Unity Bank Reports N57 Billion Gross Income in 2022

Unity Bank reported 16% increase in gross income for the year to N57 billion in the fiscal year 2022 from the N49 billion in the previous year.

During the period, the bank also reported interest and similar income at N49 billion in 2022 from the N43 billion in 2021, a 14% increase driven by loan and advances to customers.

Similarly, interest and similar expenses was up by 28% to stand at N29 billion in 2022 compared to the N23  billion in the previous year as ‘due to banks’ and ‘due to customers’ increased while the net interest income valued N19 billion from N20 billion in previous year, Investors King reports.

Fee and commission income totaled N7.7 billion compared to the N6.1 billion in the year before to represent 26% rise for the period owing to more Credit related fees and commission and E-Banking Income for the period.

However, other operating income was down by 10% to N886 million from N986 million while total operating income advanced by 6% to N27 billion in 2021 from N26 billion in 2022.

Also, the company saw credit lose expense to the tune of N1.1 billion in 2022 compared to the N2.6 billion in 2021. This shows a decline of N55% for the period.

Net operating income valued N29 billion for the period and total operating expenses for 2022 was N27 billion. Profit before tax, however, declined by 56% to N1.5 billion in 2022 compared to N3.3 billion in the year before.

The value of the bank’s total asset for the period declined by 5% from N539 billion to N511 billion in 2022 as cash and bank balances with central bank, due from banks, other assets decline. Meanwhile, intangible asset grew by 1019% during the period.

Its total liabilities declined by 3% to N787 billion from N815 billion in 2022 led by decline in ‘due to other banks’ and current tax liability and other items.