Unity Bank Declares 5% Increase in Customers  Deposit  to N344.4bn

Kayode Tokede

Unity Bank Plc has announced N344.4billion in customers deposit for nine months ended September 30, 2023, an increase of five per cent from N327.43 billion reported in 2022 full financial year. 

 The lender on the Nigerian Exchange Limited (NGX), thus closed nine months of September 30 2023 with N423.35 billion total assets from N510.14billion reported in 2022.

 A further review of the lender’s unaudited nine months results released to the Exchange showed that the Bank continued to maintain its expansionary and customer-centric model with total loans and advances rising to N222.8 billion, even as interest and similar income stood at N33 billion, which underscores the Bank’s strategic focus to reinvigorate and sustain asset creation that will deliver returns to shareholders.

Other key highlights of the nine months financials include the total assets which stood at N423.4 billion; net fee and income commission, N4.4 billion within the period. However, the recent FX regulation impacted the Bank’s bottom line, which can be reversed as the Naira appreciates.

Commenting on the result, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun in a statement said that the Bank is focusing on its efforts to recapitalize the institution, aggressively drive asset creation, innovate with products to compete favourably in new markets and relentlessly drive the pursuit of digital Banking innovation in order to shake off and completely reverse negative positions.

She stated that despite the tough operating environment, the deposit position continues to witness steady appreciation, which supports the business as the Bank drives initiatives to ramp up transactions as part of its strategy for the short and medium term.

“This also means that the Bank enjoys market confidence, which will enable the institution to thrive better in the months ahead with increased business conversion, profitability and growth needed to achieve sustainable returns,” she said.

Added to the above, Somefun also stated that “the Bank is seeing encouraging uptake in its digital Banking services and with expansion envisaged in the pursuit of enhanced retail franchise, fintech partnership, consumer banking and other innovative retail loans as well as diversification of portfolio investment, the outlook remains one of optimism’’.