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Retail lender, Unity Bank Plc has declared a N2.2 billion profit for the nine-month period ended September 30, 2022, with 17 percent 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 on Friday showed that the Bank’s Profit Before Tax, PBT rose by 5 per cent 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 per cent rise from N1.9 billion recorded in the same period of 2021.
While maintaining the retail expansionary and customer-centric business model, 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 per cent spurt from the N269.3 billion recorded in the corresponding period of 2021, even as the lender maintains strict compliance with the prevailing prudential guidelines.
Other key highlights of the 9-month financials include customer deposits of N334.7 billion which represents a 4 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 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, which have impacted severely on the overall economic outlook in the country and the rest of the world.
