Chief Executive Officer, Unity Bank Plc, said that the bank would remain focused on its strategic choices and key growth drivers to push all the indices and elevate growth to double-digit territory.

Somefun said that the bank would further give attention to fast-paced process automation, cost and resource efficiency, targeted value chain relationships, and brand visibility as it expands the range of products and services to meet the evolving needs of its esteemed customers.

She said also that the bank’s focus on building back momentum had continue to reflect in the key performance indicators despite economic headwinds and volatilities that characterised the operating environment in the 2022 financial year.

“There are highs and lows as we look at the gross earnings, with 13.7 per cent growth, increase in liquid assets by 7.5 per cent and deposits recording moderate growth of 1.6 per cent, while maintaining steady growth in profitability.

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“Overall, the financial statement thus threw up both strong and less optimal points which inform the outlook for our business,” she said.

A major highlight of the financial year ended December 2022, is the growth in total comprehensive income, which rose by 262.1 per cent to N1.2 billion from N744 million in the corresponding period of 2021.

The bank grew Profit Before Tax (PBT) by N1.1 billion, while Profit After Tax stood at N941.4 million.

With the loan book sustaining an expansion by 7.5 per cent to N289.4 billion from N269.3 billion within the period under review, the interest and similar income consequently witnessed significant growth rising 7.5 per cent to close at N48.9 billion compared to N43.2 billion in the corresponding period of 2021.

Similarly, income from fees and commissions recorded significant growth, rising by 25.7per cent to N7.68 billion from N6.1 billion within the period under review.

More so, deposits from customers saw marginal growth, increasing by 1.6 per cent to N327.4 billion from N322.2 billion in the corresponding period of 2021 as the bank pushes for deeper penetration of its retail footprint with the rollout of products targeting different segments of the market.

The Star