Unity Bank Releases Financial Performance for Q1 as Profit Rises by 21%, Customer Deposits Cross N328bn

• Unity Bank has reported a good financial performance in the first quarter of 2023 across key metrics
• From profit to gross earnings and electronic transactions, the bank reported an improvement from the previous year
• Customer deposits also increased to over N328 billion, and the CEO has projected future improvement

Unity Bank Plc, one of Nigeria's commercial banks, has recorded a profit after tax of N1.04 billion in the first quarter of 2023.

The amount represents a 20.57% increase compared to the N869.2 million reported in 2022.

The impressive performance for Q1 2023 follows Unity Bank's reported profit of N57 billion at the end of 2022.

Details of Unity Banks' performance

Essential extracts from Unity Bank's report show that gross earnings rose by 17% to N15.9 billion in the first quarter of 2023, compared with N13.6 billion in the corresponding period of 2022.

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Additionally, Unity Bank reported a profit before tax of N1.13 billion, representing a 20% increase over the N944.8 million recorded in the corresponding period that ended in March 2022.

The bank's loan book to customers also increased to N10.57 billion as of the end of March 2023, compared to N9.52 billion reported in the corresponding year.

Furthermore, the bank's total customer deposits stood at N338.75 billion as of March 2023.

Unity Bank's income from customers

Further checks reveal that Unity Bank made money from customers through various charges and services between January and March 2023.

The breakdown of these earnings is as follows:

• Credit-related fees: N291.354 million
• Account Maintenance Fee: N372.170 million
• Other fees and commission: N68.71 million
• E-Banking Income: N1.28 billion

Unity Bank CEO speaks

In response to the financial results, Mrs Tomi Somefun, the Managing Director and CEO of Unity Bank Plc, said the bank's emphasis on regaining momentum was evident in the key performance indicators.

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She stressed that the progress is noteworthy considering the challenging economic conditions and uncertainties experienced throughout the 2022 financial year.

List of Nigeria's most valuable banks after Q1 2023

In another report, the Nigerian banks with the highest market value for the first quarter of 2023 have been unveiled.

Zenith Bank and GT Bank retained their positions as the most highly valued commercial banks in the Nigerian market, which they held at the beginning of the year.

However, First Bank experienced a decrease in its market value during the same period.

Source: Legit.ng