Unity Bank Plc has recorded a sustained improved performance in the first quarter of 2023. According to its unaudited financial report, the bank’s Profit After Tax (PAT) increased by 21% to N1.04 billion compared to N869.2 million earned in the corresponding period of 2022. The bank’s gross earnings for the quarter stood at N15.9 billion, a 17% growth from N13.6 billion generated in the corresponding period of 2022.
Tomi Somefun, Managing Director/Chief Executive Officer of Unity Bank Plc, noted that the bank would remain focused on its strategic choices and key growth drivers to boost all indices, elevate growth to double-digit territory, reduce customers’ pain points, and simplify customer experience. She added that the bank had started investing in technology and innovation since late 2022, in line with its strategic pursuits to win in the retail space with a focus on digital and lifestyle banking, product development, and accelerated onboarding.
Somefun revealed that the bank would double down on its investments in the coming months to expand the frontiers of partnerships, increase the rate of customer acquisition and ultimately develop new and sustainable income lines for the bank. She noted that the bank had continued to reflect back on building momentum despite economic headwinds and volatilities that characterised the operating environment in the 2022 financial year.
In the financial year ended December 2022, the bank grew Profit Before Tax (PBT) by N1.1 billion, while Profit After Tax stood at N941.4 million. The loan book also sustained an expansion by 7.5% to N289.4 billion, while income from fees and commissions recorded significant growth, rising by 25.7% to N7.68 billion. Deposits from customers witnessed marginal growth, increased by 1.6% to N327.4 billion.
With fast-paced process automation, cost, and resource efficiency, targeted value chain relationships, and brand visibility, Ms Somefun pledged that the bank remained committed to expanding its range of products and services to meet its customers’ evolving needs. Unity Bank Plc’s financial performance in Q1 2023 showed both strong and less optimal points, according to Somefun.
