Business

June 6, 2023

Unity Bank grows revenue to N57bn in 2022

Unity Bank

By Babajide Komolafe

Unity Bank Plc has recorded a 13.1% increase in revenue to N57.2 billion in the full year 2022, from N50.2 billion in 2021, while  Profit Before Tax (PBT) grew to N1.1 billion for the year.

A major highlight of the financial year is the growth in total comprehensive income, which rose by 262.1% to N1.2 billion from N744 million in the corresponding period of 2021.

With the loan book sustaining an expansion by 7.5% to N289.4 billion from N269.3 billion within the period under review, the interest and similar income consequently witnessed significant growth rising by 7.5% to close at N48.9 billion compared to N43.2 billion in 2021. 

 

Similarly, income from fees and commissions recorded significant growth, rising by 25.7% to N7.68 billion from N6.1 billion within the period under review.     

More so, deposits from customers saw marginal growth, increasing by 1.6% to N327.4 billion from N322.2 billion in 2021 as the bank pushes for deeper penetration of its retail footprint with the rollout of products targeting different segments of the market.  

Meanwhile, the bank also released its unaudited financials for Q1, 2023, in which it sustained improved performance, posting a 21% growth in profit after tax to N1.04 billion from N869.2 million in 2022. Its gross earnings for the quarter also rose by 17% to N15.9 billion compared to N13.6 billion in Q1’2022.

Commenting on the financial statements, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun, noted that the bank’s focus on building back momentum continues to reflect in the key performance indicators despite economic headwinds and volatilities that characterized the operating environment in the 2022 financial year. 

She reassures that going into the new financial year, the bank will remain laser-focused on its strategic choices and key growth drivers to push all the indices and elevate growth to double-digit territory.