The Managing Director/ Chief Executive of Unity Bank Plc Oluwatomi Somefun has assured key stakeholders in the nation’s financial and business sectors that the commercial bank is in the right direction following strategic steps taken by her management.
The commercial bank’s chief executive made the remark after releasing the lender’s full year 2023 Financial statement, to the Nigerian Exchange Group, NGX, which showed positive trajectory.
According to the bank, Gross earnings stood at N59.3 billion for the full year ended December 31, 2023, representing a growth of 3.84 percent year-on-year.
The audited financial report indicates improvements across key performance indicators, including a significant appreciation of customer deposits by 23 percent to N402.9 billion from N327.4 billion 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 N472.5 billion; net fee and income commission, N5.2 billion and an increase in interest income by 9.6 percent to 53.7 billion from N48.8 billion within the period.
Commenting on the result, Somefun said the Bank had issued a profit alert to reflect revaluation loss arising from Naira devaluation which was due to acute shortage of Forex that created an inclement business environment and, on the aggregate, set in an economic headwind.
She noted, however, that in the full-year statement, this has bottomed out and the key performance indicators are rebounding from the low level of growth and negative trends that characterized the year.
Somefun: “As we begin to see the margins being closed, it is an indication that the measures being taken to revamp all aspects of the business is being well received by the market: be it workable recapitalization plan, aggressive drive for asset creation, product innovation, or digital banking.
“We will need to covet the improvements and further build upon it. As a corporate brand, we have a lot that is keeping us going: the positive sentiments and optimism, the growing franchise of the business and steady growth in different segments of the retail market across all the geo-political zones of Nigeria.”
She added, “We have the right indicators to reclaim lost grounds – innovating with the development and soon to be launched omnichannel digital app to improve reliability, customer experience, support diverse products functionality which will impact earnings, income and profitability.”
The Central Bank of Nigeria, CBN, has recently approved Unity Bank’s business combination with another innovative Bank in Nigeria, marking a significant milestone in the Bank’s growth strategy as it advances its recapitalization plans, according to key stakeholders in the sector familiar with mergers and acquisitions.
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