Nigeria’s retail lender, Unity Bank Plc has posted a Profit Before Tax of N1.1 billion for its full-year results that ended December 2022, even as its gross earnings rose by 13.1 per cent to N57 billion from N50.2 billion in the corresponding period of 2021.
In its audited full-year financial statement submitted to the Nigeria Exchange Group Limited, the bank recorded growth in key performance indicators as reflected in the interest income, loans and advances to customers, customer deposits, and profits
Unity Bank recorded a growth in total comprehensive income, which rose by 262.1 per cent to N1.2 billion from N744 million in the corresponding period of 2021. The bank grew Profit Before Tax (PBT) by N1.1 billion, while Profit After Tax stood at N941.4 million.
With the loan book sustaining an expansion by 7.5 per cent to N289.4 billion from N269.3 billion within the period under review, the interest and similar income consequently witnessed significant growth rising 7.5 per cent to close at N48.9 billion compared to N43.2 billion in the corresponding period of 2021.
Income from fees and commissions recorded significant growth, rising by 25.7% to N7.68 billion from N6.1 billion within the period under review.
More so, deposits from customers saw marginal growth, increasing by 1.6% to N327.4 billion from N322.2 billion in the corresponding period of 2021 as the Bank pushes for deeper penetration of its retail footprint with the rollout of products targeting different segments of the market.