Unity Bank posts N59.3bn gross earnings, deposits up by 23%
Unity Bank Plc has reported gross earnings of N59.3 billion for the financial year ending 31st December 2023, reflecting a 3.84% year-on-year growth. The bank’s audited financial results, submitted to the NGX Group Limited, also show significant improvements across key performance indicators, particularly a 23% surge in customer deposits to N402.9 billion, up from N327.4 billion in 2022, demonstrating sustained retail growth and strong customer confidence.
The bank’s total assets stood at N472.5 billion, while net fee and commission income reached N5.2 billion. Interest income also saw a 9.6% rise to N53.7 billion, up from N48.8 billion in the previous year, further strengthening its financial outlook.
Commenting on the performance, Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs Oluwatomi Somefun, acknowledged the impact of foreign exchange volatility on financial results, particularly the revaluation loss caused by the naira devaluation. She attributed this to the acute shortage of forex, which created a difficult business environment and resulted in economic headwinds. However, she stated that the key performance indicators have begun to rebound from the negative trends of the past year.
Mrs Somefun highlighted that ongoing strategic measures, including a robust recapitalisation plan, aggressive asset creation, product innovation, and digital banking expansion, have been instrumental in driving recovery. She emphasised that the bank is committed to sustaining this momentum and further strengthening its market position.
She also announced that Unity Bank is set to launch an omnichannel digital app aimed at enhancing service reliability, customer experience, and product functionality. She expressed confidence that this innovation will significantly boost earnings, income, and overall profitability.
As part of its recapitalisation strategy, Unity Bank recently secured approval from the Central Bank of Nigeria (CBN) for a business combination with another innovative Nigerian bank. Mrs Somefun described the partnership as a critical milestone in Unity Bank’s growth plan, explaining that it is designed to enhance service delivery and expand the bank’s market reach. She noted that the combination will integrate Unity Bank’s strong retail banking network with the digital capabilities of its partner, creating a more competitive and technologically advanced financial institution.
Industry analysts have expressed optimism about Unity Bank’s performance, highlighting its resilience amid economic challenges. They believe the bank’s continued focus on retail expansion, digital transformation, and strategic partnerships will position it for sustained growth, while investor sentiment remains positive.
