Unity Bank Plc has released its audited financial results for the 2023 fiscal year, posting gross earnings of N59.3 billion, a 3.84% year-on-year growth.
The bank also witnessed significant improvements across key performance indicators, including a 23% increase in customer deposits to N402.9 billion.
Other highlights of the full-year results include total assets of N472.5 billion, net fee and income commission of N5.2 billion, and a 9.6% increase in interest income to N53.7 billion.
Managing Director/Chief Executive Officer of Unity Bank Plc, Oluwatomi Somefun, attributed the bank’s performance to its recapitalization plan, aggressive drive for asset creation, product innovation, and digital banking.
She noted that despite the challenges posed by Naira devaluation, the bank’s key performance indicators are rebounding.
Somefun expressed optimism about the bank’s future, citing its growing franchise, steady growth in the retail market, and innovative digital banking solutions.
She also announced the upcoming launch of an omnichannel digital app to improve customer experience and drive earnings.
The Central Bank of Nigeria (CBN) has approved Unity Bank’s business combination with another innovative bank, marking a significant milestone in the bank’s growth strategy.
This partnership aims to redefine the banking experience for customers and drive the transformation of the consolidated entity.
Analysts view Unity Bank’s performance as a reflection of its resilience and positive outlook, with investors’ sentiments remaining positive.
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