Vibrant financial institution, Unity Bank Plc grew its top-line by 13.1 per cent to N57 billion in 2022 as the retail bank pushed for greater market share.
Key extracts of the audited report and accounts of Unity Bank for the year ended December 31, 2022 released at the Nigerian Exchange (NGX) showed that gross earnings rose from N50.2 billion in 2021 to N57 billion in 2022. Total comprehensive income rose by 262.1 per cent to N1.2 billion from N744 million in the corresponding period of 2021. The bank grew profit before tax by N1.1 billion while profit after tax stood at N941.4 million.
With the loan book sustaining an expansion by 7.5 per cent to N289.4 billion from N269.3 billion, interest and similar income rose by 7.5 per cent to N48.9 billion in 2022 compared with N43.2 billion in 2021.
The balance sheet, however, showed that deposits from customers saw marginal growth, increasing by 1.6 per cent to N327.4 billion from N322.2 billion.
The interim report for the first quarter 2023 also showed a stable growth outlook for the bank with 21 per cent growth in profit after tax to N1.04 billion in first quarter 2023 as against N869.2 million in the corresponding period of 2022. Gross earnings rose by 17 per cent to N15.9 billion in first quarter 2023 compared with N13.6 billion in the corresponding period of 2022.
Managing Director, Unity Bank Plc, Mrs. Tomi Somefun said the bank’s focus on building back momentum continues to reflect in the key performance indicators despite economic headwinds and volatilities that characterized 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,” Somefun said.
She reassured that the bank would remain focused on its strategic choices and key growth drivers to push all the indices and elevate growth to double-digit territory.
According to her, the performance posted for first quarter 2023 was a strong reinforcement of adequate measures being adopted and a testament of the bank’s 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; increasing the rate of customer acquisition; expanding the frontiers of partnerships; and ultimately developing new and sustainable income lines for the bank,” Somefun said.
According to her, the bank will 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.
Credit: thenationonlineng.net
