Unity Bank increases income to N27.6 billion despite a turbulent operating environment.
Unity Bank recorded a 17 percent increase in half-year turnover for 2022, closing the first six months of the year at N27.6 billion, above the N23.6 billion earned in H1 2021.
The retail lender saw growth in all of its core earning divisions, with interest and similar revenue on loan book increasing by 18% yearly, from N20.273 billion to N23.93 billion.
Its Profit After Tax (PAT) followed the same pattern, with Unity Bank recording N1.6 billion for the period under review, a 23 percent increase over the N1.38 billion reported in the first half of 2021.
This was revealed in the company’s unaudited half-year financial statement, which Ripples Nigeri obtained. Unity Bank’s overall asset worth increased by 7%, considering the institution posted N538.9 billion in H1 2021, but recorded N574.3 billion during the same period this year.
Earnings from the loan books increased in line with the growth in loan issued by Unity Bank, as the loan book increased to N303.63 billion, a 13 percent increase over the N269.27 billion clients borrowed as of December 2021.
Deposits into Unity Bank’s vault increased as well, with consumers boosting their holdings with the institution to N359.5 billion, a 12 percent increase from N322.3 billion in December 2021.
In response to Unity Bank’s earnings report, Tomi Somefun, the lender’s Managing Director/CEO, stated that “the outlook for our financial position has now moderated significantly looking at other fees and income lines whose performance was hitherto characterised by volatility in the operating environment.”
“As the Bank aims to further grow all indices to double-digit regions in the coming years, one reassuring takeaway from the financial position lies in market confidence, as well as steadily growing retail and SME franchise arising from the development of products that resonate with different market segments, which will enable the Bank to continue to operate and successfully navigate the tough operating environment, amid rising economic headwinds,” Somefun added.