The managing director of Unity Bank Plc Tomi Somefun has disclosed that the commercial bank, has gained enough market confidence to double its earnings.
The commercial bank’s chief executive spoke on the back of the half year report released by the bank where it posted N27.6 billion as gross earnings.
In the report released to the Nigerian Exchange, NGX the Somefun-led bank said the earning represents a growth of 17 per cent year-on-year, apart from significant improvements made across key performance indicators.
Somefun noted that while the key performance indicators continue on an upward trajectory; PBT (23% YoY), Total Assets (7% YoY) and gross earnings (17% YoY); the outlook “for our financial position has now moderated significantly looking at other fees and income lines which performance was hitherto characterised by volatilities in the operating environment.
“As the Bank aims to further grow all indices to double-digit regions in the coming years, one reassuring take from the financial position lies in the market confidence, as well as steadily growing retail and SME franchise arising from the development of products that resonate with different markets segments, which will enable the Bank to continue to operate and successfully navigate the tough operating environment, amid rising economic headwinds.”
The Unity Bank boss also stated that having invested massively in technology to drive a major revamp in our digital Banking products and channels including the Unifi Mobile App, our USSD, *7799#, internet banking, etc., the major focus is to drive increased optimisation which will enable the Bank to provide electronic convenience in the way we support our teaming customers and market segments and more often change the way they transact business.
The bank grew Profit Before Tax, PBT by 23 per cent which rose to N1.8 billion from N1.5 billion in the corresponding period of 2021. Profit After Tax, PAT for the period equally increased by 23 per cent to close at N1.6 billion from N1.382 billion in H1’21.
The key highlights of the financial statements showed growth in interest and similar income, which rose 18 per cent to N23.938 billion from N20.273 billion in the corresponding period of 2021, an indication of sustained growth in the loan book as well as improved earnings from the lender’s robust digital channels, arising from sustained investment in its digital payment infrastructure.
Similarly, the lender posted sustained asset growth as total assets moved up by seven per cent to N574.3 billion from N538.9 billion in 2021.
Other key highlights of the financial statement include a 12 per cent growth in deposits, which rose to N359.5 billion from N322.3 billion in December 2021, a clear indication of the positive trend of the Bank’s innovative retail products targeting several segments of the retail market as well as enhanced customer acquisition strategies for emerging products rolled out to the market during the period under review.
Similarly, the lender recorded an increase on its loan books to N303.632 billion from N269.270 billion in 2021, representing a 13 per cent growth.
Meanwhile, market analysts insist that the key performance indicators showed that the market sentiments are responding positively to the strategies of the lender’s management to accelerate the growth momentum designed for the Bank
