Unity Bank provides banking and other financial services to corporate and individual customers. Such services include but are not limited to granting of loans and advances, corporate banking, retail banking, consumer and trade finance, international banking, cash management, electronic banking services and money market activities.
United Bank’s gross income of N38.183billion in 9 months to September 30, 2023 represents a decrease by 10percent, from N42.292 billion gross income in 9M ‘2022.
As at the last quarter of 2023, its net interest income (NII) of N9.470billion in 9M ’23 as against N14.527billion in 9M’22 represents a decline by 35percent.
Loss Before Tax (LBT) printed higher at N47.726billion in 9M ’23 as against N2.206 billion profit before tax (PBT) in 9M’22, down by 2,263percent.
Unity Bank is one of the new generation financial institutions that is fast tracking its retail strategy with particular emphasis on the SME space and the ever-important youth segment to accelerate the Bank’s deposit growth and retail assets such as Naira credit cards as well as the incredibly successful Unity pay Loan scheme. The Bank is relentlessly pursuing investment in digital Banking to drive innovation, enhance volume, value and fee income.
The Bank is enhancing its retail franchise by leveraging its expansive Agency Banking network to drive increased revenue.
The Retail lender, is focused on recapitalisation in light of the prevailing foreign exchange revaluation in the financial system.
The Managing Director/CEO of Unity Bank Plc, Tomi Somefun, is leading a team that is ensuring the significant disruptions which characterised the operating environment have impacted the positions of the bank.
The impact is evident in constraints in income generation on the back of the revaluation of the bank’s net foreign liabilities occasioned by the Naira devaluation during the period.
While the bank remains optimistic that the government’s policy initiatives will lead to correction in the market, the bank has accelerated measures to ramp up asset creation and liability generation in the short and medium terms.
The bank is equally driving its retail growth in every segment of the market, expanding strategic partnerships; and growing commercial banking business to develop new and sustainable income lines for the bank.
The bank is paying sufficient attention to fast-paced process automation, cost and resource efficiency, targeted value chain relationships, and product marketing to enhance value creation in the market.
AMCON-backed Unity Bank Plc reported a net loss of N38.9 billion for the first six months of the year in contrast to a net profit of N1.7 billion recorded a year ago, according to its newly issued financial report.
Olamide Adeniji is a member of the editorial team of TheScript Newspaper