August 2,2022

Mid-level Nigerian lender, Unity Bank Plc, sustained its upward movement in the first half of 2022 after surviving some turbulent moments.

Details of the financial statements of the bank for the period ended June 30, 2022, showed that there were significant improvements across key performance indicators as the lender’s robust digital channels, arising from sustained investment in its digital payment infrastructure, resulted in improved earnings.

The gross earnings for the period under review expanded by 17 per cent year-on-year to N27.6 billion, with interest and similar income rising by 18 per cent to N23.938 billion from N20.273 billion in the corresponding period of 2021.

A look at the bottom line showed that Unity Bank improved its profit before tax by 23 per cent to N1.8 billion from N1.5 billion as the profit after tax increased by 23 per cent to N1.6 billion from N1.382 billion.

As for the balance sheet, the financial institution posted a sustained asset growth as total assets moved up by 7 per cent to N574.3 billion from N538.9 billion in 2021, while the loan books went up by 13 per cent to N303.632 billion from N269.270 billion in 2021

We observed that Unit Bank’s innovative retail products targeting several segments of the retail market as well as enhanced customer acquisition strategies for emerging products rolled out to the market during the period under review resulted in an improvement in the company’s deposits by 12 per cent to N359.5 billion from N322.3 billion in December 2021

The Managing Director/CEO of Unity Bank Plc, Mrs Tomi Somefun, could not hide her excitement over the performance of the bank in the first six months of this year, saying “the outlook for our financial position has now moderated significantly looking at other fees and income lines which performance was hitherto characterised by volatilities in the operating environment.”

“As the bank aims to further grow all indices to double-digit regions in the coming years, one reassuring take from the financial position lies in the market confidence, as well as steadily growing retail and SME franchise arising from the development of products that resonate with different markets segments, which will enable the Bank to continue to operate and successfully navigate the tough operating environment, amid rising economic headwinds,” Mrs Somefun added.

The Unity Bank boss also stated that having invested massively in technology to drive a major revamp in our digital banking products and channels including the Unifi Mobile App, USSD, *7799#, internet banking, etc., the “major focus is to drive increased optimisation which will enable the bank to provide electronic convenience in the way we support our teaming customers and market segments and more often change the way they transact business

In the view of analysts, the key performance indicators showed that the market sentiments are responding positively to the strategies of the lender’s management to accelerate the growth momentum designed for the bank