Home Tags Posts tagged with "UNITY BANK"
Tag:

UNITY BANK

AfricaAFRICA NEWSBanking, Finance & InvestmentGTCOZenith Bank

Zenith bank and nine others report N901bn profit in nine months

by Radarr Africa
written by Radarr Africa

Ten Nigerian banks recorded N900.92bn profit before tax in the nine months that ended September 30, 2022, despite an economic downturn in the nation.

According to the financial statements of these banks, this is a 21.40 percent increase from the N742.95bn profit before tax the banks recorded in the corresponding period of 2021.

The ten banks are Zenith Bank Plc, Access Holdings Plc, Guaranty Trust Holding Company Plc, First Bank of Nigeria Holdings Plc, and United Bank for Africa Plc. Others are Wema Bank Plc, Stanbic IBTC Holdings Plc, Union Bank of Nigeria Plc, Fidelity Bank Plc, and Unity Bank Plc.

In the period under review, Zenith Bank recorded the highest PBT, followed by GTCO. Zenith Bank grew its PBT to N202.55bn in the first nine months of 2022 from N179.81bn in the corresponding period of 2021. GTCO grew its PBT to N169.72bn in the period under review from N151.91bn.

Access Holdings grew its PBT to N147.29bn in the period under review from N135.2bn; UBA recorded PBT grew from N123.35bn to N138.49bn in the periods under review; FBN Holdings stated that its nine-month PBT grew by 99.29 percent from N52.93bn to N105.49bn. Commenting on this growth in its results, the Group Managing Director, FBN Holdings, Mr. Nnamdi Okonkwo, said, “FBN Holdings has again in Q3 2022 delivered a stellar performance, growing sustainable income from our core businesses.

“This is a testament to the success of our focus on carefully growing the business and driving profitability. Furthermore, during the period under review, in attestation of the progress made by the Group, Fitch upgraded the credit ratings of FBN Holdings and First Bank to ‘B’ with a Stable Outlook.

“Value creation remains our overarching objective as we continue to leverage the strengths of our unique brand and heritage to optimize our diverse business portfolio.”

He added, “We are confident of making further progress, with the capacity to generate sustainable performance that delivers superior returns to all our stakeholders.”

According to Stanbic IBTC, its nine-month PBT grew from N45.31bn to N68.95bn; Union bank’s PBT grew from N16.19bn to N18.96bn; Fidelity’s PBT grew from N28.05bn to N37.79bn; Wema’s PBT grew from N7.21 to N9.46bn, and Unity Bank’s PBT grew from N2.11bn to N2.21bn in the first nine months of 2021.

SOURCE: Punch news

0 comment
0 FacebookTwitterPinterestEmail
EntrepreneurshipNigeriaWestern Africa

Unity Bank extends N10m business grant to corps members

by Radarr Africa
written by Radarr Africa

Unity Bank Plc’s flagship Entrepreneurial Development Initiative, Corpreneurship Challenge, is set to return for the eighth edition across 10 locations in Nigeria, including a debut in Delta and Rivers states.

The Retail lender kick-started the Corpreneurship Challenge scheme in 2019, with a launch in Lagos and three other locations – Edo, Ogun and Abuja. With the increasing traction of the initiative among corps entrepreneurs, the bank has expanded the programme to 10 states across the federation, a statement by the bank said.

The first expanded edition covered Lagos, Ogun, Abuja, Edo, Katsina, Enugu, Bayelsa, Akwa Ibom, Sokoto, Kano and Kaduna. The next edition will hold for the first time in Rivers and Delta as well as making a return to Sokoto, Edo, Abuja, Akwa-Ibom, Osun, Kano, Bayelsa and Enugu.

The Corpreneurship Challenge, which has earned the bank national recognition for its impact on youth empowerment and job creation, has continued to elicit growing interest among the corps members, attracting over 2000 applicants and participation in every edition.

ALSO READ: 16 firms pre-qualify for privatisation

In partnership with the NYSC Skill Acquisition and Entrepreneurship Development, SAED, the initiative prominently features a business pitch presentation that provides the participants with the opportunity to present their business plans and stand a chance to win up to N500, 000 cash in the business grant.

Previous editions saw participants pitching business plans from several sectors including software solutions, fashion, fish production, poultry farming, bee farming, retail chains, and piggery to beverages which were assessed based on originality, marketability, and future employability potential of the product and knowledge of the business.

So far, Unity Bank has invested over N100 million in the initiative, which has now produced 58 winners since it was launched.

Source: The Guardian

0 comment
0 FacebookTwitterPinterestEmail
AfricaNigeriaWestern Africa

Capital market authority fines First Bank, two others N13.5m

by Radarr Africa
written by Radarr Africa

First Bank Holdings Plc, Unity Bank Plc and Union Bank Plc have been fined N13.5 million by the Nigerian Exchange Limited (NGX) for failing to file their financial statements before the regulatory due dates.

The capital market authority’s listing rules stipulate public companies release their quarterly financial statements 60 days after each quarter, while the Full Year earnings are mandated to be submitted 90 days after year ends.

However, Unity Bank management, led by Oluwatomi Somefun, failed to submit both Full Year financial results for 2021 and First Quarter 2022 statements, resulting into a total N4.2 million penalty, with the former attracting N3.6 million fine, and the latter costing the firm N600,000.

READ ALSO: AfreximBank to support African projects with $3bn

First bank also failed to submit both the Q1 financial statements for 2022 and the FY earnings results for last year before the deadline, resulting to the capital market authority penalising the lender, led by Adesola Adeduntan, N2.6 million and N5.5 million respectively.

Union Bank, led by Emeka Okonkwo, was fined N1.2 million for not releasing its 2021 Full Year financial statements.

The sanction is expected to affect the profit of Unity Bank, FBN Holdings and Union Bank, as well as impact investors confidence in their management to comply with the rules of the capital market going into Q2 and the Second Half of 2022.

Ripples Nigeria

0 comment
0 FacebookTwitterPinterestEmail