Unity Bank Records N2.2bn Profit In 9 Months

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

According to the bank, the increase in earnings is due to new products that are focused on deep penetration and driving volume in the retail market space.

The bank’s unaudited nine-month results released to the Nigerian Exchange Group Limited on Friday showed that the Profit Before Tax, PBT rose by 5% to close at N2.206 billion.

The Bank also recorded an equal marginal growth in its Profit After Tax, PAT which increased to N2.029 billion, representing a 5% 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 6% 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.

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, etc. which have impacted severely on the overall economic outlook 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 that 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 (17%), Profit (5%), and deposit (4%), etc., is a testament to the positive sentiment in the market, especially at a time the market is experiencing a downturn with high inflationary trend and volatility which impacts negatively on the operating environment.