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Unity Bank declares N2.2b profit in Q3/2022, grows gross earnings by 17%

RETAIL lender, Unity Bank Plc, has declared a N2.2 billion profit for the nine-month period ended September 30, 2022, with 17% growth in gross earnings to N42.2 billion for the same period, as against N36.2 billion in the corresponding period of 2021.

The increase can be attributed to new products that are 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 yesterday showed that the Bank’s Profit Before Tax, PBT rose by 5% to close at N2.206 billion.

The Bank also recorded an equal marginal growth in its Profit After Tax, PAT which increased to N2.029 billion, representing a 5% rise from N1.9 billion recorded in the same period of 2021.

Unity Bank Plc continued its growth momentum as total loans and advances as of September 30, 2022, reported N284.2 billion, which represents a 6% spurt from the N269.3 billion recorded in the corresponding period of 2021.

Other key highlights of the 9-month financials include customer deposits of N334.7 billion which represents a 4% increase from N322.3 billion in the corresponding period.

The lender also substantially grew its interest income to N36.3 billion from N31.4 billion in the same period in 2021, creating a 15% uptick from the value of the bank’s loan asset portfolio.

The bank’s increased investment in digital banking platform empowered its retail potential to deliver a 17% growth in Fees and commissions to N5.3 billion closing September 30, 2022, from N4.6 billion recorded in the corresponding period in Year 2021.

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.

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