Unity Bank grows deposits to N333bn in H1

Unity Bank Plc has said its deposits grew marginally by two per cent to N333.38bn in the first half of 2022 financial period, from N327.42bn recorded in the first half of 2022.

It disclosed this in a statement on its half year unaudited financial statement submitted to the Nigeria Exchange Group Limited.

The growth in deposits demonstrated incremental gains by the lender, from its commitment to deepening its retail footprint, through a well-diversified banking product suites that catered to different segments of the retail market, it stated.

Other highlights of the unaudited financial statement included gross income and total assets which recorded N27.5bn from N27.4bn, and N512.1bn from N510.1bn respectively within the period under review.

The net loans portfolio reduced significantly by 31 per cent to N198.6bn as of  June 30, 2023 from N289.4bn as of  December 31, 2022.

According to the statement, the bank’s non-performing loan ratio remained moderate at below three per cent, while liquidity ratio stood strong at over 45 per cent.

The bank’s profit for the period was impacted by foreign exchange revaluation on the back of Nigeria’s recent FX liberalisation policy, resulting in a slide in its position, it said.

Commenting on the financial statements, the Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs Tomi Somefun, noted that, “The significant disruptions which characterised the operating environment had impacted the positions of the bank to the extent that we have constraints in income generation on the back of revaluation of the bank’s net foreign liabilities occasioned by the Naira devaluation during the period.

“In the light of the prevailing FX revaluation in the financial system, what we have is a market-driven impact which is adjustable, envisaged from the positive economic outcomes of the government policies in the near term.”

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