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.

Stanbic IBTC Holdings Plc, one of the leading financial institutions in Nigeria, on Tuesday announced a 77.44 percent increase in its gross earnings for the first half (H1) of 2024 to N378.548 billion, up from N213.334 billion reported in H1 2023.

This was disclosed in the lender’s audited financial statement obtained via the Nigerian Exchange Limited (NGX) website.

In the period under review, interest income stood at N246.13 billion, a 123 percent increase from N110.26 billion filed in the corresponding period.

The bank’s interest expenses expanded by 91.2 percent from N37.6 billion in H1 2023 to N71.83 billion declared in H1 2024.

The group declared N6.1 trillion in total assets in the correspond, a 19 percent increase from N5.15 trillion reported in the 2023 full financial year.

Profit before tax grew to N147.002 billion in the period under review, representing an increase of 77.14 percent from N82.985 billion in 2023.

The lender paid N30.645 billion in incoming tax while profit rose by a whopping 71.32% from N67.919 billion in 2023 to N116.357 billion.

The bank proposed an Interim dividend of N25.914 billion.

Chief Executive of Stanbic IBTC, Dr Demola Sogunle who commented on the company’s performance in 2023 said with the trends in the Nigerian operating environment, “we were able to record remarkable progress in our key focus areas.

“We recorded an increase in profitability, growth in assets under management (AuM) while our loans and advances and customer deposits also grew during the year, showing growth in clients franchise and our ability to support our customers in meeting their financial needs.”

“Looking ahead, our vision for 2024 is one of continued innovation, growth, and unwavering commitment to our clients and stakeholders”.