By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Independent News ExpressIndependent News Express
  • Home
  • International
    InternationalShow More
    United Nations
    4th International Conference On Financing For Development Delivers Renewed Hope And Action For Sustainable Development
    2 months ago
    The African Development Bank and the United Nations Human Settlements Programme (UN-Habitat) scale up drive for sustainable urbanization in Africa
    AfDB, UN-Habitat Scale Up Drive For Sustainable Urbanisation In Africa
    2 months ago
    UN
    North Africa: Green Climate Fund Approves Record $300m For FAO-designed Projects In Papua New Guinea, Saint Lucia, The Sahel
    3 months ago
    UNICEF
    How Wars Across Middle East, North Africa Affecting Children – UNICEF
    3 months ago
    UNDP
    UN Development Programme Welcomes Historic Deal On Sustainable Development Even Amidst Global Turmoil
    3 months ago
  • Africa
    Africa
    Show More
    Top News
    Africa Leaders Summit: US To Strengthening Partnerships To Meet Shared Priorities
    3 years ago
    President Ruto Rallies Kenyans To Move Nation Forward
    3 years ago
    Tanzania: United Nations Steps Up Efforts To Build Climate Resilience
    2 years ago
    Latest News
    Four African Cities Awarded CRA’s African Urban Heat Resilience GrantsĀ 
    5 days ago
    Gov Sanwo-Olu Hails Lagos Nomination As Intra-African Trade Fair Host
    5 days ago
    New AfDB President Set Youth Target In 100 Days, To Prioritise Reforms, Partnerships
    2 weeks ago
    Bank Video on President Adesina’s Gender Advocacy Wins Two International Awards
    2 weeks ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    Voters In Katsina Vow To Dump Buhairi, APC
    3 years ago
    My Son Must Win, Ondo State’s King Threatens His People
    2 years ago
    I Will Not Disappoint My Constituents, Dekor Reassures Ogoni People
    2 years ago
    Latest News
    NSC Chairman To Engage With Youth And Sports Stakeholders At The Nest Centre
    4 weeks ago
    Edo DistrictĀ Bye-election: SDP Candidate, Hon. IsidahomhenĀ Promises To Pursue Best Interest Of EsanlandĀ 
    1 month ago
    PHOTOS: Vinod Obasa Takes Oath Of Office
    2 months ago
    Gov Adeleke’s Outburst Against Aregbesola Shows Sign Of A Drowning Man – ADC Group
    2 months ago
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
    News
    Show More
    Top News
    Ondo Governor, Akeredolu Begins Construction Of First Flyover In Akure
    2 years ago
    Celebration Of Life: Reverend Adewumi Jegede Of Later House Of God Assembly Buried Amid Pomp
    1 year ago
    Pa Abdulfatah Amoo Ayanwale
    Pa Ayanwale Dies At 76, Fidau Prayers Holds 8 August
    2 years ago
    Latest News
    798 Pensioners Paid N1.52B In Lagos State
    6 days ago
    Unlock Your Potential: NEXIM MD Inspires Nigerian Youth To Pursue Their Passions, Highlighting Opportunities In Non-oil Value Chains
    2 weeks ago
    Gov Okpebholo Rescues Over 10 Accident Victims On Benin–Auchi Highway
    2 weeks ago
    Lagos SWAN Chairman, Oladunni, Elected into Fellowship of the Institute of Security Nigeria
    3 weeks ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    GOtv
    Yuletide: GOtv Improves Signal Quality In Abuja, Rivers State
    3 years ago
    It’s Easter Holidays with Top Entertaining Programs Showing from this Week on GOtv
    2 years ago
    Hi-Life Fest: Show Progresses With Six Contestants, Features Frederick Leonard As Guest Judge
    2 years ago
    Latest News
    BBNaija S10: Joanna, Mide, and Isabella Clash as Denari and Tracy Exit the House
    22 minutes ago
    Akamai Adaptive Media Player 2: Bitmovin And Akamai Set New Streaming Standard
    6 days ago
    France TĆ©lĆ©visions Hits Record Digital Engagement With Its Roland-Garros 24×7 Channel Powered By Wildmoka
    6 days ago
    Hello Mr Right Naija Season 3: Love, Drama And Surprises Await This September!
    2 weeks ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    Pilgrimage To Israel Not Tourism Jamboree, Lagos First Lady Warns
    3 years ago
    Hilton to Debut Canopy by Hilton and Hilton Garden Inn Brands in Nigeria
    1 year ago
    Lagos SWAN Holds Cultural Sports And Traditional Fashion Fiesta
    2 years ago
    Latest News
    Preserving African Culture: Polaris Bank , Chivita, And Danone Support CIKDAS’ Youth Literary Initiative
    1 week ago
    Nigeria, Switzerland Takes Major Steps Towards Repatriation Of Artifacts And Cultural Cooperation
    2 weeks ago
    Archbishop Ugorji Hails St. Helen’s Choir As One of the Best Choirs in Owerri Archdiocese
    3 weeks ago
    Lagos Tourism Ministry Visits Heritage Sites For Inventory, Documentation
    4 weeks ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    Gov Abiodun Showcases Ogun Investment Opportunities At AfCFTA In Algeria
    6 days ago
    Intra-African Trade Fair
    Nigeria To Host Intra-African Trade Fair In 2027
    1 week ago
    Bank of Agriculture
    How Nigeria-Brazil Pact Will Boost Agricultural Investment, Food Security – BOA
    2 weeks ago
    Nexim Bank Boss To Engage Young Nigerians With Non-oil Export Opportunities For Wealth Creation At Breakfast Session
    3 weeks ago
    ₦46B in pre-launch transactions.
    After ₦46B Pre-launch Transactions, Fidelity Bank Unveils PAPSS In Nigeria
    1 month ago
  • Health
    Health
    Show More
    Top News
    NCDC Activates Lassa Fever Emergency Operations Centre In Nigeria
    3 years ago
    UNAIDS: Fully Financing HIV Response In Africa Will Save Millions Of Lives
    2 years ago
    How To Avoid Urinary Tract Infections During Sex
    2 years ago
    Latest News
    CAPPA Commends FG Health Tax Policy, Renews Call for Higher Sugary Drinks Excise Duty
    7 days ago
    Jubilation In Ebonyi As FG, State Govt Activate MAMII To Safe Pregnant Women And Babies
    1 week ago
    Abakaliki Agog As MAMII Train Enters Ebonyi State
    2 weeks ago
    LASU Professor Wins Distinguished Meritorious Obstetrics and Gynecological ICON Award
    2 weeks ago
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Reading: 2022 Half-year Results: Unity Bank Posts N27B Gross Earnings
Share
Notification Show More
Aa
Independent News ExpressIndependent News Express
Aa
  • Home
  • International
  • Africa
  • Corporate News
  • Politics
  • News
  • Entertainment
  • Lifestyle
  • Business
  • Health
  • More
Search
  • Home
  • International
  • Africa
  • Corporate News
    • Media Outreach
  • Politics
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
  • Business
    • Banking & Finance
    • Oil & Gas
  • Health
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Have an existing account? Sign In
Follow US
  • Advertise
Ā© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Independent News Express > Blog > Banking & Finance > 2022 Half-year Results: Unity Bank Posts N27B Gross Earnings
Banking & FinanceBusiness

2022 Half-year Results: Unity Bank Posts N27B Gross Earnings

Last updated: 2022/07/30 at 1:44 PM
3 years ago
Share
SHARE

Retail lender, Unity Bank Plc has posted gross earnings of N27.6 billion for its 2022 half-year results, representing a growth of 17% year-on-year.

In its unaudited half-year financials submitted to the Nigeria Exchange Group Limited, the Bank also made significant improvements across key performance indicators.

The Bank grew Profit Before Tax (PBT) by 23% which rose to N1.8 billion from N1.5 billion in the corresponding period of 2021. Profit After Tax (PAT) for the period equally increased by 23% to close at N1.6 billion from N1.382 billion in H1’21.

The key highlights of the financial statements showed growth in interest and similar income, which rose 18% to N23.938 billion from N20.273 billion in the corresponding period of 2021, an indication of sustained growth in the loan book as well as improved earnings from the lender’s robust digital channels, arising from sustained investment in its digital payment infrastructure.

- Advertisement -
Ad imageAd image

Similarly, the lender posted sustained asset growth as total assets moved up by 7% to N574.3 billion from N538.9 billion in 2021.

Other key highlights of the financial statement include a 12% growth in deposits, which rose to N359.5 billion from N322.3 billion in December 2021, a clear indication of the positive trend of the Bank’s innovative retail products targeting several segments of the retail market as well as enhanced customer acquisition strategies for emerging products rolled out to the market during the period under review.

In the same vain, the lender recorded an increase on its loan books to N303.632 billion from N269.270 billion in 2021, representing a 13% growth.

Commenting on the financial statements, the Managing Director/CEO of Unity Bank Plc, Mrs Tomi Somefun welcomed the H1’22 results. She noted that while the key performance indicators continue on an upward trajectory; PBT (23% YoY), Total Assets (7% YoY) and gross earnings (17% YoY); the outlook for our financial position has now moderated significantly looking at other fees and income lines which performance was hitherto characterised by volatilities in the operating environment.

ā€œAs the Bank aims to further grow all indices to double-digit regions in the coming years, one reassuring take from the financial position lies in the market confidence, as well as steadily growing retail and SME franchise arising from the development of products that resonate with different markets segments, which will enable the Bank to continue to operate and successfully navigate the tough operating environment, amid rising economic headwinds,” Mrs Somefun stated.

The Unity Bank boss also stated that having invested massively in technology to drive a major revamp in our digital Banking products and channels including the Unifi Mobile App, our USSD, *7799#, internet banking, etc., the major focus is to drive increased optimisation which will enable the Bank to provide electronic convenience in the way we support our teaming customers and market segments and more often change the way they transact business.

In the view of analysts, the key performance indicators showed that the market sentiments are responding positively to the strategies of the lender’s management to accelerate the growth momentum designed for the Bank.

You Might Also Like

Gov Abiodun Showcases Ogun Investment Opportunities At AfCFTA In Algeria

Nigeria To Host Intra-African Trade Fair In 2027

How Nigeria-Brazil Pact Will Boost Agricultural Investment, Food Security – BOA

Nexim Bank Boss To Engage Young Nigerians With Non-oil Export Opportunities For Wealth Creation At Breakfast Session

After ₦46B Pre-launch Transactions, Fidelity Bank Unveils PAPSS In Nigeria

TAGGED: Unity Bank
INadminNG July 30, 2022 July 30, 2022
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article Burna Boy Didn’t Create A Music Genre Called Afrofusion – Nnamdi Madichie
Next Article 2022 Commonwealth Games: Oyetola Hails Weightlifting ‘Golden Girl’ Olarinoye
about us

Independent News Express (iNews Express), a publication of 4Ds Nigeria Limited, is birthed out of the desires of the founding fathers to report News as it is.

We value Professionalism, Excellence, Service, Creativity and Integrity.

The Company

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy

Quick Links

  • Advertise with us
  • Newsletters
  • Deal

Categories

Find Us on Socials

Ā© Independent News Express. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?