By Chinwendu Obienyi
Unity Bank Plc has posted gross earnings of N27.6 billion for the 2022 half-year results, representing a growth of 17 per cent year-on-year. In its unaudited half-year financials submitted to the Nigeria Exchange (NGX) Limited, the bank also made significant improvements across key performance indicators.
Its Profit Before Tax (PBT) rose 23 percent to N1.8 billion from N1.5 billion in the corresponding period of 2021, while its Profit After Tax (PAT) for the period equally increased by 23 per cent to close at N1.6 billion from N1.382 billion in 2021.
Key highlights of the financial statements showed growth in interest and similar incomes, which rose 18 percent to N23.938 billion from N20.273 billion in the corresponding period of 2021, an indication of sustained growth in the loan book as well as improved earnings from the lender’s robust digital channels, arising from sustained investment in its digital payment infrastructure. Similarly, the bank posted sustained asset growth as total assets moved up by 7 per cent to N574.3 billion from N538.9 billion in 2021.
Commenting on the statements, the Managing Director/CEO of Unity Bank Plc, Mrs Tomi Somefun, noted that while the key performance indicators continue on an upward trajectory, the outlook for the bank’s financial position has now moderated significantly looking at other fees and income lines which performance was characterised by volatilities in the operating environment.
“As the bank aims to further grow all its indices to double-digit regions in the coming years, one reassuring take from the financial position lies in the market confidence, as well as steadily growing retail and SME franchise arising from the development of products that resonate with different markets segments, which will enable it to continue to operate and successfully navigate the tough operating environment amid rising economic headwinds,” Somefun stated.
Other key highlights of the financial statement include a 12 per cent growth in deposits, which rose to N359.5 billion from N322.3 billion in December 2021, a clear indication of the positive trend of the bank’s innovative retail products targeting several segments of the retail market as well as enhanced customer acquisition strategies for emerging products rolled out to the market during the period under review.
In the same vein, the bank recorded an increase on its loan books to N303.632 billion from N269.270 billion in 2021, representing a 13 per cent growth.