Unity Bank Plc has said that it is navigating economic challenges with a positive outlook, as its key performance indicators show signs of recovery despite the impact of Naira devaluation and forex shortages.
The managing director/chief executive officer, Mrs Oluwatomi Somefun, stated that while the bank had issued a profit alert due to revaluation losses, the full-year financial statement indicates a turnaround, with growth metrics rebounding from previous declines.
Somefun emphasized that the bank’s strategic initiatives, including a robust recapitalization plan, aggressive asset creation drive, product innovation, and enhanced digital banking services, are gaining traction in the market. These measures, she noted, are closing performance gaps and reinforcing investor and customer confidence.
She highlighted the bank’s steady expansion across various retail market segments nationwide, supported by growing customer confidence and an optimistic business outlook.
She further underscored Unity Bank’s commitment to innovation, announcing the imminent launch of an omnichannel digital banking platform aimed at improving service reliability, customer experience, and product functionality, which will ultimately enhance revenue and profitability.
In a significant development, Somefun revealed that the Central Bank of Nigeria ,CBN, has approved a business combination between Unity Bank and another leading financial institution. This strategic move marks a key milestone in Unity Bank’s recapitalization plan and long-term growth strategy.
According to her, the partnership is built on a shared vision to redefine the banking experience, combining Unity Bank’s strong branch network and customer relationships with the digital expertise and innovation-driven approach of the partnering institution.
This integration aims to create a seamless blend of traditional and modern banking services, enhancing Unity Bank’s competitive position in Nigeria’s financial landscape.
Unity Bank Plc posted gross earnings of N59.3bn for the full year ended December 31, 2023, representing a growth of 3.84% year-on-year.
In its audited financials submitted to the NGX Group Limited, the Bank also witnessed improvements across key performance indicators, including a significant appreciation of customer deposits by 23% to N402.9bn from N327.4bn within the period under review, an indication of sustained retail growth and customer confidence.
Other key highlights of the full-year results include the total assets which stood at N472.5bn; net fee and income commission, N5.2bn and an increase in interest income by 9.6% to 53.7bn from N48.8bn within the period.
