By NIyi JACOBS
Unity Bank Plc has announced gross earnings of N59.3 billion for the financial year ended December 31, 2023, marking a 3.84% year-on-year growth.
The bank also recorded a 23% increase in customer deposits, rising from N327.4 billion to N402.9 billion, underscoring its continued retail expansion and customer confidence.
According to the audited financial statements submitted to the Nigerian Exchange Group (NGX), Unity Bank’s total assets stood at N472.5 billion, while net fee and commission income reached N5.2 billion. Additionally, interest income grew by 9.6%, climbing from N48.8 billion to N53.7 billion.
CEO Highlights Strategy for Growth
Commenting on the results, Managing Director/CEO, Mrs. Oluwatomi Somefun, acknowledged the impact of foreign exchange revaluation losses due to Naira depreciation but emphasized that key performance indicators are now showing signs of recovery.
“As margins continue to improve, it reflects the effectiveness of our strategic initiatives—including a workable recapitalization plan, an aggressive asset creation drive, product innovation, and digital banking advancements,” she said.
She further stated that Unity Bank’s retail growth momentum remains strong, backed by a loyal customer base, expanding market reach, and digital transformation initiatives. The bank is set to launch a new omnichannel digital platform designed to enhance customer experience, improve reliability, and drive earnings growth.
Strategic Business Combination Approved
In a significant development, the Central Bank of Nigeria (CBN) has approved a business combination between Unity Bank and another innovative financial institution, a move aimed at strengthening Unity Bank’s recapitalization efforts and enhancing its market position. The merger is expected to integrate Unity Bank’s strong branch network and customer base with the partner bank’s digital expertise, fostering a seamless blend of traditional and digital banking services.
Market Outlook and Investor Confidence
Analysts note that Unity Bank’s steady performance and retail banking focus continue to inspire market confidence. With a clear roadmap for growth, the bank is positioned to reclaim lost ground and drive profitability in the evolving financial landscape.
