Unity Bank Reports 23% Growth in PAT

Kayode Tokede

Unity Bank Plc has reported 23 per cent increase in profit after tax of N1.6billion in unaudited half year (H1) financials submitted to the Nigeria Exchange Limited (NGX) from N1.38 billion reported in  H1 2021.

The retail bank grew its Profit Before Tax (PBT) by 23 per cent which rose to N1.8 billion in H1 2022 from N1.5 billion in the corresponding period of 2021.

The key highlights of the financial statements showed growth in interest and similar income, which rose 18% to N23.938 billion from N20.273 billion in the corresponding period of 2021, an indication of sustained growth in the loan book as well as improved earnings from the lender’s robust digital channels, arising from sustained investment in its digital payment infrastructure.

Similarly, the lender posted sustained asset growth as total assets moved up by seven per cent  to N574.3 billion from N538.9 billion in 2021.

Commenting on the financial statements, the Managing Director/CEO of Unity Bank Plc, Mrs Tomi Somefun noted that while the key performance indicators continue on an upward trajectory; PBT (23 per cent YoY), Total Assets (seven per cent YoY) and gross earnings (17 per cent YoY); 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,” she stated.