Unity Bank Plc recorded a gross earnings of N59.3 billion for the financial year ending December 31, 2023, reflecting a 3.84% year-on-year increase.
According to its audited financial report submitted to the NGX Group Limited, the bank also saw a 23% surge in customer deposits, rising to N402.9 billion from N327.4 billion. This growth highlights sustained retail expansion and strong customer confidence.
Key financial indicators from the report include total assets of N472.5 billion, net fee and commission income of N5.2 billion, and a 9.6% rise in interest income, which climbed to N53.7 billion from N48.8 billion.
Commenting on the results, Managing Director/CEO Mrs. Oluwatomi Somefun acknowledged the challenges posed by the naira devaluation and forex shortages, which had affected economic stability. However, she noted that key performance indicators are now rebounding, reflecting the bank’s strategic efforts in recapitalization, asset creation, product innovation, and digital banking.
She emphasized that the bank remains optimistic about sustaining this momentum, driven by customer confidence, an expanding retail market, and upcoming digital innovations, including a soon-to-be-launched omnichannel app designed to enhance user experience and boost earnings.
Additionally, the Central Bank of Nigeria (CBN) recently approved a business combination between Unity Bank and another innovative financial institution. This strategic partnership aims to merge traditional banking strengths with digital expertise, enhancing service delivery and growth prospects.
Analysts maintain a positive outlook on Unity Bank, citing its resilience, strong market perception, and growing investor confidence.
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