Unity Bank Plc, one of Nigeria’s leading financial institutions, has released its unaudited financial statement for the period ended 31st March 2023. The statement shows a significant increase in profit and overall positive financial performance.
According to the financial statement, Unity Bank recorded a gross income of N15,976,461,000, representing a 17% increase compared to the previous year. The growth was primarily driven by a rise in interest and similar income, which amounted to N12,919,511,000, showing an 8% increase. Net interest income also experienced a 14% growth, reaching N5,489,803,000.
The bank’s fee and commission income witnessed a substantial increase of 34%, reaching N2,020,193,000, contributing to the overall positive performance. Additionally, net trading income experienced a remarkable surge of 8653%, amounting to N630,099,000. Other operating income also increased by 159%, totaling N406,657,000.
Unity Bank’s total operating income for the period stood at N8,546,752,000, marking a 23% increase. However, the bank reported a credit loss expense of N16,464,000, significantly lower compared to the previous year. The net operating income amounted to N8,563,216,000, reflecting a 15% increase.
On the expense side, personnel expenses increased by 23%, reaching N3,287,727,000. Depreciation of property and equipment and amortization of intangible assets also experienced growth of 32% and 564% respectively. Other operating expenses slightly rose by 1%, amounting to N3,345,670,000.
After accounting for operating expenses, Unity Bank recorded a profit before tax of N1,139,239,000, showing a 21% increase compared to the previous year. The bank’s profit for the period reached N1,048,100,000, representing a 21% growth. The earnings per share (basic) on an annualized basis stood at 38.98 Kobo, indicating a positive outlook for the bank’s shareholders.
In terms of the statement of financial position, Unity Bank reported total assets of N440,383,632,000, a 14% decrease from the previous year. The bank’s liabilities decreased by 26%, totaling N580,180,233,000. Equity also experienced a significant decline of 49%, reaching N139,796,601,000.
The management of Unity Bank expressed satisfaction with the positive financial results for the first quarter of 2023. They attributed the growth to increased gross income, net interest income, and fee and commission income. The bank remains committed to delivering value to its customers and optimizing shareholder returns.
