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UBA Records A Double Digit Growth of 12.6% in H1 2022

UBA grew gross earnings by 17.8 percent to N372.4 billion from N316 billion in the same period last year

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United Bank of Africa (UBA) released its financial report for the first half of 2022 on Thursday, which shows an increase of 12.6 percent in profit before tax. 

Amid the global and national challenges bedeviling the economy, the pan African bank reported N85.7 billion in profit before tax, against N76.2 billion reported in the first half (H1) of 2021.

UBA recorded double-digit growth across all income lines. Its gross earnings grew by 17.8 percent to N372.4 billion from N316 billion in the same period last year.

Operating income rose by 20.1 percent to N256 billion while profit after tax increased by 16.1 percent to N70.3 billion compared to N60.6 billion reported in H1 2021. 

UBA had its total asset increase by 5.4 percent to about N9 trillion. Loan and advances increased by 4 percent to N3 trillion whilst deposits rose by 7.9 percent to N7.6 trillion at the end of the period.

The bank shareholders’ funds, however, declined marginally by 2 percent to N788.5 billion while return on equity for the first six months of the year nonetheless closed strongly at 17.7 percent. 

Interestingly, the UBA Board of Directors announced an interim dividend of 20 kobo per share for every ordinary share of N0.50 each held by its shareholders.

The management of the UBA attributed the bank’s amazing performance in H1 2020 to its commitment to its numerous customers and its investment in technology to increase operational efficiency and improve customers’ experience. 

According to Oliver Alawuba, UBA’s Group Managing Director/Chief Executive Officer, “Our investments in state-of-the-art technology have continued to yield expected results and this is evident in the huge boost of our digital banking income, which grew 22.7percent year-on-year to N36.3 billion. These gains have enabled us to optimise net earnings amid the accelerating inflationary pressure, currency devaluation, and increased regulatory-driven costs,” he said

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Banking Sector

Fidelity Bank Leads Trading as Equities Gain N324b

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fidelity bank - Investors King

Fidelity Bank Plc was the most active stock on Monday, 10 June 2024 at the Nigerian stock market as a strong positive sentiment led Nigerian equities to a net capital gain of N324 billion in the first trading session of the week.

The market opened with widespread positive sentiment as investors sought to lock into value stocks in the high-end sectors of oil and gas, construction and manufacturing.

With three gainers for every loser, the market closed with average return of 0.58 per cent, equivalent to net capital gain of N324 billion.

The momentum of activities also improved considerably as total turnover rose by 148.33 per cent to 963.541 million shares valued at N13.498 billion in 8,657 deals. Fidelity Bank topped the activity chart with 605.257 million shares valued at N6.025 billion.

Fidelity Bank’s activities appeared to be driven by buy sentiment as the stock closed within the top 15 gainers with a gain of 6.52 per cent to close at N9.80 per share.

The All Share Index (ASI)- the common value-based index that tracks all share prices at the Nigerian Exchange (NGX), rose by 0.58 per cent to close at 99,793.71 points as against its opening index of 99,221.14 points.

Aggregate market value of all quoted equities also increased simultaneously from its opening value of N56.128 trillion to close at N56.452 trillion.

Other most active stocks included Access Holdings, which recorded turnover of 93.067 million shares worth N1.744 billion. United Bank for Africa (UBA) traded 58.726 million shares valued at N1.261 billion. Nigerian Breweries traded 45.256 million shares valued at N1.267 billion while Zenith Bank traded 16.079 million shares worth N539.552 million.

Analysts at Futureview Financial Services said they anticipated a mixed sentiment in the equities market, primarily due to the enduring allure of the fixed income market among investors.

“This interest is fueled by expectations of increased rates in the Nigerian Treasury Bill (NTB) auction and the impending release of the inflation rate. However, amidst these factors, there remains an opportunity for sustainable growth, particularly in fundamentally strong stocks that currently find themselves in the oversold region. We foresee a selective pursuit of bargains, particularly in dividend-paying stocks, driven by the nearing corporate qualification and payment,” Futureview stated.

 

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Banking Sector

Sterling Bank Implements Blockchain Solution for SPPG

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Sterling Bank - Investors King

Sterling Bank, a leading financial institution committed to driving innovation and progress, has partnered with the School of Politics, Policy, and Governance (SPPG) to revolutionize credential verification through blockchain technology.

This collaboration marks a significant milestone in enhancing the efficiency, security, and accessibility of academic credentials in Nigeria.

Acknowledging the pressing need for an effective solution, Sterling Bank has taken the initiative to back the implementation of VX Technologies’ innovative blockchain-based digital certification program. This initiative arose from the necessity for a transformative solution to address the difficulties faced by SPPG in managing and verifying academic credentials through paper-based systems.

“We are thrilled to partner with VX Technologies and SPPG to introduce this game-changing initiative,” said Obinna Ukachukwu, Chief Growth Officer Sterling Bank.

“We believe in the power of innovation to drive progress and transform lives at Sterling Bank. By supporting the adoption of blockchain technology in education, we are not only revolutionizing credential verification but also advancing our H.E.A.R.T strategy for Education, which prioritizes Access and Equity.”

Sterling Bank’s investment in this pioneering project underscores its commitment to fostering innovation and driving positive change in Nigeria’s education sector. By leveraging blockchain technology, graduates from SPPG will now have access to secure, tamper-proof digital certificates, ensuring the integrity and authenticity of their academic achievements.

As VX Technologies maintains its leadership position in integrating blockchain technology across diverse sectors, their collaboration with SPPG and Sterling Bank underscores the significant impact of blockchain technology on education and beyond.

“We are pleased to acknowledge the impactful generosity of Sterling Bank, who has provided the funding necessary for the initial phase of this project. “ said Ryan Hawkos, Director of Operations, VX Technologies. “This support ensures that thousands of SPPG alumni can access their digital certificates, with the first one thousand certificates being provided at no cost.”

As Nigeria’s education landscape continues to evolve in the digital age, Sterling Bank remains committed to driving innovation and empowering the next generation of leaders. Through strategic partnerships and groundbreaking initiatives like the blockchain-based digital certification project, Sterling Bank is leading the charge towards a future where access to education is seamless, secure, and equitable.

According to the Chief Executive Officer of SPPG, Alero Ayida-Otobo, “Sterling Bank’s commitment to quality and positive educational experiences for people is yet again demonstrated here in their commitment to supporting the adoption of innovative technology across the educational ecosystem.”

“We are one of the first institutions in Nigeria to embrace blockchain for academic credential management, and we look forward to a near future where this is the norm across Nigeria,” he added.

Renowned for its now famous HEART of Sterling strategy; which focuses investments in the Health, Education, Agriculture, Renewable Energy and Transportation; its irreverent brand voice and enviable talent management practices, Sterling has been awarded the Most Innovative Bank of The Year for by BusinessDay, been named the Overall Best Place To Work In Nigeria by the Great Place To Work Institute, and has featured on the prestigious top 100 fastest growing companies in Africa, as published by the globally recognized Financial Times, all in 2023.

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Banking Sector

Unity Bank Projects N5.2B Profit in Q3, 2024

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Unity bank - Investors King

Retail lender, Unity Bank Plc has projected a Profit After Tax of N5.2 billion in Q3, 2024, according to its latest earning forecast released to the Nigerian Exchange Group.

The lender projects a pre-tax profit of N5.7 billion while targeting a turnover of N26.93 billion in gross earnings during the quarter, an 8.2% increase from the Q2, 2024 projection of N24.89 billion.

An essential part of the earnings forecast also shows that the lender expects to record its interest income at N23 billion, with net revenue anticipated to hit N6.58 billion for the period.

Operating income is expected to rise to N13.38 billion, while cash flow from financing activities is projected to rise to N353.6 billion.

Moreover, the improved projected cash from financing activities and the expected increase in cash and cash equivalents highlight the lender’s strong liquidity position, which is critical for sustaining current and future business operations.

The lender stated that it expects the results to be achieved and surpass the projection, barring any unforeseen significant changes in the operating macroeconomic environment under which assumptions underlying the forecast were made.

Analysts believe that the positive outlook of the lender’s Q3, 2024 earnings forecast reflects strategic growth in key financial metrics, a focus on strengthening its income base, efficient financial management, and enhancing customer deposits geared towards maintaining a strong, stable, and profitable financial institution.

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