Unity Bank drives recapitalisation, posts N38.2b gross earnings in Q3

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Unity Bank Plc is focusing on its ongoing efforts to inject additional capital unto its balance sheet as the commercial bank recorded gross earnings of N38 billion in the third quarter.
The nine-month report for the period ended September 30, 2023 released at the Nigerian Exchange (NGX) showed that Unity Bank continued to maintain its expansionary and customer-centric model with total loans and advances rising to N222.8 billion.

The bank stated that interest and similar income stood at N33 billion, which underscored strategic focus to reinvigorate and sustain asset creation that will deliver returns to shareholders.

Total assets stood at N423.4 billion while net fee and income commission closed the period at N4.4 billion.

The bank explained that recent change in foreign exchange (forex) regulation impacted its bottom line, which can be reversed as the naira appreciates.

Managing Director, Unity Bank Plc, Mrs. Tomi Somefun said that the bank is focusing on its efforts to recapitalise the its balance sheet while aggressively driving asset creation.

She explained that the bank is also promoting innovative products to compete favourably in new markets and relentlessly drive the pursuit of digital banking innovation in order to shake off and completely reverse negative positions.

She stated that despite the tough operating environment, the deposit position continues to witness steady appreciation, which supports the business as the bank drives initiatives to ramp up transactions as part of its strategy for the short and medium term.


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