Business
Unity Bank Posts N33.9bn Gross Earnings in Nine Months, Grows Assets Base by 44%
Unity Bank Plc has declared gross earnings of N33.906 billion for the nine months’ period ended September 30, 2020 and also recorded a 44% asset growth during the period.
A review of the unaudited results released to the Nigerian Stock Exchange showed that the gross earnings of N33.906 billion represents an 8 per cent growth from N31.256 billion recorded in the same period in 2019.
The lender’s total assets rose significantly to N420.870 billion in the nine-month period ended September 30, 2020, from N293.052 billion in the corresponding period of 2019, representing a whopping 44% growth.
This is even as the Bank grew its bottom-line by 6% as Profit Before Tax, PBT moved up to close at N1.710 billion from N1.611 billion in 2019.
Profit After Tax, PAT equally grew by 6% to N1.573 billion compared to the N1.482 billion recorded in the same period in 2019.
Specifically, in the Q3, the lender declared a N590 million Profit Before Tax, PBT, representing another 6% increase from the N559.381 million recorded in the corresponding quarter of 2019.
This performance comes on the heels of the unmitigated impact of the global pandemic on the economy, which lingered throughout the quarter with its attendant headwinds that slowed down economic activities.
The lender also substantially grew its customers’ deposit portfolio to N332.362 billion from N257.691 billion for the same period in 2019, creating a 29 per cent increase, affirming the confidence reposed by its wide spectrum of the banking public. The lender, it was gathered, rolled out massive customer-centric products to the public especially in the retail space which accelerated the banking patronage during the period.
Commenting on the result, Unity Bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun welcomed the steady growth of the balance sheet especially from both assets and liability side of the business and across key performance indices.
She said that this has had sustained impact on the bottom-line, even as the Bank continues to innovate in its e-business product bouquet to target and support value chain business with robust technology and thus diversify its earnings base’’.
Looking ahead, Mrs. Somefun stated that “One of the areas that will define our strategic direction going forward is investment in alternative channels leveraging further deployment of resources in technology. COVID-19 gave us a chance to test the integrity and scalability of our technology, the IT infrastructure, and the electronic banking channels, and provided us an opportunity to see where we needed to improve and strengthen, knowing that the future of sustainable banking business is in alternative channels”.
The results can also be attributable to the Bank’s growing brand profile and leadership in agribusiness, especially having provided loans and financing to over one million smallholder farmers especially those in primary production and other value chain businesses in the agricultural sector.
During the period under review, the Bank enhanced and deepened its collaboration and partnership with major commodity associations including the Rice Farmers Association of Nigeria (RIFAN), Maize Farmers Association of Nigeria and the National Cotton Association of Nigeria (NACOTAN) to finance over 400 smallholder farmers’ crop production with its overall strategic intent of fostering food security, employment generation and aggregate economic welfare of citizens across the value chains.
The Bank also worked with processors and members of Millers’ Association of Nigeria to provide working capital through the CBN’s various intervention funds, while providing credit facilities to large number of input suppliers and vendors through the Anchor Borrower’s Programme.
In recognition of the above, Mrs Somefun added that the Bank will continue to focus on agriculture, while deepening business in various new markets that have been developed alongside to pull more resources and enhance multiple streams of income.
In the view of analysts, the consistent upward trajectory in the performance of the Bank as shown in Q1, H1 and Q3, 2020 results continue to reinforce growing market confidence as well as demonstrates the commitment and drive of the management to enhance shareholder’s value.
West Africa’s premier financial institution and financial inclusion services provider, FirstBank, has officially announced its sponsorship of the Carnival Calabar & Festival 2025, unveiling a landmark addition set to redefine the carnival experience — the first-ever private premium seating area at the event.
The highlight of FirstBank’s participation is the construction of a 500-seater premium bleacher, designed to provide comfort, safety, and an elevated viewing experience for carnival enthusiasts.
Speaking on the sponsorship, the Acting Group Head Marketing and Corporate Communications, FirstBank, Olayinka Ijabiyi, noted that the carnival aligns with the Bank’s First@Arts initiative, a platform dedicated to supporting the creative arts value chain across Nigeria. He said, “We recognise the transformative power of the arts, including carnivals, in inspiring people and strengthening national unity. For more than 131 years, we have supported platforms that promote self-expression, social reflection and cultural exchange. Our investment in the Carnival Calabar & Festival demonstrates our commitment to preserving the nation’s rich cultural heritage through First@Arts.”
“As part of our sponsorship this year, we are introducing the first-ever private 500-seater premium bleacher to further elevate the carnival experience. This exclusive seating is designed to provide exceptional comfort and an unforgettable viewing experience for attendees,” Ijabiyi added.
The Chairman of the Cross River State Carnival Calabar Commission, Gabe Onah, also commented on FirstBank’s sponsorship. “FirstBank’s involvement is a strong demonstration of private-sector support for culture and tourism. This partnership not only enhances the overall quality of the carnival but also strengthens its global appeal,” he said.
The Carnival Calabar & Festival 2025 is officially marketed by Okhma Global Limited, the appointed Official Marketer responsible for brand partnerships, promotional engagements, and ticket sales. Okhma Global Limited has partnered with the Cross River State government in delivering Carnival Calabar & Festival for over ten years, playing a key role in strengthening the carnival’s commercial growth and global visibility.
Ecobank Nigeria, a member of Africa’s leading pan-African banking group, has assured customers of uninterrupted access to banking services throughout the year-end holiday period via its secure and robust digital platforms. The Bank also urged customers to remain vigilant against fraud and scams during the festive season.
Speaking on the development, Victor Yalokwu, Head, Products & Analytics, Consumer & Commercial Banking, Ecobank Nigeria, said the Bank’s digital channels — including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, RapidTransfer, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point (Agent Banking) locations nationwide — will remain fully available to support customers throughout the yuletide and year-end holiday period.
He noted that customers will continue to enjoy a wide range of services during the period, including local and international funds transfers, bill payments and airtime top-ups, merchant payments, balance inquiries and account statements, as well as cardless cash withdrawals via ATMs.
According to Yalokwu, “Ecobank encourages customers to leverage these digital solutions for safe, fast, and efficient banking, especially during the festive season when convenience and reliability are essential. While physical branch operations may be subject to adjusted working hours in line with public holidays, customers can be assured that Ecobank’s digital platforms are designed to deliver uninterrupted service and enhanced security at all times. Ecobank remains committed to providing innovative financial solutions and exceptional customer service, and we wish all our customers a joyful festive season and a prosperous New Year.”
Yalokwu also cautioned customers to remain vigilant against fraudsters and scammers during the period. “Before you wrap up the year, tighten your security. December brings online sales, travel, and year-end distractions—this is exactly when scammers are most active. From fake festive deals to cloned merchant sites and suspicious messages, staying vigilant helps keep your money safe.”
He advised customers to shop only on trusted websites, never share their PINs, passwords, or one-time passwords (OTPs), avoid banking on public Wi-Fi networks, be cautious of urgent or emotionally charged messages, and regularly review their account activity.
Fidelity Bank Plc has donated firefighting and preventive equipment, including hoses and gasoline-powered water pumps, to the Ikoyi Fire Service Station in Lagos, reinforcing efforts to improve emergency response and promote community safety.
The donation was executed under the Fidelity Helping Hands Programme (FHHP) by the bank’s True Serve team. Through the initiative, Fidelity Bank employees identify critical community needs, raise funds, and receive matching financial support from the bank to implement impact-driven projects.
Speaking on the initiative, Divisional Head, Brand and Communications Division at Fidelity Bank, Dr Meksley Nwagboh, said the intervention reflects the bank’s commitment to public safety, environmental protection, and sustainable community development.
“Community safety is a shared responsibility. Fidelity Bank remains committed to supporting initiatives that protect lives, property, and the environment,” Nwagboh said, adding that preventive measures remain more effective than emergency responses.
He noted that providing the right tools to first responders aligns with the bank’s broader goal of enabling people to live safe, meaningful, and empowered lives.
Lagos State Controller of the Federal Fire Service, Controller of Fire (CF) Funke Adebayo, commended Fidelity Bank for the timely support, particularly as the festive season approaches amid dry weather conditions that heighten fire risks.
She urged residents to remain vigilant and warned parents against allowing children to handle fireworks during celebrations, stressing that careless handling of fire could lead to avoidable disasters.
Adebayo also disclosed that the Fire Service has intensified sensitisation visits to corporate organisations to promote fire safety and discourage unsafe practices.
Also speaking, Area Commander, Onikan Fire Station, Chief Superintendent of Fire (CSF) Oswere Michael, expressed appreciation for the donation, noting that it would strengthen the station’s operational capacity.
He encouraged households, businesses, and community members to prioritise fire safety, describing collective responsibility as critical to preventing fire outbreaks.
Fidelity Bank Plc is a full-fledged commercial deposit money bank serving over 9.1 million customers through its digital platforms, 255 business offices across Nigeria, and its UK subsidiary, FidBank UK Limited. The bank has received multiple local and international awards in recognition of its performance in digital transformation, MSME banking, and innovative financial services.
Photo – L-R: Lagos State Controller, Federal Fire Service, CF (Controller of Fire), Adebayo Funke; Tolulope Rojaiye, Marketing Business Partner, Fidelity Bank Plc; Assistant Superintendent of Fire, Ishola Folorunsho Olufemi; and Station Commander, Onikan Fire Station, Lagos, Okeke Ferdinand; during the donation of firefighting equipment to the Federal Fire Service at Ikoyi, Lagos, recently.
