Unity Bank Posts N59.3B in Gross Earnings, Grows Deposits by 23% in 2023 FY

Nationalglint February 27, 2025 in Business, Home - 2 Minutes

Unity Bank Posts N59.3B in Gross Earnings, Grows Deposits by 23% in 2023 FY

Unity Bank Strengthens Position with Strong Retail Growth and Business Expansion

Unity Bank Plc has posted impressive financial results for the full year ending December 31, 2023, reporting N59.3 billion in gross earnings, reflecting a 3.84% year-on-year growth. The bank’s latest audited financials, submitted to the NGX Group Limited, highlight sustained growth in key performance indicators, further strengthening its retail banking dominance. (BusinessDay)

A major highlight of Unity Bank’s performance is its customer deposit surge by 23%, reaching N402.9 billion, up from N327.4 billion in the previous year. This significant increase underscores the growing customer confidence in the bank’s services and strategy.

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Key Performance Metrics and Resilience Amid Economic Headwinds

Despite the challenging macroeconomic environment, the bank maintained a strong asset base of N472.5 billion. Additionally, its net fee and commission income hit N5.2 billion, while interest income rose by 9.6%, reaching N53.7 billion from N48.8 billion. (Nairametrics)

Managing Director/CEO Mrs. Oluwatomi Somefun attributed these gains to Unity Bank’s strategic initiatives, including an aggressive push for asset creation, product innovation, and digital banking transformation. She acknowledged that despite the adverse impact of the naira devaluation and forex shortages, Unity Bank has successfully bottomed out losses and is now rebounding towards sustained profitability.

Recapitalization & Business Combination with an Innovative Bank

A game-changing development for Unity Bank is the recent approval from the Central Bank of Nigeria (CBN) for a business combination with another innovative Nigerian bank. This strategic partnership is expected to redefine the banking landscape by integrating Unity Bank’s extensive branch network with the partner entity’s strong digital expertise. (CBN)

Mrs. Somefun emphasized that the bank’s omnichannel digital banking app, set to launch soon, will enhance customer experience and boost profitability. “This will support diverse product functionalities and improve earnings, income, and overall operational efficiency,” she added. (Proshare)

Positive Market Sentiment and Future Outlook

Financial analysts note that investor sentiment remains optimistic, with Unity Bank continuing to exhibit remarkable resilience in the market. The ongoing recapitalization plans and steady growth across Nigeria’s retail banking sector position the bank favorably for further expansion in 2025 and beyond.

With a solid financial foundation, increasing customer confidence, and a transformative digital strategy, Unity Bank is set to become a key player in Nigeria’s evolving financial sector. Investors and stakeholders are eagerly watching as the bank progresses toward a stronger, tech-driven future.