Unity Bank posts impressive performance in Q1

The bank grew Profit Before Tax (PBT) by ₦1.1 billion, while Profit After Tax stood at ₦941.4 million.

Unity Bank Plc recorded sustained improved performance in its first quarter of 2023.

In its unaudited financials for first quarter 2023, the bank stated that it recorded a Profit After Tax of ₦1.04 billion, a 21 per cent growth against ₦869.2 million it earned in the corresponding period of 2022.

Its gross earnings for the quarter was put at ₦15.9 billion, a 17 per cent growth from N13.6 billion generated in the corresponding period of 2022.

Tomi Somefun, Managing Director/Chief Executive Officer, Unity Bank Plc, said that the bank would remain laser-focused on its strategic choices and key growth drivers to push all the indices and elevate growth to double-digit territory.

The performance posted for Q1’23 in terms of the PBT, gross earnings, and other key indicators are strong reinforcement of adequate measures being adopted and a testament of our resolve to sustain and equally improve upon the fundamental initiatives adopted to strengthen growth throughout the course of the financial year.

“Since late 2022, the bank has begun significant investment in technology and innovation in line with its strategic pursuits to win in the retail space with our focus on digital and lifestyle banking, dynamic product development, and accelerated onboarding.

“As part of our transformation journey, we will double down on these investments in the coming months in order to achieve our aspirations of significantly reducing customer pain points and simplifying customer experience.

“We will increase the rate of customer acquisition; expand the frontiers of partnerships; and ultimately develop new and sustainable income lines for the Bank,” she said.

Somefun said that the bank would further give attention to fast-paced process automation, cost and resource efficiency, targeted value chain relationships, and brand visibility as it expands the range of products and services to meet the evolving needs of its esteemed customers.

She said also that the bank’s focus on building back momentum had continue to reflect in the key performance indicators despite economic headwinds and volatilities that characterised the operating environment in the 2022 financial year.

“There are highs and lows as we look at the gross earnings, with 13.7 per cent growth, increase in liquid assets by 7.5 per cent and deposits recording moderate growth of 1.6 per cent, while maintaining steady growth in profitability.

“Overall, the financial statement thus threw up both strong and less optimal points which inform the outlook for our business”, she said.

A major highlight of the financial year ended Dec 2022, is the growth in total comprehensive income, which rose by 262.1per cent to ₦1.2 billion from ₦744 million in the corresponding period of 2021.

The bank grew Profit Before Tax (PBT) by ₦1.1 billion, while Profit After Tax stood at ₦941.4 million.

With the loan book sustaining an expansion by 7.5 per cent to ₦289.4 billion from ₦269.3 billion within the period under review, the interest and similar income consequently witnessed significant growth rising 7.5 per cent to close at N48.9 billion compared to ₦43.2 billion in the corresponding period of 2021.

Similarly, income from fees and commissions recorded significant growth, rising by 25.7per cent to N₦7.68 billion from ₦6.1 billion within the period under review.

More so, deposits from customers saw marginal growth, increasing by 1.6 per cent to ₦327.4 billion from ₦322.2 billion in the corresponding period of 2021 as the bank pushes for deeper penetration of its retail footprint with the rollout of products targeting different segments of the market.

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