In Q3 2022, Unity Bank reports a profit of N2.2 billion.

Retail lender Unity Bank Plc announced a N2.2 billion profit for the nine months that ended on September 30, 2022. Gross earnings for the same period increased by 17% to N42.2 billion from N36.2 billion in the similar period of 2021.

According to the bank, the growth was caused by new products that were designed to drive volume in the retail market area and achieve deep penetration.

Reviewing the unaudited nine-month figures the agriculturally focused lender provided to the Nigerian Exchange Group Limited on Friday revealed that the bank’s Profit Before Tax (PBT) increased by 5% to close at N2.206 billion.

The bank also had a slight improvement in profit after tax (PAT), which rose to N2.029 billion from N1.9 billion in the same period of 2021, indicating a 5% gain.

The total loans and advances reported by Unity Bank Plc as of September 30, 2022, were N284.2 billion, an increase of 6% from the N269.3 billion recorded in the corresponding period of 2021, even as the lender maintains strict compliance with the prevailing prudential guidelines. This growth was achieved while maintaining the lender’s retail expansionary and customer-centric business model.

Customer deposits of N334.7 billion, up 4% from N322.3 billion in the same period, are among the nine-month financials’ other notable highlights. The position highlights the market’s growing acceptance of the bank’s innovative products and retail focus on the mass market, which continue to enjoy broad approval across several mass market sectors.

The lender’s performance follows a shaky recovery from the global pandemic that has been hampered by economic headwinds like rising inflationary trends, interest rate hikes, foreign exchange volatility, etc., all of which have had a negative impact on the country’s and the rest of the world’s overall economic outlook.

The lender’s interest income also increased significantly, from N31.4 billion in the same period in 2021 to N36.3 billion in the current year. This led to a 15% increase in the value of the bank’s portfolio of loan assets.