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Unity Bank Records N2.2bn Profit In Q3

Unity Bank Records N2.2bn Profit In Q3

Unity Bank Plc has declared a N2.2 billion profit for the nine-month period ended September 30, 2022, with 17 per cent growth in gross earnings to N42.2 billion for the same period, as against N36.2 billion in the corresponding period of 2021.

The bank’s unaudited nine-month results released to the Nigerian Exchange Group Limited showed that Profit Before Tax rose by five per cent to close at N2.206 billion, as it also recorded an equal marginal growth in its Profit After Tax which increased to N2.029 billion, a five per cent rise from N1.9 billion recorded in the same period of 2021.

While maintaining the retail expansionary and customer-centric business model, Unity Bank Plc continued its growth momentum as total loans and advances as of September 30, 2022, reported N284.2 billion, which represents a six per cent spurt from the N269.3 billion recorded in the corresponding period of 2021, even as the lender maintains strict compliance with the prevailing prudential guidelines.

Other key highlights of the nine-month financials include customer deposits of N334.7 billion, representing a per cent increase from N322.3 billion in the corresponding period. The position, the bank said, underscores the increasing uptake of the market for its product innovation, and mass-market-oriented retail focus.

The lender’s performance comes on the heels of a fragile recovery from the global pandemic buffeted by economic headwinds including rising inflationary trends, interest rate hikes, foreign exchange volatilities which have impacted the overall economic outlook severely in the country and the rest of the world.

Commenting on the result, the managing director/CEO, of Unity Bank Plc, Mrs. Tomi Somefun said, the outlook for the full year 2022 remains positive, reflecting optimism, stability, and growth in key performance indicators.

She noted that the growth trajectory recorded in the bank’s revenue, profit, and deposit, is a testament to the positive sentiment in the market, especially, at a time the market is experiencing a downturn with high inflationary trends and volatility which impacts negatively on the operating environment.

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