Business
Unity Bank Grows Gross Earnings to N27.5bn in H1’2023
Retail lender, Unity Bank Plc grew its deposits to N333.38 billion, representing a marginal increase of 2% compared to N327.42 billion recorded in H1’22 in its Half-Year unaudited financial statement submitted to the Nigeria Exchange Group Limited.
The growth in deposits demonstrates incremental gains by the lender from its commitment to deepening its retail footprint through a well-diversified banking product suites that caters to different segments of the retail market.
Other highlights of the unaudited financial statement include gross income and total assets which recorded N27.5 billion as against N27.4 billion and N512.1 billion from N510.1 billion respectively within the period under review. The net loans portfolio reduced significantly by 31% to N198.6Billion as at 30 June 2023 from N289.4Billion as at 31st December 2022. The Bank’s NPL Ratio remained moderate at below 3% while liquidity ratio stood strong at over 45%.
However, the Bank’s profit for the period was impacted by foreign exchange revaluation on the back of Nigeria’s recent FX liberalization policy, resulting in the lender suffering a revaluation loss of N35 billion within the period.
Notwithstanding, the retail lender grew its FX trading income significantly by 17% to N239.8 million from N204.4 million in the corresponding period of 2022, underscoring the Bank’s strategic focus on diversifying and growing its earnings portfolio.
Similarly, fees and income commission also witnessed a 10% growth to N3.5 billion from N3.2 billion compared to the corresponding period of 2022, on the strength of the growing popularity of its digital banking platforms and customers’ acquisition in the retail space.
Commenting on the financial statements, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun noted that the significant disruptions which characterized the operating environment has impacted the positions of the Bank to the extent that we have constraints in income generation on the back of revaluation of the bank’s net foreign liabilities occasioned by the Naira devaluation during the period.
Mrs. Tomi stated: “In the light of the prevailing FX revaluation in the financial system, what we have is a market-driven impact which is adjustable envisaged from the positive economic outcomes of the government policies in the near term. Be that as it may, the negative shareholders’ fund has improved considerably through the injection of N135billion which moderated the negative shareholders’ fund from (-ve) N275Billion in December 2022 financial year-end to (-ve) N178Billion as at the end of June 2023, after absorbing the FX revaluation loss suffered in Q2/2023. We are however, focused with clear-cut plans to close out on our recapitalization programme very soon to enable us do business as expected in the fast-growing markets in Nigeria.”
She further stated that while we remain optimistic that the government’s policy initiatives will lead to cause correction in the market, the Bank has accelerated measures to ramp up asset creation and liability generation in the short and medium term. The Bank is aggressively driving its retail growth in every segment of the market, expanding strategic partnerships; and growing commercial banking business to develop new and sustainable income lines for the Bank as well as pay sufficient attention to fast-paced process automation, cost and resource efficiency, targeted value chain relationships, and product marketing to enhance value creation in the market.
Analysts are of the view that notwithstanding the market shocks currently being experienced, the Bank is still on course given the resilience it has demonstrated over time.
The Ogun State Government, under the able leadership of His Excellency, Prince (Dr) Dapo Abiodun MFR, CON, has issued the Certificates of Occupancy (C of O) for Treasure Park and Gardens Phase 2 (City of David) and Treasure Park and Gardens phase 3 (Capetown Estate), to the foremost real estate developer in Nigeria, Adron Homes.
The gesture, according to a statement signed by the Chief Press Secretary to the Chairman, Maureen Echefu, and made available to Pointblank.ng, is to showcase Ogun State’s commitment to fostering a conducive environment for real estate development.
The milestone, the statement further revealed, reflects the state government’s unwavering dedication to partnering with credible organizations that are driving development and growth in the real estate sector. By issuing the C of O to Adron Homes, the Ogun State Government has not only demonstrated its efficiency in processing land documentation, but has also emphasized its trust in reputable developers who prioritize excellence and compliance in their operations.
This recent issuance of the C of O by the Ogun State Government marks the second time the state has demonstrated its strong belief in the power of Public-Private Partnerships to drive development. During the tenure of the previous administration, the past governor, His Excellency, Senator Ibikunle Amosun, similarly issued Certificates of Occupancy for Treasure Park and Gardens Phase 1 (Genesis Estate), and Treasure Park and Gardens (Glasshouse Estate). This continued collaboration shows a consistent commitment to fostering a thriving real estate sector, creating jobs, and delivering quality housing solutions for the people of Ogun State.
The Chairman of Adron Homes and Properties, Aare Adetola Emmanuelking, expressed his gratitude to the Ogun State Government for its prompt issuance of the C of O. He commended the leadership of Governor Dapo Abiodun for maintaining a business-friendly environment that enables real estate developers to contribute meaningfully to the state’s housing development agenda.
“We are deeply honored by this gesture, as it further validates our commitment to building world-class estates that provide comfort, security, and long-term value for our clients. Treasure Park and Gardens Phase 2 (City of David), and Treasure Park and Gardens phase 3 (Capetown Estate) in Shimawa are demonstrations of our vision of making luxury affordable, with state-of-the-art infrastructure and facilities that cater to the modern homeowner. This partnership with the Ogun State Government strengthens our resolutuons to expand access to quality housing for all Nigerians,” the Chairman said.
The Treasure Park and Gardens Estates, situated in the serene locale of Shimawa, Ogun State, offers residents a harmonious blend of tranquility and accessibility. With meticulously planned layouts, paved roads, modern drainage systems, recreational spaces, and lots more, these estates set a benchmark for sustainable living. The issuance of the C of O now provides an added layer of assurance to current and prospective investors, reaffirming Adron Homes’ reputation as a trusted leader in real estate development.
The issuance of the C of O marks a significant chapter in the Treasure Park and Gardens Estates’ journey, and reinforces the Ogun State Government’s commitment to driving development, investment, and prosperity in the real estate sector.
For more information about Adron Homes, and the Treasure Park and Gardens Estates, visit www.adronhomesproperties.com
It was a moment of joy and excitement in Lagos on Thursday as the second prize-presentation event in Glo ‘Festival of Joy’ promo took place at Gloworld, Adeola Odeku Street, with a civil engineering contractor, Ayobami Adejumobi, going home with a brand new Toyota Prado.
The key to the jeep was presented to 42-year-old Adejumobi, who was accompanied by friends and relatives and the Deputy Governor of Lagos State, Dr. Obafemi Hamzat.
Speaking at the event, Osun State-born Adejumobi thanked Globacom immensely for the prize. He said, “I still can’t believe it. A call came from Globacom and the news was too good to believe. I doubted it. Could it be fraudsters? However, I remembered the promo and how I joined when it was launched, and I immediately proceeded to the Gloworld on Adeola Odeku where the Glo officials were expecting me. I thank Glo for this prize. I will use the jeep personally; it will enhance my status and help me to get more jobs as a civil engineering contractor”.
Other winners at the event also commended Globacom for providing a platform for many Nigerians to win prizes. Bukola Olatunji, from Ijebu-Ode who won a Keke Napep said, ”I have always been a faithful participant in various Glo promos and have never lost hope that I would one day become a winner”. She promised to continue participating in all of Globacom’s promotions in future.
A generator winner, 33-year-old Ayodeji Olukunmi, also said “it’s indeed a joyful period, winning a brand new generator means a lot to me, God bless Globacom”, while Daniel Eleh from Benue State, who won a sewing machine, said, “I was shocked and surprised when I got the call. Glo has always been good to Nigerians.”
The Deputy Governor of Lagos State, Dr. Obafemi Hamzat, who was the special guest of honour commended Globacom for such thoughtful reward schemes. “The good thing is that this is happening at a difficult time in the country. We must thank Glo for this and just pray that next year, it will be bigger. We would love the Chairman, (Dr Mike Adenuga), to make it twice this size next year. May God continue to bless the company,” he said.
Globacom’s Divisional Head, West, Lawrence Odediran, who also spoke at the event stated that new and existing subscribers can participate in the Festival of Joy promo by dialing *611# to opt into the promo and to keep recharging (voice and data) during the promo period, in order to be eligible to win the prizes on offer. He explained that new subscribers can participate immediately by purchasing a new SIM, registering it and dialing *611#.
Dignitaries at the event include Deputy Majority Leader, Lagos House of Assembly, Honourable Adedamola Richard; Lagos State Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye a representative of the Nigeria Communications Commission, Mrs Ijeoma Bassey; Iyaloja of Sura Market, Alhaja Raliat Adebayo, and nollywood trio of Uche Jombo, Adeolu Saga and Broda Shaggi.
As part of President Bola Ahmed Tinubu’s state visit to France, the Chairman of UBA Group, in the presence of President Tinubu and the President of France, Emmanuel Macron, signed a landmark business cooperation agreement with the French Finance Minister, Antoine Armand. The agreement is a significant indication of support by the French Government for the development of UBA’s full banking operations in France.
Speaking at the signing ceremony, Tony Elumelu, the Chairman of UBA Group commented: ”This partnership reinforces our commitment to seamless international banking services for our customers, not just across the 11 Francophone African countries we serve, but Africa as a whole; and French and European customers transacting with Africa. Expanding into France is a natural progression, with Paris serving as our European Union hub, as we continue to bring Africa and the world together, through innovative financial solutions. Paris will join London, New York and Dubai, as a critical component of our unique global network.”
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
