Business
Unity Bank Declares N2.2bn Profit in Q3/2022, Grows Gross Earnings by 17%
Retail lender, Unity Bank Plc, has declared a N2.2 billion profit for the nine-month period ended September 30, 2022, with 17% growth in gross earnings to N42.2 billion for the same period, as against N36.2 billion in the corresponding period of 2021. The increase can be attributed to new products that are focused on deep penetration and driving volume in the retail market space.
A review of the Agric-focused lender’s unaudited nine-month results released to the Nigerian Exchange Group Limited on Friday showed that the Bank’s Profit Before Tax, PBT rose by 5% to close at N2.206 billion. The Bank also recorded an equal marginal growth in its Profit After Tax, PAT which increased to N2.029 billion, representing a 5% rise from N1.9 billion recorded in the same period of 2021.
While maintaining the retail expansionary and customer-centric business model, Unity Bank Plc continued its growth momentum as total loans and advances as of September 30, 2022, reported N284.2 billion, which represents a 6% spurt from the N269.3 billion recorded in the corresponding period of 2021, even as the lender maintains strict compliance with the prevailing prudential guidelines.
Other key highlights of the 9-month financials include customer deposits of N334.7 billion which represents a 4% increase from N322.3 billion in the corresponding period. The position underscores the increasing uptake of the market for the Bank’s products innovation, and mass-market-oriented retail focus that continues to boil wide acceptance across various segments of the mass market.
The lender’s performance comes on the heels of a fragile recovery from the global pandemic buffeted by economic headwinds including rising inflationary trends, interest rate hikes, foreign exchange volatilities, etc. which have impacted severely on the overall economic outlook in the country and the rest of the world.
The lender also substantially grew its interest income to N36.3 billion from N31.4 billion in the same period in 2021, creating a 15% uptick from the value of the Bank’s loan asset portfolio.
The Bank’s increased investment in digital banking platform empowered its retail potential to deliver an impressive 17% growth in Fees and commissions to N5.3 billion closing September 30, 2022, from N4.6 billion recorded in the corresponding period in Year 2021.
Commenting on the result, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun said that the outlook for the full year 2022 remains positive, reflecting optimism, stability, and growth in key performance indicators. She noted that the growth trajectory recorded in the Bank’s revenue (17%), Profit (5%), and deposit (4%), etc., is a testament to the positive sentiment in the market, especially at a time the market is experiencing a downturn with high inflationary trend and volatility which impacts negatively on the operating environment.
She stated that “as we take further bold and audacious steps to round up the year on a stronger note, the Bank will create more initiatives even in the very short term to broaden its retail focus, ride on novel technology and digital Banking to push aggressively on product marketing in addition to major activations in identified market segments to attract sustainable streams of income for the Bank.
“The outlook for our financial position for the current year is bright as the Bank is increasingly innovating with products and collaborative strategies to diversify our portfolio businesses while taking advantage of robust technological resources to take on mass market & the unbanked sector thereby boosting income and liability generation and financial inclusion of the banking ecosystem,” she said.
In the view of analysts, the growing retail franchise of the lender will create a sustainable income with a stronger foothold in the market which will impact business growth and the financial position of the Bank.
The Group Chairman, United Bank for Africa (UBA) Plc, and Heirs Holdings Limited, Tony Elumelu, CFR has challenged African policymakers to create environments that reward enterprise and unlock the continent’s vast potential. He said this much while delivering a keynote address during the Abuja Business & Investment Summit & Expo 2025, which held at the Bola Ahmed Tinubu International Conference Centre Abuja on Wednesday, said “Predictable regulation attracts long-term investment, while inconsistency drives it away. He therefore urged governments to see private sector success as the foundation of national prosperity.
Elumelu who underscored the critical role of the private sector as the true engine of transformation, accounting for over 70% of Africa’s GDP and 80% of employment, also urged African leaders to create a sustainable environment to attract long-term investment.
Elumelu who was speaking while delivering the keynote address during the Abuja Business & Investment Summit & Expo 2025, which held at the Bola Ahmed Tinubu International Conference Centre Abuja on Wednesday, said “Predictable regulation attracts long-term investment, while inconsistency drives it away. He therefore urged governments to see private sector success as the foundation of national prosperity.
Citing his group’s transformative investments in the Federal Capital Territory, including the revitalisation of the Transcorp Hilton Abuja, the launch of the Transcorp Event Centre, and ongoing reforms in the Abuja Electricity Distribution Company (AEDC), Elumelu pointed out that these projects illustrate how purposeful private capital can power real development.
Speaking on the theme, “Empowering Sustainable Growth: Unlocking Potential in Emerging Markets”, he called for a new social contract between business and government, grounded in trust, transparency, and partnership, adding that sustainable progress requires policies that convert investor confidence into nation-building.
While advocating policy stability to champion the pivotal role of the private sector in unlocking Africa’s vast economic potential, Elumelu, who is also the Founder of the Tony Elumelu Foundation, reiterated that no nation has ever achieved sustained prosperity without a vibrant and virile private sector.
“Across Africa, the private sector contributes over 70% of our continent’s GDP and over 80% of total employment. But this is not just about numbers; it’s about influence and initiative. The private sector is reimagining what is possible on our continent,” he stated.
He noted that Africa’s transformation will be led by investing long-term in critical sectors to unlock and catalyze prosperity and opportunities for all.
“How can we expect foreign investors to invest in us, in our economies and countries, if we don’t invest in our own economies? Make your money, but please bring it and invest locally. It will be a huge disservice and act of unpatriotism to save your money in economies that already have so much,” Elumelu challenged participants during the event.
He took time to commend the Minister of the Federal Capital Territory, Nyesom Wike, and Minister of State FCT, Dr. Mahmoud Mariya, for the infrastructural drive within the FCT, emphasizing the importance of collaboration.
In her presentation, the Minister of State for the FCT, Dr. Mariya Mahmoud who expressed profound gratitude to Tony Elumelu and fellow investors for their faith in Abuja, reiterated the FCTA’s unwavering determination to intensify its infrastructural drive, ensuring the capital remains the premier investment destination in Nigeria and across the continent.
The annual ABISummit2025 serves as a critical platform to turn this ambitious vision into concrete partnerships and actionable strategies for empowering sustainable growth across Nigeria and the wider African continent.
FirstBank, the premier bank in West Africa and a leading financial inclusion service provider, has proudly announced the commencement of its 2025 Corporate Responsibility and Sustainability (CR&S) Week, scheduled to hold from 27 October – 1 November 2025.
Now in its ninth year, the annual event is a reflection of the Bank’s commitment to community empowerment, environmental stewardship, and the advancement of the United Nations Sustainable Development Goals (SDGs).
Through the ‘Start Performing Acts of Random Kindness’ (SPARK) initiative, FirstBank continues to build on its legacy of sowing seeds of kindness, with a focus on uplifting communities and reducing environmental impact. During CR&S Week, the Bank mobilises employees across the FirstBank Group, including FirstBank Nigeria, FirstBank UK, FirstBank Gambia, FirstBank Sierra Leone, FirstBank DRC, FirstBank Guinea, FirstBank Ghana, FBNBank Senegal, First Pension, and First Nominees, to dedicate their time and resources to meaningful causes aligned with the Bank’s sustainability strategy.
Commenting on the week-long event, Acting Group Head, Marketing & Corporate Communications at FirstBank, Olayinka Ijabiyi, said, “CR&S Week is a call to action. It is about showing up for humanity, being kind to one another, and proving that even the smallest act can ripple into lasting change. FirstBank believes that kindness is a currency that never devalues, and that is why every year since 2017, staff have gone the extra mile to give back to the communities through its SPARK initiative, while also encouraging people to perform acts of random kindness.”
The Bank plans to plant at least 20,000 trees within the week in partnership with the Nigeria Conservation Foundation (NCF), in the final phase of its support for the Nigeria’s 2060 decarbonisation agenda. This effort builds on the Bank’s pledge to plant 50,000 trees by 2025, with 31,000 trees successfully planted over the past two years.
Additionally, in line with FirstBank’s commitment to achieving the United Nations Sustainable Development Goal 5 (SDG) of women empowerment, the Bank will collaborate with Borno and Katsina States to raise and provide medical interventions (including surgeries and post-care kits) for women living with Vesicovaginal Fistula (VVF).
Throughout the week, FirstBank staff will be inspired to share messages of kindness, fostering a culture of compassion, civility, and empathy across the Bank. The programme will feature themed webinars centered on the SPARK initiative, as well as school engagements designed to instill the values of generosity and social responsibility in younger generations. The week will culminate in visits to orphanage homes, internally displaced persons (IDP) camps, and charitable organisations across Nigeria, sub-Saharan Africa, and the UK, demonstrating kindness and empowering those at the bottom of the pyramid.
These initiatives epitomise FirstBank’s care for the environment and humanity, aligning with the Bank’s sustainability strategic pillars and support for the Green Recovery Nigeria
Since the first edition in 2017, FirstBank’s CR&S Week has spotlighted the Bank’s corporate citizenship interventions driving positive social impact, sustainability, and community engagement. Over the years, it has evolved into a platform that mobilises stakeholders and non-customers alike across its global network to champion causes that uplift lives, protect the environment, and promote inclusive development. FirstBank is encouraging and inspiring individuals to go beyond their everyday routines and perform acts of random kindness.
…Strengthening Nigeria–Norway Clean Energy Collaboration
In a significant stride towards deepening economic ties between Nigeria and Norway, Africa’s Global Bank, United Bank for Africa (UBA) Plc has partnered with Renewvia Solar Nigeria to deploy renewable energy solutions across 25 UBA branches in five Nigerian states.
The initiative was formalised at the official ribbon cutting ceremony held at the UBA Oba Akran 2 branch, Ikeja-Lagos Nigeria on Wednesday, by the Nordic Ambassador to Nigeria, Mr. Svein Bæra which followed a walkthrough of the Inverter/Battery Room and Operations by Renewvia team.
This initiative reflects a growing commitment to sustainable investment and innovation, a key message emphasised by UBA Group Chairman, Tony O. Elumelu, CFR, during the recent Norway–Africa Business Summit held in Oslo, where he urged global partners to view Africa not as an aid destination, but as a continent of opportunity and enterprise. “Africa needs partners, not charity,” Elumelu stated in Oslo, calling for deeper collaboration built on mutual respect, entrepreneurship, and investment.
The partnership between UBA and Renewvia embodies that call, channelling Nordic investment and African innovation into tangible, long-term impact. Supported by Empower New Energy, a leading Norway-based renewable investment company, and Incremental Energy Solutions (IES), the project will deliver the first phase of 152,000 kWh of clean energy monthly, reducing UBA’s carbon footprint by over 89,000 kilogrammes of CO₂ each month.
Under a 10-year Power-as-a-Service agreement, Renewvia will deploy advanced solar and battery hybrid systems across UBA’s branches, ensuring superior power reliability, operational efficiency, and an enhanced customer experience. Upon full rollout, the project will cover 50 locations across 18 states, representing 3 MWp of solar capacity and 7 MWh of energy storage.
UBA’s Deputy Managing Director, Muyiwa Akinyemi, said, “At UBA, we believe sustainability is not just a responsibility but a key part of building Africa’s future. This project demonstrates how innovation and partnership can deliver lasting impact in terms of growth and advancement as well as reducing our carbon footprint, improving operational efficiency, and contributing to a cleaner environment. Continuing, he said, “We are proud to work with Renewvia Solar Nigeria, Incremental Energy Solutions, and Empower New Energy to make this vision a reality.”
On his part, the Managing Director, Renewvia Solar Nigeria Limited, Adebowale Dosunmu, said, “This partnership with UBA marks a major milestone in our mission to deliver reliable, clean energy to commercial and industrial clients across Nigeria. We are proud to support UBA’s leadership in sustainability and operational excellence.
The CEO, Incremental Energy Solutions (IES) Ltd, Oladipupo Omodara, who also spoke on the project, said, “We appreciate the cooperation and proactiveness of the UBA management team, whose support helped bring this remarkable project and partnership to life. We at IES are particularly pleased that this success reinforces our commitment to helping Africa claim its rightful place in global energy investment and technology deployment.”
Giving his remarks, CEO, Empower New Energy, Terje Osmundsen, stated that Empower New Energy is proud to be the financing partner for landmark project with Renewvia Solar Nigeria, supporting UBA’s commitment to cleaner and more reliable energy. “This partnership reflects our mission to enable African businesses access sustainable power through innovative financing. It also demonstrates the strength of Nordic-African cooperation in accelerating the transition to renewable energy,” Osmundsen explained.
Earlier, in his goodwill message, the Ambassador of Norway to Nigeria, Mr Svein Bæra, noted that the partnership is a shining example of what can be achieved when African ambition meets Nordic investment and innovative practices.
“It also represents not just an energy milestone, but a strong statement of shared commitment to sustainable growth and climate responsibility.”
This collaboration underscores UBA’s position as a bank at the forefront of sustainability, integrating renewable energy to power its operations and reduce emissions. It also highlights the crucial role of Nordic investment through Empower New Energy in accelerating Nigeria’s transition towards cleaner, more reliable energy systems.
Most importantly in terms of Africa’s rapid growth and advancement, it aligns with Tony Elumelu’s broader vision of transforming Africa through entrepreneurship, private sector leadership, and strategic global alliances, partnerships that build capacity, create jobs, and unlock long-term value for both continents.
