Unity Bank Gross Earning Rises by 16% to N57 Billion in 2022

In its released financial statement for the 12 months ended 31 December 2022, Unity Bank Plc has disclosed its earning rises by 16% from N48.977 billion recorded in 2021 to N56.959 billion in FY 2022.

The bank reported also 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.

This was evident in its profit after tax of N1.348 billion in 2022 as against N3.173 billion made in 2021 while profit before tax went down by 56% to N1.465 billion in 2022 as against N3.332 billion recorded in 2021.

Unity Bank net interest income was placed at N19.392 billion in 2022 as against N20.054 billion made in 2021, representing a decline of 3%.

Operating Income for the year 2022 was N885 million as against N958 million in 2021, a 10% drop. For its Operating Expenses N13.364 billion recorded for the year 2022, a 6% growth from N12.560 million recorded for 2021.
Interest and similar income also grew to a value of N49.034 billion from N43.182 billion during the period.  While earnings per share drop by 58% to 11.53 Kobo in 2022.

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