Unity Bank Reports N2.2 Billion Third Quarter Profit, Increases Gross Profit by 17% — Daily Nigerian

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Unity Bank Plc reported a profit of N2.2 billion for the nine months ended September 30.

The company said so in its third quarter earnings released Friday in Lagos.

The profit represented a 17% growth in gross revenue to 42.2 billion naira for the same period, compared to 36.2 billion naira for the corresponding period of 2021.

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The company said the increase could be attributed to new products focused on deep penetration and driving volume in the retail market.

Additionally, a review of the agriculture-focused lender’s unaudited results reported to Nigerian Exchange Ltd., NGX, showed the bank’s pre-tax profit rose 5% to close at N2.206 billion.

The bank also recorded equal marginal growth in its after-tax profit, which rose to N2.03 billion, an increase of 5% from the N1.9 billion recorded in the same period of 2021. .

Similarly, total loans and advances reached N284.2 billion, an increase of 6% from the N269.3 billion recorded in the corresponding period of 2021.

Other highlights from the nine-month financial statements include customer deposits of N334.7 billion, representing a 4% increase from N322.3 billion in the corresponding period.

The position highlighted the growing market adoption for the Bank’s product innovation and retail focus on the mass market which has continued to boil over to broad acceptance in various market segments of mass.

The lender’s performance came on the heels of a fragile recovery from the global pandemic, rocked by economic headwinds including rising inflationary trends, interest rate hikes, currency volatility and more, which have had serious repercussions on the overall economic prospects of the country and the rest of the country. the world.

The lender also significantly increased its interest income to N36.3 billion from N31.4 billion during the same period in 2021, creating a 15% increase in the value of the loan asset portfolio. form the bank.

The bank’s increased investment in the digital banking platform has enabled its retail potential to drive an impressive 17% growth in fees and commissions to N5.3 billion from N4.6 billion. recorded during the corresponding period of the year 2021.

Unity Bank Plc Managing Director/CEO Tomi Somefun said the outlook for the full year 2022 remained positive, reflecting optimism, stability and growth in key performance indicators.

She noted that the growth trajectory recorded in the bank’s revenue of 17%, profits of 5% and deposits of 4%, among others, testified to the positive sentiment in the market.

She said: “It is especially at a time when the market is experiencing a downturn with a high inflationary trend and volatility which has had a negative impact on the operating environment.

“As we take bold and bold new steps to end the year on a stronger note, the bank will create more initiatives, even in the very short term, to expand its retail focus, leverage new technology and digital banking to aggressively push product marketing.

“Also, in addition to major activations in identified market segments to attract sustainable revenue streams for the bank.

“The outlook for our financial position for the current year is promising, as the bank increasingly innovates with products and collaborative strategies to diversify our portfolio activities, while leveraging strong technological resources to face the mass market and the unbanked sector,” she said. .

She added that it would boost revenue and liability generation and financial inclusion of the banking ecosystem.

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