Unity Bank Plc has recorded a gross earnings of N59.3 billion for the full year ended December 31, 2023 and it reflects a 3.84 per cent year-on-year growth and reaffirming the Bank’s resilience in Nigeria’s financial sector. The audited financial results, submitted to the NGX Group Limited, also reveal strong performance across key indicators, particularly in customer deposits, which surged by 23 per cent to N402.9 billion, up from N327.4 billion in the previous year. This remarkable growth highlights the Bank’s expanding retail presence and deepening customer confidence.
The financial report further shows that Unity Bank’s total assets now stand at N472.5 billion, while net fee and commission income reached N5.2 billion. Interest income also witnessed an increase, rising by 9.6 per cent from N48.8 billion to N53.7 billion, reinforcing the Bank’s steady financial performance despite broader economic challenges.
Reflecting on the results, Mrs. Oluwatomi Somefun, Managing Director/Chief Executive Officer of Unity Bank Plc, acknowledged the impact of Naira devaluation on the Bank’s financials. She noted that the acute forex shortage created a difficult operating environment, leading to a temporary downturn. However, she emphasized that key performance indicators have begun to rebound as the Bank implements strategic measures to restore growth.
“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 are being well received by the market—be it a workable recapitalization plan, an aggressive drive for asset creation, product innovation, or digital banking,” she said.
Mrs. Somefun expressed confidence in sustaining this positive trajectory, highlighting the growing momentum across different segments of the Bank’s operations. “We will need to covet these improvements and further build upon them.
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 the steady expansion of the retail market across all geo-political zones of Nigeria.”
She also pointed to ongoing investments in digital transformation, revealing that Unity Bank is set to launch an omnichannel digital app designed to enhance customer experience, improve reliability, and expand product functionality. “We have the right indicators to reclaim lost ground—innovating with the development and soon-to-be-launched omnichannel digital app to improve reliability, customer experience, and support diverse product functionalities, all of which will impact earnings, income, and profitability,” she added.
A major development in Unity Bank’s growth strategy is the recent approval by the Central Bank of Nigeria (CBN) for a business combination with another innovative financial institution. This milestone, which aligns with the Bank’s recapitalization agenda, is expected to create a stronger and more competitive banking entity. The Bank stated that the partnership is founded on a shared vision to redefine banking in Nigeria, leveraging Unity Bank’s extensive branch network and customer relationships alongside the partner institution’s digital banking expertise and innovation-driven approach.
Industry analysts have noted that Unity Bank continues to project strong market confidence, with its resilient retail strategy playing a key role in shaping investor sentiment. With steady growth across core banking operations and a clear focus on transformation, the Bank remains well-positioned to navigate Nigeria’s evolving financial landscape and unlock new opportunities for expansion.