Unity Bank posts N1.3 billion profit for FY 2022

Unity Bank Plc has released its financial statement for the 12 months ended 31 December 2022. 

The bank reported a profit of N1.35 billion for the period, representing a 58% decline when compared to the N3.17 billion reported during the same period of the previous year.  

See the key summaries below.

 Gross Income 

2022 FY: N56.959 billion 

2021 FY: N48.977 billion 

Change: +16% 

Net Interest Income 

2022 FY: N19.392 billion 

2021 FY: N20.054 billion 

Change: -3% 

Operating Income 

2022 FY: N885 million 

2021 FY: N958 million 

Change: -10% 

Operating Expenses 

2022 FY: N13.364 billion 

2021 FY: N12.560 million 

Change: +6% 

Pre-tax profit 

2022 FY: N1.465 billion 

2021 FY: N3.332 billion 

Change: -56% 

Net Profit after tax 

2022 FY: N1.348 billion 

2021 FY: N3.173 billion 

Change: -58% 

Earnings per share 

2022 FY: 11.53 Kobo 

2021 FY: 27.15 Kobo 

Change: -58% 

Bottom line: The company witnessed a slowdown in profits despite the increase in gross income by 16% amid inflationary pressure and depreciation of the naira. 

 Interest and similar income also grew to a value of N49.034 billion from N43.182 billion during the period.