Unity Bank Plc has announced its audited financial statements for the full year ended December 31, 2023, reporting a 3.84% year-on-year growth in gross earnings to N59.3 billion.
Key Point: Unity Bank Plc's gross earnings grew by 3.84% to N59.3 billion in FY 2023, driven by a 9.6% increase in interest income and a 23% rise in customer deposits.
The bank's financial performance was marked by significant growth in key areas, including:
- Customer deposits, which increased by 23% to N402.9 billion
- Total assets, which stood at N472.5 billion
- Net fee and commission income, which rose to N5.2 billion
- Interest income, which grew by 9.6% to N53.7 billion
However, the bank's managing director/chief executive officer, Oluwatomi Somefun, noted that the bank's performance was impacted by revaluation losses arising from the naira devaluation, which resulted from an acute shortage of forex and an inclement business environment.
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