Unity Bank Plc has declared a N2.2 billion profit for the nine-month period ended September 30.
In its third quarter result released on Friday, the Bank said the amount represents a 17 per cent in gross earnings to N42.2 billion for the same period, as against N36.2 billion in the corresponding period of 2021.
The company attributed the increase to new products that were focused on deep penetration and driving volume in the retail market space.
Also, a review of Agric-focused lender’s unaudited results released to Nigerian Exchange Ltd., NGX, showed the bank’s profit before tax rose by five per cent to close at N2.206 billion.
The bank also recorded an equal marginal growth in its profit after tax, which increased to N2.03 billion, representing a five per cent rise from N1.9 billion recorded in the same period of 2021.
Similarly, total loans and advances grew to N284.2 billion, representing a six per cent spurt from the N269.3 billion recorded in the corresponding period of 2021.
Other key highlights of the nine-month financials included customer deposits of N334.7 billion which represented a four per cent increase from N322.3 billion in the corresponding period.
The position underscored the increasing uptake of the market for the Bank’s products innovation, and mass-market-oriented retail focus that continued to boil wide acceptance across various segments of the mass market.
The lender’s performance came on the heels of a fragile recovery from the global pandemic buffeted by economic headwinds including rising inflationary trends, interest rate hikes, foreign exchange volatilities, etc. which have impacted severely on the overall economic outlook in the country and the rest of the world.
The managing director/CEO of Unity Bank Plc, Tomi Somefun, said that the outlook for the full year 2022 remained positive, reflecting optimism, stability, and growth in key performance indicators.
She noted that the growth trajectory recorded in the bank’s revenue by 17 per cent, profit by five per cent and deposit by four per cent among others, was a testament to the positive sentiment in the market.