Investment in technology, expansion lifts Unity Bank’s profit to N3.3b

UNITY Bank Plc has declared a profit before tax ( PBT) of N3.33 billion in its 2021 operation, against N2.22 billion achieved the previous year.

The bank’s audited result for the period ended December 31, 2021, indicated a 49.9 per cent increase in PBT.

The bank's profit after tax ( PAT) rose by 52.1 per cent to N3.17 billion from N2.09 recorded in 2020.

It also grew its gross earnings by 8.1 per cent to N50.28 billion from N46.52 billion in 2020.

According to the bank, the improved performance was due to an increased focus on growing its retail footprints supported by significant investment in technology to expand its digital banking space as well as the growing contribution of the platform delivery to boost the multiple streams of incomes in the coming years.

The bank explained that the faster- than- expected recovery from the disruptions of the COVID- 19 pandemic provided an opportunity to expand its retail footprint through strategic product offerings that appealed to broader segments of the market.

The bank's assets rose by 9.5 per cent to close at N538.8 billion from N482 billion in 2020, cumulating in three years of consecutive high growth.

Also, in the year under review, the lender grew its loan portfolio by 33.2 per cent to N269.27 billion from N202 billion, following the aggressive focus on boosting its liquid assets base.