Unity Bank Reports N59.3 Billion Gross Earnings, Strengthens Retail Growth | ClipTV Online

In its submitted audited financials to the NGX Group Limited, Unity Bank Plc has witnessed improvements across key performance indicators. This improvements demonstrate a significant appreciation of customer deposits by 23% to N402.9 billion from N327.4 billion within the period under review. This indicate customers confidence and sustained retail growth.

Other key highlights of the full-year results include the total assets 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 reflect revaluation loss arising from Naira devaluation which was due to 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.

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 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 omnichannel digital app to improve reliability, customer experience, support diverse products functionality which will impact earnings, income and profitability.”

Moreover, the Central Bank of Nigeria (CBN) has recently approved a business combination with another innovative Bank in Nigeria. This milestone is significant in the Bank’s growth and strategy as it advances its recapitalization plans.

Owing to the shared vision, the partnership will redefine the banking experience to customers. It will as well drive the transformation of the consolidated entity. With its digital expertise and commitment to innovation, Unity Bank aimed to create a seamless integration of traditional and modern banking systems. These the bank plans to achieve by leveraging the its extensive branch network and strong customer relationships.

Amid a review of key highlights that support the steady growth of the retail business, analysts are of the view that the Bank has continued to reflect a good outlook in terms of perception and confidence in the market, which by and large creates an entity with remarkable resilience whilst investors’ sentiments remain positive.