Dipo Olowookere
By Modupe Gbadeyanka
Unity Bank has disclosed that it has grown its Customers’ Deposit to N263.91 billion at the end of the quarter ended September 30, 2016, indicating an increase of N32.5 billion or 14 percent from N231.4 billion as at December 31, 2015.
This, according to analysts, was interpreted as a measure of customers’ growing confidence and increased business momentum.
In the financial results submitted to the Nigerian Stock Exchange (NSE), Unity Bank also disclosed that its Total Assets size is now N476.15 billion, showing an appreciation by 7.4 percent or N32.6 billion over N443.3 billion recorded as at 31 December, 2015.
Furthermore, the various cost optimization strategies and other operational overhauls which were embarked upon by the new management of the bank saw operating expense plummet by 14 percent or N3.1 billion to N19.6 billion against N22.8 billion recorded in Q3/2015.
Overall, the Unity Bank posted a Profit Before Tax (PBT) of N3.8 billion for Q3/2016, despite the challenging operating environment and economic headwinds. The posted PBT for Q3/2016 was lower than the corresponding Q3/2015 of N10.3bn.
MD/CEO of Unity Bank Plc, Mrs Tomi Somefun, commenting on the result, noted that “economic headwinds stifled business growth during the period accompanied by increased inflation and foreign exchange illiquidity.”
“Nevertheless, Unity Bank remains firmly committed to delivering value to our stakeholders as the Bank made profit on the back of an efficient balance sheet and cost containment initiatives,” she added.
In addition, she emphasized that the bank has continued to maintain and sharpen its focus on executing strategic choices aimed at creating a large diversified bank with a strong retail/SME base, development of array of products and consolidating market confidence to boost its growth trajectory.
According to analysts, with the bank’s repositioning efforts and consistent focus to tap into the emerging opportunities in the enlarged financial services space within Nigeria, Unity Bank is poised to deliver quality banking services to emerging sectors in Retail/Small and Medium Enterprises, Commercial and the Agricultural value chain.
Unity Bank currently has over 240 branches spread across all the six geo-political zones of the country and leveraging on its e-banking platforms and other delivery channels to meet customers’ expectations.
The bank is said to be building strong infrastructure for retail banking and the ongoing transformation initiatives will surely consolidate Unity Bank as a retail bank of choice, culminating in superior financial performance and value to all stakeholders.
