Unity Bank Plc has projected gross earnings of N27 billion and a Profit After Tax of N4 billion in Q4, 2024, in its latest earnings forecast released to the Nigerian Exchange Group. 

Although the projected gross earnings represent a marginal increase from the N26 billion projected for Q3 2024, the lender continues to maintain a profitable outlook, with pre-tax profit expected at N4.2 billion.

An analysis of the earnings forecast shows that the lender also expects interest income to rise from N23 billion to N24.5 billion, with net revenue expected to rise marginally by 1.0% to N7.2 billion within the quarter compared to N6.5 billion in Q3, 2024.

Net operating income is projected at N12 billion, while cash flow from financing activities is projected to rise to N481.4 billion from N353.6 billion, a 1.3% projected increase on a quarter-on-quarter basis. This projected growth in cash flow from financing activities continues to reflect the lender’s growing liquidity position which is essential for sustained business operations.

The lender said it expects to cover the milestones with a consistent optimistic outlook in its projection, barring any significant changes in the operating environment, under which the assumptions were made.

The lender noted that it will continue to deliver top-notch customer-centric products and services, especially in the digital lending space following the roll-out of enhanced platforms and channels for superlative customer experiences.

Analysts are of the view that the Q4 forecast reflects a steady growth trajectory on the back of key performance indicators and strategic repositioning to hedge the challenging market conditions.

As part of ongoing activities to commemorate its 75th anniversary,  United Bank for Africa (UBA) Plc, has rewarded 30 loyal customers with over N17 million in the just concluded draw for August.

The winners were announced following a transparent draw conducted  at the bank’s headquarters, which was streamed live on YouTube. Representatives from the National Lottery Regulatory Commission (NLRC) were invited to oversee the proceedings, ensuring fairness and compliance with regulations.

The bank said in a statement  that  inthe top tier, 10 lucky bumper account holders: Joshua Izenobor, Chigozie Victor Abel, Cornelius Peter Nwankwo, Joy Esele Asibor, Mohammed Abubakar, Marachi Jenifer Kevin, Chidinma J. Okoronkwo, Saidu Ahmadu, Philomena Ezekiel, and Peace Ogechi Idoko, emerged as winners of N1 million each.

UBA explained that in the second category, another group of 10 lucky customers were rewarded with N500,000 each. The beneficiaries of this prize are: Elizabeth Warekoromor, Deborah Ijeoma Simon, Prince Chukwuamago, Yohanna Cyrus, Aishatu Aliyu, Djachi Ben-Ikezam, Tibebi Glory Esiteh, Emmanuel C. Udekwe, Ozima Friday Asiku, and Beauty Danasabe.

The third category saw 10 more lucky account holders each receiving N250,000. These winners include: Olusegun Oke, Salisu Adamu, Sola Deborah Adeyeye, Chidozie Nwachukwu, Gloria Abimaje, Anyiwe Stephen Ifeanyi, Kehinde F Adefemiwa, Oluwakemi Olushola Olayande, Adamu Hajara Adamu, and Ruth Adugba

Group Head of Retail & Digital Banking,  UBA, Shamsideen Fashola, who congratulated all 30 winners after the draw,  encouraged others to keep saving for a chance to win in the next edition, adding that the bank plans to reward 75 winners in each of the three categories, with a total of 195 more customers to be selected in the coming months.

“This is just the beginning of our legacy promo draw, as there are still many more prizes to be won in subsequent monthly draws. These draws are purely transparent, and the next millionaire could just be you. We encourage our loyal customers to follow the stated guidelines to win, and they could just be the next millionaire,” Fashola said.

Group Head of Marketing and Corporate Communications, UBA,  Alero Ladipo, said that the bank is not conducting the draw for profit purposes but to ensure that its customers feel a sense of belonging.

“This initiative is part of UBA’s ongoing efforts to appreciate its customers and encourage a savings culture among our account holders. The UBA Legacy Promo is part of our CSR initiative to give back to society,” Ladipo said.

From 9 to 13 September 2024, Boost Africa and AfricaGrow will host 44 leading fund managers from 33 African venture capital (VC) funds, including Partech, AfricInvest, TLcom, Norssken, Speedinvest, and others at Oxford university’s Saïd Business School.

The Africa Venture Finance Programme (AVFP), a week-long, in-person course, has been developed specifically for VC fund managers investing in early and growth-stage technology companies in Africa.

Attendees from across the continent will participate, with half of them being women, highlighting the industry’s need for greater inclusion of women at senior levels.

The programme supports the growth of Africa’s technology venture capital sector. Fund managers will be equipped to identify and fund innovative solutions, addressing Africa’s unique challenges. They will share expertise and facilitate discussions to drive rapid growth in Africa’s technology venture capital sector.

“The EIB is committed to financing new technology and ideas that will address the global challenges we all face,” said EIB Vice-President Ambroise Fayolle. “We are proud of Boost Africa’s role in supporting a vibrant and resilient VC ecosystem in Africa and helping African entrepreneurs transform their ideas into successful businesses.”

Oxford Programme Director Aunnie Patton Power commented, “The African Venture Finance Programme exemplifies the kind of impactful, high-caliber initiatives we strive to offer at Saïd Business School. We take pride in our deep connections with the African continent, reflected in our students, alumni, and faculty, and we are excited to continue fostering the growth of emerging leaders through our programmes.”

Martin Ewald, Lead Portfolio Manager Impact Investments at Allianz Global Investors, commented, “At AfricaGrow, we are proud to serve as a catalyst for private capital into the African venture capital ecosystem. Our investments and technical assistance programs are designed to empower local first-time funds, extending our impact beyond our immediate portfolio. The Africa Venture Finance Program offers a unique opportunity for fund managers to exchange knowledge, create strong networks and forge valuable partnerships.”

In addition to Oxford academic staff, prominent investors and technology experts from around the world will engage with participants on various topics. This includes renowned African investors and AVFP alumni Khaled Ben Jilani from AfricInvest, Keet van Zyl from Knife Capital, and Ido Sum from TLcom.

Attending fund managers will also have the opportunity to interact with representatives not only from the programme sponsors, the European Investment Bank and AllianzGI/ KfW/ DEG Impact, but also from development banks and international organizations such as the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), the Dutch Entrepreneurial Development Bank (FMO), the French Proparco development finance institution, and others.

Additionally, the Alliance for Entrepreneurship in Africa and the Investing in Young Businesses in Africa (IYBA) initiative supported by the European Union (EU), will conduct a workshop to increase the coordination and cooperation between programmes helping investment funds and technology companies in Africa.

Boost Africa and AfricaGrow aim to have a catalytic effect on the emerging African start-up ecosystem by investing in and technically supporting VC funds in Africa. This week at Oxford Saïd Business School is unique in creating a platform for leading African VC managers to come together, learn from each other and be exposed to the latest theory and practices on venture funding.

The Africa Venture Finance Programme is supported by the EU via the Boost Africa programme and by the AfricaGrow Technical Assistance Facility.