Unity Bank posts N2.2b profit in Q3
Unity Bank Plc has declared a N2.2 billion profit for the nine-month period ended September 30, 2022.
The bank also posted N42.2 billion gross earnings, a 17 per cent rise from N36.2 billion in the same period of 2021. The increase can be attributed to new products that focused on deep penetration and driving volume in the retail market space.
A review of the Agric-focused lender’s unaudited nine-month results released to the Nigerian Exchange Group Limited on Friday showed that the bank’s Profit Before Tax rose by five per cent to close at N2.206 billion. The bank also recorded an equal marginal growth in its Profit After Tax which increased to N2.029 billion, representing a five per cent rise from N1.9 billion recorded in the same period of 2021.
Other key highlights of the nine-month financials include customer deposits of N334.7 billion which represents a four per cent increase from N322.3 billion in the corresponding period. The position underscores the increasing uptake of the market for the Bank’s products innovation, and mass-market-oriented retail focus that continues to boil wide acceptance across various segments of the mass market.
The lender’s performance comes on the heels of a fragile recovery from the global pandemic buffeted by economic headwinds including rising inflationary trends, interest rate hikes, foreign exchange volatilities, etc. which have impacted severely on the overall economic outlook in the country and the rest of the world.
Commenting on the result, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun said that the outlook for the full year 2022 remains positive, reflecting optimism, stability, and growth in key performance indicators. She noted that the growth trajectory recorded in the Bank’s revenue (17 per cent), Profit (five per cent), and deposit ( four per cent), etc., is a testament to the positive sentiment in the market, especially at a time the market is experiencing a downturn with high inflationary trend and volatility which impacts negatively on the operating environment.