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.
Business
Sterling Bank Abolishes Account Maintenance Fees

Sterling Bank, on Wednesday, announced the removal of account maintenance fees on all personal accounts, describing the decision as a “gift” to Nigerians in celebration of the country’s 65th Independence Day.
The decision, which follows the abolition of transfer fees on local online transactions in April 2025, was outlined in a statement shared by the bank. The bank said the policy would allow customers to keep more of their earnings, framing it as a step toward financial freedom.
“Every fee we remove is one less barrier between our customers and true financial freedom. This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold as we eliminate account maintenance fees,” Sterling Bank’s Managing Director, Abubakar Suleiman, said.
The statement highlighted that in 2024 alone, tier-1 banks in Nigeria earned over ₦650 billion from account maintenance and e-banking charges. “This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly,” the bank noted.
Obinna Ukachukwu, Sterling’s Growth Executive for Consumer and Business Banking, said the initiative was intended to strengthen long-term relationships with customers. “This initiative is about building lasting relationships that fuel sustainable growth. We put transparency and customer value first, and in doing so, we are building a foundation that serves both our customers and Sterling’s future,” he said.
Sterling Bank also framed the removal of fees as part of a broader strategy to make banking more inclusive and customer-focused. The April 2025 transfer fee abolition had already eliminated charges on all local online transactions, easing costs for individuals and small businesses. At the time, Ukachukwu described the move as a values-driven decision aimed at ensuring fair access to money.
“Access to your own money shouldn’t come with a penalty. This is more than a financial decision—it’s about redefining banking to put customers first,” Ukachukwu said.
The latest move aligns with Sterling’s positioning as a bank committed to transparency, customer value, and digital innovation, and it signals a continued effort to reshape banking practices in Nigeria.
Business
GTCO Announces Pre-Tax Profit of N600.9bn for H1 2025

Guaranty Trust Holding Company Plc has reported a profit before tax of N600.9 billion for the half year ended June 30, 2025.
The figure is contained in the company’s audited consolidated and separate financial statements, which were released to the Nigerian Exchange Group and the London Stock Exchange.
The group stated that the performance was driven by growth in core earnings lines, including interest income and fee income, which rose year-on-year by 31.5% and 33.0%, respectively.
It explained that the growth helped to cushion the absence of N493.01 billion in fair value gains recorded in 2024, resulting in a 40 per cent decline.
GTCO stated that its total assets stood at N16.7 trillion, while shareholders’ funds totaled N3.0 trillion during the review period.
It added that its balance sheet remained strong, diversified, and de-risked across operating jurisdictions, as well as its payments, pension, and funds management businesses.
The group disclosed that its Capital Adequacy Ratio closed at 36.2 per cent, while asset quality improved with IFRS 9 Stage 3 loans declining to 3.2 per cent.
At the group level, Stage 3 loans stood at 4.5 per cent, compared with 5.2 per cent in December 2024.
Similarly, the cost of risk improved to 1.7 per cent from 4.9 per cent recorded in December 2024.
The company stated that its net loan book increased by 20.5 per cent, from N2.79 trillion in December 2024 to N3.36 trillion in June 2025.
Deposit liabilities also increased by 16.6 per cent from N10.40 trillion to N12.13 trillion during the same period.
The board of GTCO approved an interim dividend of N1.00 per share for the half year ended June 30, 2025.
Commenting on the results, Segun Agbaje, Group Chief Executive Officer, said the half-year performance reflected business strength and progress towards building a diversified financial services ecosystem.
He said beyond last year’s extraordinary one-off gains, the group was now driving sustainable growth with recurring earnings that demonstrated the resilience and scalability of its model.
Mr Agbaje noted that continued investment in technology, particularly in core banking upgrades, was delivering stronger uptime, efficiency, and greater capacity to scale with a growing customer base.
He added that across banking, funds management, pension, and payments, GTCO was leveraging a de-risked balance sheet to reinforce its market position while maintaining strategic flexibility. According to him, this foundation positions the group to seize emerging opportunities and deliver lasting value for all stakeholders.
Mr Agbaje stressed that GTCO had continued to post some of the best metrics in Nigeria’s financial services industry in terms of key financial ratios. He said the group recorded Pre-Tax Return on Equity of 60.4 per cent, Pre-Tax Return on Assets of 10.6 per cent, Capital Adequacy Ratio of 36.2 per cent, and Cost-to-Income ratio of 30.1 per cent.
NAN
Business
FirstBank Partners Organisers to Host E1 Lagos GP

In line with its commitments of promoting sports and developmental initiatives at all levels, First Bank of Nigeria Limited is partnering the organizers of the first of its kind E1 Lagos GP an all-electric powerboat racing championship, set to hold between the 3rd and 5th of October 2025.
Disclosing this at the E1 Lagos GP Stakeholder Immersion session in Lagos recently, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communication of FirstBank, reaffirmed the Bank’s commitment to supporting initiatives that engender human development across the country while cementing legacies.
“Our involvement in the E1 Lagos GP is about driving legacy and enabling the passions and aspirations that unite Nigerians. We are a bank that has been in business for over 131 years and we recognize that sports drives us as a country, which is why through our First@Sports initiative, we continue to invest in platforms that inspire and elevate our people. We have been supporting legacy sport tournaments like the Georgian Polo Cup which we have hosted for 105 years, and the Lagos Amateur Open Golf Championship for 64 years now,” Ijabiyi said.
With the event slated for the start of the fourth quarter, FirstBank is aligning its partnership with the annual DecemberIssaVybe initiative, a campaign that celebrates the vibrant spirit of Nigerians during the festive season by curating unforgettable experiences that blend culture, entertainment and lifestyle. “FirstBank is deeply woven into the fabric of society and the lives of our customers. As presenting partner, we are creating meaningful touchpoints with customers and prospects, offering them a world-class experience of relaxation and celebration that captures the true essence of Lagos during the festive season,” he added.
Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, who was also at the event, described the initiative as an event that will grow not just the sports but also showcase Lagos’s vibrant culture, dynamic people, and global relevance, while commending FirstBank for their support.
The teams owned by notable stars like Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, Rafael Nadal will compete in the Lagos leg before the 2025 season of the competition terminates in Miami in the United States.