Unity Bank Plc has presented its unaudited financials for the nine-month to September 30, 2021, with gross earnings of N36.18bn, seven percent better than the N33.891bn reported in the corresponding period of last year, while net profit for the period grew by 23% to N1.936bn, from N1.573bn.
A statement by the bank on Friday quoted its Managing Director and Chief Executive, Mrs. Tomi Somefun as assuring that Unity Bank will remain dynamic by embracing current and emerging market trends in technology, while effectively targeting the youth market, driving financial inclusion in the women segment, developing robust product marketing to create value through a focus on digital strategies to facilitate transaction and e-banking channels.
The bank also reported a 31% growth in its loan book to N265.32bn, from N202.08bn recorded in 2020, just as asset base grew by 17% to N574.56bn from N492.02bn recorded in December 2020.
Net interest income for the period stood at N14.63bn from N12.67bn in the same period in 2020; creating a 15% uptick from the value of its rising loan portfolio and an improvement in its transaction banking activities with its customers, achieved through excellent service delivery.
Fees and commissions averaged 16% to report an increase of N4.56bn from N3.92bn within the period under review, attributable to a dividend of the Bank’s strategic retail play which has boosted transaction volume.
Commenting, Mrs. Somefun expressed satisfaction with the performance indices, lauding the inspiring growth in the loan book and quality of assets at 31% growth, cash and balances with the CBN, 24% growth; and PBT, 23% growth, altogether adding to the consecutive growth of the balance sheet in the last couple of years.
Overall, she said “the market is increasingly beginning to see the efforts in the strategic refocussing of our business and diversification of our earnings base which is translating into tangible results even as we strive to meet the expectations of our esteemed customers and cherished stakeholders.
“In addition, she said that while the Bank’s focus on agribusiness has provided both brand and business benefits while the institution has also made significant investment in the development of the retail market in order to grow its market share in various
On her outlook for the bank, Mrs. Somefun expressed optimism that nothing will threaten the current COVID-19 recovery, especially as the bank is poised towards building an increased momentum to ride the wave of the economic headwinds, even as the growing inflationary pressures and the soaring energy prices still remain a concern.
“Ours is a continuous balancing act and revolutionary performance towards repositioning the business nationwide via tapping into emerging opportunities across the banking space, including the digital financial services spheres”.
Analysts believe that the consistent growth trajectory in the Bank’s balance sheet as shown in Q1, H1, and Q3, 2021 results continue to reinforce growing market confidence as well as demonstrate the commitment and drive of the management to enhance shareholder’s value.
