Unity Bank has unveiled ambitious strategies to bolster its digital banking services following a staggering loss of N47.917 billion at the close of September 2023. The bank disclosed this information in its unaudited nine-month results released to the Nigerian Exchange Group Limited, signaling a concerted effort to navigate through challenging financial terrain.
The substantial loss was primarily attributed to a foreign exchange revaluation loss of N38.162 billion. However, the bank remains optimistic, citing the potential for reversal as the Naira appreciates. Despite the setback, Unity Bank maintained its customer-centric approach, with customer deposits witnessing a five percent increase to N344.395 billion during the review period.
While gross income experienced a 10 percent decline to N38.183 billion compared to the same period in 2022, the bank continued its expansionary drive, with total loans and advances rising to N222.794 billion. Total assets stood at N423.354 billion, with net fee and income commission at N4.387 billion within the period.
In response to the financial results, Mrs. Tomi Somefun, the Managing Director/Chief Executive Officer of Unity Bank Plc, emphasized the bank’s commitment to revitalization. She outlined a multifaceted approach, including efforts to recapitalize the institution, drive asset creation, and innovate products for competitive market positioning. Emphasizing the importance of digital banking, Somefun highlighted the bank’s focus on enhancing its digital services and expanding its retail franchise through fintech partnerships and consumer banking initiatives.
With a steadfast pursuit of financial revival and a strategic shift towards digital innovation, Unity Bank remains optimistic about its future prospects despite the current challenges.
Tags: Unity Bank Plc, Digital Banking Services, Financial Revival, Losses, Recapitalization, Asset Creation, Innovation, Market Competition, Fintech Partnerships, Consumer Banking, Financial Outlook.
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