Unity Bank grows revenue to N27.6bn, under volatile operating environment
by Ebor Cletus Ralph Jr
Unity Bank recorded a 17% increase in half-year revenue for 2022 as the lender ended the first half of the year with N27.6 billion, exceeding the N23.6 billion it made in the first half of 2021.
The retail lender had growth across all of its major revenue streams, with interest and other similar income on loan book increasing from N20.273 billion to N23.93 billion, or 18% year-over-year growth.
When compared to the N1.38 billion reported for the first half of 2021, Unity Bank’s Profit After Tax (PAT) increased by 23 percent to N1.6 billion during the period under review.
This was disclosed in the company’s unaudited half-year financial statement seen by Ripples Nigeri. The growth extended into Unity Bank’s total asset value, which rose by 7%, considering the lender posted N538.9 billion in H1 2021, but recorded to N574.3 billion during the same period this year.
Earnings from loan book mirrored the increase in the loan disbursed by Unity Bank, as the loan book rose to N303.63 billion, a 13% difference when compared to the N269.27 billion customers borrowed as at December 2021.
Deposits into Unity Bank’s vault also saw an upward movement, with customers increasing their holdings in the lender to N359.5 billion, representing 12% growth from the N322.3 billion in December 2021.
Commenting on Unity Bank’s earnings report, the lender’s Managing Director/CEO, Tomi Somefun, explained that “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.”
Somefun further stated that, “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.”
