United Bank for Africa, Nigeria’s leading financial institution with operations across the African continent, on Monday reported a 169.9% jump in interest income from N666.291 billion recorded in the first nine months of 2023 to N1.799 trillion in the nine months through September 2024.

In the financial statement obtained by Investors King, the lender’s interest expense inched slightly higher to N695.571 billion, 211.6% from N223.209 billion filed in the corresponding period of 2023.

Growth was broad-based as net interest income rose by 149% from N443.082 billion in 2023 to N1.103 trillion in 2024 while net fee and commission income stood at N233.853 billion, up 105% from N114.286 billion in 2023.

The bank’s total non-interest income moderated slightly to N435.840 billion. However, operating income improved by 51.25% from N1.017 trillion to N1.539 trillion.

Similarly, net operating income after impairment loss on loans and receivables appreciated 62.16% to N1.416 trillion.

Profit before tax rose by N101.392 billion to N603.483 billion in September 2024.

Speaking on the strong performance of the company in the first half (H1) of the year, Oliver Alawuba, the Group Managing Director/CEO said as of H1 2024, which constitutes the majority of the current performance, the economic environment remained challenging across the regions where we operate.

High inflation, rising debt levels, increasing interest rates, and tighter monetary policies have created significant pressure on economies globally. Despite these headwinds, our Bank has demonstrated resilience.

In H1 2024, UBA Group delivered strong double-digit growth across high-quality and sustainable revenue streams. This performance reflects our disciplined execution of strategic goals, focusing on balance sheet expansion, transaction banking, and digital banking businesses across our markets.

• Profit before Tax: We achieved a robust Profit Before Tax of N401.6 billion, reflecting our ability to manage risks effectively amidst macroeconomic volatility.
• Customer Deposits: Our deposits grew by 34%, from N17.4 trillion at year-end 2023 to 2 trillion in H1 2024, demonstrating the trust and loyalty of our customers.
• Total Assets: We saw a 37% growth in total assets, reaching N28.3 trillion, up from N20.7 trillion at FYE 2023. This growth was driven by strong customer relationships and our ability to capitalize on opportunities across geographies.
• Net Interest Income: Our intermediation business posted impressive growth, with net interest income expanding by 143% year-on-year to N675 billion, further underlining the strength of our core banking operations.
• Digital Banking & Payments: Digital Banking income surged by 107.8% YoY to N106 billion, while funds transfer and remittance fees rose 188.7% and 228%, respectively. We continue to lead in digital banking and payment solutions, helping drive financial inclusion across Africa.
• Trade Facilitation: Income from trade transactions grew 83% to N18 billion as we strengthened our role in facilitating intra-regional and international trade.

Our strategy of investing in technology, innovation, and data analytics continues to yield significant returns, positioning us as a leader in digital transformation.

The Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun has commended the lender’s frontline staff for effectively translating its Customer Service Charter thereby forging a culture of responsiveness and exceptional partnership to demonstrate unwavering commitment to customers.

In a message commemorating this year’s Customer Service Week, Mrs. Somefun celebrated with staff in customer service roles and expressed deep appreciation to the bank’s clients for their continued trust and loyalty, which have propelled the bank’s growth and success.

“This year’s theme “Above and Beyond” supports our mission at Unity Bank which enables us to reflect on our collective journey so far where our customers are at the centre of our business,” she said.

Somefun further stated that the Bank is continually investing in innovation as well as revamping existing systems, noting that new tools and strategies would be rolled out in the coming months to further enrich customer experiences. “Whether it’s through improved digital platforms or personalized services, we are committed to enhancing the way you bank with us,” she added.

While acknowledging the essential role frontline staff play in creating lasting relationships with customers, Somefun said that through dedication, resilience, and professionalism, Unity Bank Customer Service has demonstrated that it embodies the “Above and Beyond” theme of this year’s celebration.

“Day after day, our staff go beyond the call of duty, ensuring that every customer interaction is handled with care and excellence. They are the reason our customers continue to choose Unity Bank.”

Also speaking, the Bank’s Chief Customer Service Officer, Elfrida Igebu said that, “Throughout the week, we have seen firsthand what it means to go the extra mile. Our commitment to exceeding expectations, personalizing experiences, and showing genuine empathy has set us apart and created lasting connections with our customers.”

She noted that the different activities lined up to celebrate the customer service week “have strengthened the team’s professional capabilities and reinforced the bonds that make us a united team.”

From October 7 – 11, the Bank lined up several activities to celebrate customers and the exceptional teams in its over 200 branches nationwide, rewarding outstanding staff members, while reflecting on the theme of this year’s event – Above and Beyond.

The Bank has continued to prioritize the customer over the past few years through its increased focus on digital strategy. For instance, over the past four years, it has maintained its commitment to customer service excellence by introducing innovative digital products such as the multilingual USSD banking *7799#, and mobile banking solution, UniFi which have boosted customers’ access to the Bank’s services, while facilitating convenience.

These electronic banking channels are constantly updated with new and exciting features to put the customers first and make their banking experiences top-notch in the industry.

Former presidential candidate of the African Action Congress (AAC), Omoyele Sowore, has launched a legal battle against Guaranty Trust Bank (GTB) for freezing his bank accounts for five years.

In a suit filed by his lawyer, Inibehe Effiong, at the Federal High Court in Lagos, Sowore stated that the freezing of his bank accounts was not only illegal but also a violation of his human rights.

Sowore revealed that his bank accounts were frozen without due process by the bank, leaving him financially frustrated.

As a result, the human rights activist is demanding N100 million in damages from GTBank, according to the suit.

Sowore is requesting that the bank immediately unfreeze his accounts and pay the damages. Effiong described the account freezing as unlawful stating “the arbitrary freezing of my client’s accounts without due process is not only illegal but also a blatant violation of his fundamental rights.”

The suit reads, “A Declaration that the Respondent’s act of freezing and restricting the Applicant’s accounts with Account Numbers: (1) 0169510647 (Current Account); (2) 0169510867 (Savings Account); (3) 0169510850 (Current Account); (4) 0171422811 (MasterCard/Visa Debit Account Type) and Account Name: Sowore Omoyele Stephen respectively, all domiciled with the Respondent; Guaranty Trust Bank Ltd is unlawful, unconstitutional, null and void, and a breach of the Applicant’s right to property guaranteed by the provisions of Section 44 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and Article 14 of the African Charter of Human and Peoples Rights (Ratification and Enforcement) Act LFN 2010.

“An Order of this Honourable Court directing the Respondent to lift the restriction placed on the Applicant’s accounts with the aforementioned account numbers.

“An Order of perpetual injunction restraining the Respondent, whether by itself, its agents, privies, or servants, from unlawfully interfering with the Applicant’s accounts.”

Sowore is seeking N100 million as general damages for the unlawful freezing of his accounts, as well as the cost of prosecuting the suit.

He further said since 2019, his accounts have been rendered inoperable by the bank, with no formal explanation offered.

Despite several complaints, the Respondent has refused to lift the restrictions. A demand letter dated April 23, 2024, was also served on the Respondent, but to no avail.