By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Independent News ExpressIndependent News Express
  • Home
  • International
    InternationalShow More
    G7 finance leaders seek non-tariff consensus in Canada, may face US pushback
    Ahead G7 Summit, Finance Ministers Seek Non-tariff Consensus In Canada, May Face US Pushback
    2 weeks ago
    Over 28,000 Women And Girls Killed In Gaza Since October 2023
    2 weeks ago
    Global Aid Cut
    New Report Reveals How Global Aid Cuts Affecting Women’s Organisations Aiding Women In Crises
    3 weeks ago
    UNICEF Raises Alarm Over 14m Children Worldwide At Risk Of Malnutrition
    2 months ago
    United Nations for Women
    In 8 Days, 830 Killed In Gaza – UN Women Raises Alarm
    2 months ago
  • Africa
    Africa
    Show More
    Top News
    South Africa: North West Health Denies Reports Of Severe Medication Shortages In Facilities
    3 years ago
    United Nations Tasks Ghana Govt On Mental Health Care
    2 years ago
    Africa Climate Change Finance, Time For Private Sector Support
    2 years ago
    Latest News
    Public Exit: Why South Africa Businesses Are Moving To Private Cloud
    10 hours ago
    Cameroon Tops List Of World’s Most Neglected Displacement Crises
    2 days ago
    ECOWAS Marathon Race Director Okon Congratulates Commission on 50th Anniversary
    1 week ago
    Africa Day: Majority of Africans Want African Nations Be Given Greater Influence In International Decision-making Bodies
    2 weeks ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    Tinubu: Abdulmalik, Olonisakin, Buratai, Others Visit Lagos, Meet Lagos Speaker
    2 years ago
    Olopade celebrates Daniel’s APC Victory In Ogun
    2 years ago
    Democracy In Africa In Crisis, Afrobarometer Warns
    2 years ago
    Latest News
    LG Election: Stakeholders Appeal To APC Not To Allow Chairmen Run For 3rd term
    1 month ago
    More APC Chairmanship Aspirants Reject Indirect Primary For Local Govt Elections In Lagos State
    1 month ago
    Youth Party Sets May 18 for Lagos LG Primary Elections, Slashes Fees For Women and PWDs
    2 months ago
    Oyo State Faces Herculean Task in Picking Makinde’s Successor – Chief Ayorinde
    2 months ago
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
    News
    Show More
    Top News
    Pa Abdulfatah Amoo Ayanwale
    Pa Ayanwale Dies At 76, Fidau Prayers Holds 8 August
    2 years ago
    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
    12 months ago
    Latest News
    Former EFCC Boss, Bawa Unveils Explosive Book On Nigeria’s Fuel Subsidy Fraud
    1 day ago
    IMSUAA 2025: La-Ghost And Starblaze Could Draw Inspiration From Convention Theme
    2 days ago
    IMSUAA 2025 Convention: Two Artistes From Lagos Chapter To Light Up Event
    1 week ago
    Lagos SWAN Celebrates Yeni Kuti On Her Special Day
    2 weeks ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    Big Brother Naija & 6 Other Reasons To Stay Connected To Your GOtv 
    3 years ago
    Big Brother Titans: 22 Titans Left To Battle For The Ultimate Prize
    2 years ago
    Meet Nigerian Idol Season 8 Top 10 Contestants 
    2 years ago
    Latest News
    MultiChoice Africa x African Storytelling: How Local Content Shapes Local Culture
    10 hours ago
    Nigerian Idol Season 10 Live Shows Are Underway as the Top 10 Battle for Stardom
    1 week ago
    Nigeria Strengthens Fight Against Content Piracy Through Strategic Partnerships
    2 weeks ago
    Prestige, Impact: Why AMVCA is the People’s Award Show
    4 weeks ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    Ooni Of Ife’s Delegation In Brazil, Witnesses  Minister Of Human Rights Inauguration
    2 years ago
    Kida, Ejidike Felicitate With Nigerians On Christmas And New Year Celebrations 
    2 years ago
    Heritage Confectionery
    ADICC set for Irish African Food Festival
    10 months ago
    Latest News
    Lagos SWAN Joins UN To Celebrate World Nutrition Month At Unilag Confab
    1 week ago
    Yemisi Shyllon Museum of Art and Toledo Museum of Art Launch Historic Cultural Exchange
    4 weeks ago
    Piracy in Africa’s Creative Sector: How Creators Can Protect Their Content
    2 months ago
    Fanti Carnival Returns To Lagos This Easter Sunday
    2 months ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    Lagos Will Continue To Lead Initiatives That Accelerate Economic Diversification – Sanwo-Olu
    2 weeks ago
    Afreximbank
    Afreximbank Reports Strong Performance For Q1 2025 In Line With expectations
    2 weeks ago
    Pan-African Payment & Settlement System
    Nigeria Unlocks Intra-African Trade With New Pan-African Payment & Settlement System Policy Boost
    4 weeks ago
    Impact Of Online Trading Platforms Like Temu On Nigeria’s Economy
    4 weeks ago
    Unity Bank Launches GenFi, Targets Children, Teens With Gamified Banking Platform
    1 month ago
  • Health
    Health
    Show More
    Top News
    Marburg Virus: Ghana Records Third Death
    3 years ago
    Ilera Eko Social Health Plan Extends Scope To More Benefits For Lagos Govt Staff
    2 years ago
    Boyfriend Gives Mother And Child HIV
    2 years ago
    Latest News
    Apepa or Arterial Blockage? The Urgency of Self-Care After 45 By Babafemi Ojudu
    4 hours ago
    Roche Launches Diagnostics Operations In Nigeria,
    2 days ago
    Alimosho Football Coaches Council Set For Health, Safety Business Workshop
    2 weeks ago
    World Hypertension Day: Merck Foundation Commits To Improving Cardiovascular And Diabetes Care Across Africa
    3 weeks ago
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Reading: Unity Bank Posts N59.3B in Gross Earnings, Grows Deposits by 23% in 2023 FY
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
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Independent News Express > Blog > Banking & Finance > Unity Bank Posts N59.3B in Gross Earnings, Grows Deposits by 23% in 2023 FY
Banking & FinanceBusiness

Unity Bank Posts N59.3B in Gross Earnings, Grows Deposits by 23% in 2023 FY

Last updated: 2025/02/25 at 10:52 AM
3 months ago
Share
SHARE

Retail lender, Unity Bank Plc posted gross earnings of N59.3 billion for the full year ended December 31, 2023, representing a growth of 3.84% year-on-year. 

In its audited financials submitted to the NGX Group Limited, the Bank also witnessed improvements across key performance indicators, including a significant appreciation of customer deposits by 23% to N402.9 billion from N327.4 billion within the period under review – an indication of sustained retail growth and customer confidence. 

Other key highlights of the full-year results include the total assets which stood at N472.5 billion; net fee and income commission, N5.2 billion and an increase in interest income by 9.6% to 53.7 billion from N48.8 billion within the period. 

- Advertisement -
Ad imageAd image

Commenting on the result, the Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs. Oluwatomi Somefun said the Bank had issued a profit alert to reflect revaluation loss arising from Naira devaluation which was due to the acute shortage of Forex that created an inclement business environment and, on the aggregate, set in an economic headwind.

She noted, however, that in the full-year statement, this has bottomed out and the key performance indicators are rebounding from the low level of growth and negative trends that characterized the year.

Mrs. Somefun stated: “As we begin to see the margins being closed, it is an indication that the measures being taken to revamp all aspects of the business is being well received by the market: be it workable recapitalization plan, aggressive drive for asset creation, product innovation, or digital banking”.

“We will need to covet the improvements and further build upon it. As a corporate brand, we have a lot that is keeping us going: the positive sentiments and optimism, the growing franchise of the business and steady growth in different segments of the retail market across all the geo-political zones of Nigeria” ” she said.

She added, “We have the right indicators to reclaim lost grounds – innovating with the development and soon to be launched an omnichannel digital app to improve reliability, customer experience, support diverse products functionality which will impact earnings, income and profitability.”

The Central Bank of Nigeria (CBN) has recently approved a business combination with another innovative Bank in Nigeria, marking a significant milestone in the Bank’s growth strategy as it advances its recapitalization plans. This partnership is built on a shared vision to redefine the banking experience for our customers and will drive the transformation of the consolidated entity.

“By leveraging Unity Bank’s extensive branch network and strong customer relationships alongside the entity’s digital expertise and commitment to innovation, we aim to create a seamless integration of traditional and modern banking services.

Amid a review of key highlights that support the steady growth of the retail business, analysts are of the view that the Bank has continued to reflect a good outlook in terms of perception and confidence in the market, which by and large creates an entity with remarkable resilience whilst investors’ sentiments remain positive.

You Might Also Like

Lagos Will Continue To Lead Initiatives That Accelerate Economic Diversification – Sanwo-Olu

Afreximbank Reports Strong Performance For Q1 2025 In Line With expectations

Nigeria Unlocks Intra-African Trade With New Pan-African Payment & Settlement System Policy Boost

Impact Of Online Trading Platforms Like Temu On Nigeria’s Economy

Unity Bank Launches GenFi, Targets Children, Teens With Gamified Banking Platform

TAGGED: Unity Bank
INadminNG February 25, 2025 February 25, 2025
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article Dosu Joseph Striker, Usman Joins Armenian Club
Next Article Elo Akose, NDSF Logo Designer Celebrates His Emergence
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

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

Sign in to your account

Lost your password?