‘Unity Bank Remains Focused Despite Forex Challenge, Inflation’

• ‘Unity Bank Remains Focused Despite Forex Challenge, Inflation’

Despite the prevailing foreign exchange challenge and rising inflation, among other economic headwinds, Unity Bank Plc remains focused on growing its business in Nigeria, the Managing Director/Chief Executive Officer of the bank, Mrs. Tomi Somefun, has said.

According to the bank’s third quarter 2016 result filed with the Nigerian Stock Exchange, it recorded a growth in customers’ deposit to N263.91bn, indicating an increase of N32.5bn or 14 per cent from N231.4bn as of December 31, 2015.

Overall, the bank posted a profit before tax of N3.8bn for Q3 2016, despite the challenging operating environment and economic headwinds. This represents over 63 per cent drop from Q3 2015 PBT, which was N10.3bn.

However, the rise in customers’ deposits was attributed to customers’ growing confidence in the bank and increased business momentum.

Its total assets size of N476.15bn for the quarter represented an increase of 7.4 per cent or N32.6bn over N443.3bn recorded as at December 31, 2015.

According to the lender, the various cost optimisation strategies and other operational overhauls embarked upon by the new management saw operating expense drop by 14 per cent or N3.1bn to N19.6bn against N22.8bn recorded in Q3 2015.

Commenting on the result, Somefun said, “Economic headwinds stifled business growth during the period accompanied by increased inflation and foreign exchange illiquidity. Nevertheless, the 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.”