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.
How well do narratives help inform your perspective?
Disclaimer
The user WaneInvestmentHouse holds no position in NGSE:UNITYBNK. Simply Wall St has no position in any of the companies mentioned. Simply Wall St may provide the securities issuer or related entities with website advertising services for a fee, on an arm's length basis. These relationships have no impact on the way we conduct our business, the content we host, or how our content is served to users. The author of this narrative is not affiliated with, nor authorised by Simply Wall St as a sub-authorised representative. This narrative is general in nature and explores scenarios and estimates created by the author. The narrative does not reflect the opinions of Simply Wall St, and the views expressed are the opinion of the author alone, acting on their own behalf. These scenarios are not indicative of the company's future performance and are exploratory in the ideas they cover. The fair value estimates are estimations only, and does not constitute a recommendation to buy or sell any stock, and they do not take account of your objectives, or your financial situation. Note that the author's analysis may not factor in the latest price-sensitive company announcements or qualitative material.