Unity Bank Q3 Report Shows That the Bank Loss N47.91bn

Unity Bank Plc recently announced plans to strengthen its digital banking services despite the bank report for Q3 that ended September 2023 showing how the bank recorded a loss of N47.917bn.

The unaudited nine (9) month results that were released by the NGX on Friday show that the loss witnessed by the bank was a result of the FX revaluation loss of N38.162bn. However, this loss can be balanced once the naira appreciates.

In the review period, Unity Bank's gross income settled at N38.183bn, which signifies a 10% decline from the corresponding period in 2022, which settled at N42.292bn.

On the other hand, customer deposits rose by 5% to settle at N344.395bn within the period. A review shows that the bank continued to sustain its expansionary and customer-centric model, with total loans and advances rising to N222.794bn.

For the nine (9) month period, the bank's total assets remained at N423.354bn, with a net fee and income commission of N4.387bn within the period.

Speaking on the Q3 report, the MD/CEO of Unity Bank Plc, Mrs Tomi Somefun, said that the bank is pushing to recapitalize the situation, aggressively drive asset creation, innovate with products to compete favourably in new markets, and relentlessly drive the pursuit of digital banking innovation to shake off and completely reverse negative positions.

She stated,

• The bank is seeing encouraging uptake in its digital Banking services, and with expansion envisaged in the pursuit of enhanced retail franchises, fintech partnerships, consumer banking, and other innovative retail loans, as well as diversification of portfolio investment, the outlook remains one of optimism.

• This also means that the bank enjoys market confidence, which will enable the institution to thrive better in the months ahead with increased business conversion, profitability, and growth needed to achieve sustainable returns.

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

She also added that even with the current negative trends, the bank deposit position continues to experience growth, which supports the business while the bank looks for ways to drive initiatives to increase transactions as part of its strategy for the short and medium term.

Meanwhile, the company's half-year report increased its deposits to N333.38bn, which signifies a 2% increase compared to the corresponding year, which settled at N327.42bn.

Unity Bank's gross income and total assets rose to N27.5bn as against N27.4bn and N512.1bn from N510.1bn, respectively, for the half-year period.