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Unity Bank Records N38.2 Billion Gross Earnings in Q3’23

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Unity bank - Investors King

Retail lender, Unity Bank Plc has recorded gross earnings of N38 billion for the nine-month period ended September 30, 2023, with customer deposits appreciating by 5% to N344.4 billion within the period, indicating business growth and customer confidence in the Bank.

A review of the lender’s unaudited nine-month results released to the Nigerian Exchange Group Limited showed that the Bank continued to maintain its expansionary and customer-centric model with total loans and advances rising to N222.8 billion, even as interest and similar income stood at N33 billion, which underscores the Bank’s strategic focus to reinvigorate and sustain asset creation that will deliver returns to shareholders.

Other key highlights of the 9-month financials include the total assets which stood at N423.4 billion; net fee and income commission, N4.4 billion within the period. However, the recent FX regulation impacted the Bank’s bottom line, which can be reversed as the Naira appreciates.

Commenting on the result, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun said that the Bank is focusing on its efforts to recapitalize the institution, aggressively drive asset creation, innovate with products to compete favourably in new markets and relentlessly drive the pursuit of digital Banking innovation in order to shake off and completely reverse negative positions.

She stated that despite the tough operating environment, the deposit position continues to witness steady appreciation, which supports the business as the Bank drives initiatives to ramp up transactions as part of its strategy for the short and medium term.

“This also means that the Bank enjoys market confidence, which will enable the institution to thrive better in the months ahead with increased business conversion, profitability and growth needed to achieve sustainable returns,” she said.

Added to the above, Somefun also stated that “the Bank is seeing encouraging uptake in its digital Banking services and with expansion envisaged in the pursuit of enhanced retail franchise, fintech partnership, consumer banking and other innovative retail loans as well as diversification of portfolio investment, the outlook remains one of optimism’’.

Analysts expressed confidence that re-engaging the market in the short and medium term by deepening the retail end as part of the business strategy will drive more income streams to boost both market share and financial position in the days ahead.

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Banking Sector

UBA Director Aisha Hassan-Baba Invests NGN30.63 Million in Bank Shares

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Aisha Hassan-Baba, an Independent Non-Executive Director of the United Bank for Africa Plc (UBA), has invested NGN30.63 million in the purchase of shares.

According to a disclosure by UBA, Hassan-Baba purchased 1,401,769 ordinary shares at NGN21.85 per share on June 27, 2024.

This acquisition was conducted on the Lagos Nigerian Exchange (NGX), solidifying her stake in the financial institution.

Aisha Hassan-Baba, who holds the prestigious title of Officer of the Order of the Niger (OON), has been a part of UBA’s board, contributing her extensive experience and expertise in guiding the bank’s strategic direction.

Her decision to increase her shareholding is viewed as a testament to her belief in UBA’s growth and profitability.

UBA, with its wide reach across Africa and beyond, has been a cornerstone of financial services in the region.

The Group Company Secretary and Legal Counsel, Bili A. Odum, confirmed the transaction in a press release published on the Nigerian Exchange Group website.

This move by Hassan-Baba comes at a time when UBA continues to expand its operations and innovate its services to meet the evolving needs of its customers.

The bank’s strategic initiatives, coupled with its solid financial performance, have positioned it as a leading financial institution in Africa.

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Banking Sector

Angola to Sell Minority Stake in Standard Bank Angola Amid Anti-Corruption Drive

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The Angolan government has announced plans to sell a minority stake in Standard Bank de Angola SA, previously controlled by a former insurance magnate currently serving a prison sentence.

This step aligns with President Joao Lourenco’s ongoing efforts to dismantle the legacy of corruption from his predecessor’s administration.

The Angolan government seized a 49% stake in Standard Bank Angola from Carlos Sao Vicente in 2020.

Sao Vicente, once a prominent figure in the nation’s business landscape, was convicted of embezzlement and tax fraud, leading to his nine-year prison sentence.

According to a recent presidential decree, President Lourenco has approved the sale of up to 34% of Standard Bank Angola through an initial public offering (IPO).

The state will retain a 15% stake in the Luanda-based lender. Standard Bank Group Ltd., Africa’s largest lender, currently owns the remaining 51% of Standard Bank Angola and has the option to acquire an additional 24% stake during the IPO.

The decree, however, did not specify the timeline for the IPO. This sale aims to bolster investor confidence in Angola’s financial sector while further distancing the state from assets linked to corrupt practices.

Standard Bank Angola, which began operations in the southern African country in 2010, has been a significant player in the region’s banking sector.

The move to partially privatize the bank comes as part of broader economic reforms aimed at increasing transparency and efficiency in Angola’s financial system.

Carlos Sao Vicente, the former owner of the seized stake, was a key figure during the latter years of former President Jose Eduardo dos Santos’ regime, which concluded in 2017.

Vicente amassed significant wealth by heading a conglomerate that sold insurance contracts to the state oil company, Sonangol.

His vast fortune enabled him to acquire substantial shares in Standard Bank Angola, among other investments. Following his conviction, he was ordered to pay Angola $500 million.

The decision to liquidate Vicente’s assets is part of President Lourenco’s broader initiative to recover assets misappropriated during the dos Santos era.

This anti-corruption drive has led to several high-profile prosecutions and asset seizures, sending a strong message that the current administration will not tolerate financial impropriety.

The planned IPO is expected to attract significant interest from both local and international investors, given Standard Bank Angola’s robust market position and growth potential.

By reducing state ownership and increasing private sector participation, the Angolan government aims to foster a more competitive and transparent banking environment.

This development underscores Angola’s commitment to reforming its financial sector and curbing corruption, essential steps for attracting foreign investment and promoting sustainable economic growth.

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Banking Sector

Unity Bank Empowers 400 Fresh Graduates, Invests Over N100 Million in Corpreneurhip Challenge

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No fewer than 400 fresh graduates have benefited from Unity Bank’s entrepreneurship development initiative, also known as Corpreneurship Challenge over the past five years.

This reflects the Bank’s commitment to driving economic growth by supporting the next generation of Nigerian entrepreneurs.

Launched in 20219 with pilots in 4 states – Lagos, Edo, Ogun, and Abuja and scaled to 10 States in 2020, the Corpreneurship Challenge initiative is promoted in partnership with the NYSC Skills Acquisition and Entrepreneurship Development, SAED. The initiative features a business pitch presentation where participants, who are mostly fresh graduates participating in the one-year compulsory NYSC service, get the opportunity to present their business plans and stand a chance to win business grants.

The Bank recently increased the prize money to 16 million Naira per stream, allowing participants who emerge winners in the business pitch to win N800,000, N500,000, and N300,000 Business grants for the 1st, 2nd, and 3rd positions respectively as against the previous editions in which the sum of N500,000; N300,000 and N200,000 were handed out to respective winners in the Corpreneurship Challenge.

Reflecting on the impact of the initiative, The Divisional Head, Digital Banking and Fintech Partnerships, at Unity Bank, Mr Olufunwa Akinmade, who led the pioneer team that designed the initiative and launched the pilot, said: “The Corpreneurship Challenge has proved to be a viable enterprise development and empowerment initiative due its high-level of success in supporting budding entrepreneurs in the target demographic, as well as the size of the problem it is designed to solve for the Nigerian economy”.

Olufunwa expressed satisfaction with Corpreneurship Challenge’s rising profile as one of the leading sector-agnostic business incubators in Nigeria and said the Bank is committed to sustaining the programme to attain even greater impact required to boost job creation, with young entrepreneurs leading the charge.

Also speaking, the Divisional Head of Retail and SME Banking, Mrs. Adenike Ambimbola said, “We have seen the positive impact of the Corpreneurship Challenge over the past five years because of its innovative approach to youth empowerment and job creation, including a holistic strategy of supporting budding entrepreneurs with mentorship, and skills development, besides the financial backing.”

Since its launch, the Corpreneurship Challenge train has crisscrossed the length and breadth of Nigeria, making a stop in 10 States per stream to turn the dreams of fresh graduates and aspiring entrepreneurs into reality, thus supporting the growth of the SME sector in Nigeria.

The latest edition was held across 10 States, including Taraba, Kogi, FCT, Lagos, Yobe, Ogun, Ebonyi, Enugu, Adamawa, and Imo State, with three winners emerging in each State to make up 30 winners for the edition.

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