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H1 2022: Unity Bank posts N27.6bn gross earnings

Unity Bank PLC building

Unity Bank PLC building

By Lydia Ngwakwe

Unity Bank Plc has announced a gross earnings of N27.6 billion for the first half of 2022 ended June 30.

This is contained in the company’s unaudited half-year results submitted to the Nigeria Exchange Group Ltd. on Friday.

The figure represented a growth of 17.09 per cent compared with N23.6 billion posted in the comparative period of 2021.

The bank’s profit before tax during the period under review rose by 23 per cent to N1.8 billion from N1.5 billion in the corresponding period of 2021.

Profit after tax for the period equally increased by 23 per cent to close at N1.6 billion from N1.38 billion in the preceding period.

The key highlights of the financial statements showed growth in interest and similar income, which rose from 18 per cent to N23.94 billion from N20.27 billion in the corresponding period of 2021.

The company said this showed an indication of sustained growth in the loan book as well as improved earnings from the lender’s robust digital channels, arising from sustained investment in its digital payment infrastructure.

Similarly, the lender posted sustained asset growth as total assets moved up by seven per cent to N574.3 billion from N538.9 billion in 2021.

Other key highlights of the financial statement include a 12 per cent growth in deposits, which rose to N359.5 billion from N322.3 billion in December 2021.

The bank said the growth in deposit was a clear indication of the positive trend of its innovative retail products targeting several segments of the retail market.

It added that enhanced customer acquisition strategies for emerging products rolled out to the market during the period under review contributed to the growth in deposit.

Commenting on the performance, Mrs Tomi Somefun, the bank’s Managing Director/Chief Executive Officer, said that the bank posted impressive earnings in spite of the challenging operating environment.

She noted that while the key performance indicators continue on an upward trajectory, the outlook for our financial position had now moderated significantly looking at other fees and income lines which performance was hitherto characterised by volatilities in the operating environment.

Somefun said, “As the bank aims to further grow all indices to double-digit regions in the coming years, one reassuring take from the financial position lies in the market confidence, as well as steadily growing retail and SME franchise arising from the development of products that resonate with different markets segments.”

This, she said, would enable the bank to continue to operate and successfully navigate the tough operating environment, amid rising economic headwinds.

“Having invested massively in technology to drive a major revamp in our digital banking products and channels including the Unifi Mobile App, our USSD, *7799#, internet banking, among others, the major focus is to drive increased optimisation which will enable the bank to provide electronic convenience,” she said. (NAN)(www.nannews.ng)

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Editing by Chinyere Joel-Nwokeoma

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