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Unity Bank Emerges from Losses to Declare N3.38bn Profit After Tax for 2019

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Unity Bank Reports N3.38 Billion Profit After Tax for 2019

Unity Bank Plc grew earnings from N34.65 billion in 2018 to N44.59 billion for the financial year ended December 31, 2019.

In the audited financial statement released on the Nigerian Stock Exchange, the lender grew profit before tax to N3.64 billion, while profit after tax expanded to N3.38 billion from N7.695 billion decline recorded in 2018.

The bank’s net operating income rose 76.39 percent from N13.159 billion in the corresponding period of 2018 to N23.211 billion. Also, net interest income surged by 18.06 percent to N16.493 billion, up from N13.970 billion filed in the preceding year.

Accordingly, the bank’s total asset grew by 71.93 percent to N293.052 billion from N210.80 billion in 2018.

Unity bank grew loan books by 125.87 percent from N44.10 billion in 2018 to N104.02 billion in 2019.

Speaking on the positive performance, Mrs. Tomi Somefun, the Managing Director/Chief Executive Officer of Unity Bank, said, “the potential in many aspects of the business as reflected in growing balance sheet of the bank is indicative of market confidence in our repositioning efforts.”

“It is also noteworthy that playing in the agriculture sector as part of growth strategy and as bulwarks to drive value chain businesses in many segments of the retail market has continued to pay off.

“Looking ahead, we shall consolidate on the gains in the agribusiness, capitalising on the growing profile in the sector, whilst also focusing on the youth market with increased investment in technology,” she further stated.

According to the Director, “the quest to deepen our retail play will go hand in hand with our focus on digital innovations. Already, we have deployed USSD banking, carried out augmentation of the platform to introduce local languages and further drive financial inclusion and had also launched omni-channel to cater for all segments of the banking public, especially the under-banked. “In the coming years, the Bank will be opening more channels and bundled products bouquet for identified cluster initiatives and also leverage and expand relationships with other partners to drive more growth in earnings and profits.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Stanbic IBTC Obtains Approvals, License to Establish Life Insurance Subsidiary

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Stanbic IBTC Holdings Plc on Friday announced that it has obtained all required Regulatory Approvals and a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary, Stanbic IBTC Insurance Limited (SIIL).

In a statement signed by Chidi Okezi, Company Secretary, Stanbic IBTC and released on Friday, the bank said “The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.

“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

“Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”

 

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World Bank to Discuss New $1.5 Billion Loan Request From Nigeria

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Zainab Ahmed

The Finance Minister, Budget and National Planning, Mrs. Zainab Ahmed, on Friday said the Federal Government has met all the conditions for a fresh loan of $1.5 billion from the World Bank.

The minister disclosed this on Bloomberg TV.

She said the multilateral financial institution is in the final stage of approving the loan. The minister explained that the loan will be discussed in the bank’s next meeting and possibly be approved in the same meeting.

In June, the Senate approved the borrowing plans but the World Bank pushed back demanding Nigeria fulfill the conditions attached to the $3.4 billion loan received from the International Monetary Fund (IMF) in May.

Some of the conditions were to increase revenue generation by upping VAT, the introduction of tariff reflective electricity bill, the removal of subsidy and the unification of the nation’s foreign exchange.

Most of which the Federal Government has done despite protests from most Nigerians who called the new policies anti-people given their current situation.

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Nigeria Realises Over N400 Billion from Company Income Tax in the Third Quarter of 2020

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The Federal Government realised N416.01 billion from Company Income Tax (CIT) in the third quarter of the year, according to the latest report from the National Bureau of Statistics (NBS).

This was 3.48 percent higher than the N402.03 billion generated in the second quarter of the year and represents a decline of 20.13 percent year-on-year from N520.89 billion realised in the third quarter of 2019.

A breakdown of the report showed the professional services sector including the telecoms generated the highest amount of CIT at N55.52 billion during the quarter, while the manufacturing sector followed with N42.03 billion.

The banking and financial institutions realised N24.05 billion while the mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N120.93 million, N167.51 million and N321.72 million generated, respectively.

The report added that out of the total amount realised during the quarter under review, a sum of N244.70 billion was generated as CIT locally. The federal government collected N70.34 billion as foreign CIT payment and the remain N100.97 billion was received as CIT from other payments.

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