Unity Bank posts N59.3B in gross earnings, grows deposits by 23% in 2023 FY
Retail lender, Unity Bank Plc posted gross earnings of N59.3 billion for the full year ended December 31, 2023, representing a growth of 3.84% 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% to N402.9 billion from N327.4 billion 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 ****** ets which stood at N472.5 billion; net fee and income commission, N5.2 billion and an increase in interest income by 9.6% to 53.7 billion from N48.8 billion 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 reflectrevaluation loss arising from Naira devaluation which wasdue to acute shortage of Forex that created an inclementbusiness 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.
Mrs. 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 recapitalizationplan, aggressive drive for ****** et 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
Retail lender, Unity Bank Plc posted gross earnings of N59.3 billion for the full year ended December 31, 2023, representing a growth of 3.84% 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% to N402.9 billion from N327.4 billion 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 ****** ets which stood at N472.5 billion; net fee and income commission, N5.2 billion and an increase in interest income by 9.6% to 53.7 billion from N48.8 billion 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 reflectrevaluation loss arising from Naira devaluation which wasdue to acute shortage of Forex that created an inclementbusiness 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.
Mrs. 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 recapitalizationplan, aggressive drive for ****** et 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
11 days ago
