Business
Unity Bank Sustains Momentum, As Profits Rise by 43% in Q1/2021
Nigeria’s foremost agric lender, Unity Bank Plc has sustained the growth momentum demonstrated in its 2020 full year earnings as it recorded an impressive performance of 43% in both profit before and after tax in Q1-2021.
In the Bank’s unaudited Q1-2021 results submitted to the Nigerian Stock Exchange on Friday, the retail lender’s Profit Before Tax grew by 43% to N784.3million from N550.1 million recorded in the corresponding period of 2020.
The Profit After Tax for the period which also grew by 43% stood at N721.5million compared to the N506.1million recorded in Q1-2020.
As an outcome of increased focus on supporting local enterprises and industry, the asset portfolio also showed a significant growth in loan book of 76% as net loans and advances to customers increased to N223.2billion up from N126.6billion recorded in the corresponding period.
The total assets of the Bank for the period showed an appreciable growth of 42% to close at N521.5 billion from N366.8 billion in the corresponding period of 2020. The balance sheet of the bank had been considerably de-risked with an NPL ratio of near zero per cent (0%) which it had consistently maintained over time, thus making the Bank to rank as one of the best in risk management and credit creation culture.
The Bank recorded gross earnings of N11.5billion, representing marginal decline of 3% when compared to N11.9billion posted in the corresponding period of 2020. The remarkable positive growth in profit and other strong indicators recorded in Q1-2021 is a sign of the Bank’s growing resilience as the economy continues on a recovery path following the impacts of COVID-19 pandemics.
Other key highlights of the Q1-2021 results included the cash and balances with the Central Bank which recorded a whopping 326% leap to close at N111.2billion from N26.1billion in the corresponding period of 2020.
The lender also grew its customer deposits by 13% to N348.3billion up from N308.8billion recorded in the period under review, a strong indication of the growing popularity and acceptance of the Bank’s array of innovative products and services and the arrays of new technologies deployed in its operations to enhance high level of customers’ experience and service delivery.
Interest and similar income also recorded a marginal increase of 1% to N9.7billion compared to N9.6 billion posted in the corresponding quarter of 2020. However, net interest income recorded a 16% increase to N4.8billion from N4.1billion in the corresponding period of 2020.
Total operating income also rose by 3% to N6.6billion from N6.4billion, even as the net operating income rose by 12% to close at N6.7billion from N5.9billion in the corresponding period of 2020.
Commenting on the result, the Managing Director/CEO, Unity Bank Plc, Mrs. Tomi Somefun said that the first quarter result is a promising indication of better outcome for the year, profoundly reflecting the Bank’s renewed focus on driving efficiency and productivity anchored on targeted initiatives to grow both volume and quality of assets and offer a wide range of customer-centric products supported by novel technologies to its teeming and growing customers in all the six-geopolitical zones in Nigeria.
The top-line performance was driven by improvement in net interest income margins which reported 16% growth. To this, Mrs. Somefun stated the Bank’s is replicating the same momentum in the area of liability generation and to gain traction, “we are targeting opportunities across regions and identified segments in retail and SMEs whilst optimising our technology and digital platforms such as Omni-channel UniFi, USSD *7799# to deliver bundled product bouquet, operational efficiency and improved unparalleled customer service delivery. Like the multi-language service channels, customers are to expect more innovations as the year unfolds”.
Looking ahead, the Unity Bank’s Chief further stated: “The Bank will consolidate on the gains it has made on its assets growth and further build the franchise of the brand in many areas of the business to shake off any lethargy to galvanize efficiency across its earning assets, thereby diversifying its earnings base to further grow the bottom-line”.
The Bank will thus continue to play formidably and efficiently in the area of its strength especially in the niche space of agribusiness to get more involved in the value chain banking having firmly established its strong foothold in the financing of primary crop production such as rice, maize, cotton, wheat, sorghum, etc. coupled with their rich and robust structures in value creation. In her words, “we hope to continue to expand on this as we play our part in driving the nations’s quest for self-sufficiency in food production, employment generation, foreign exchange conservation and all allied advantages that come with agribusiness.”
Analysts commend the Q1-2021 result for the strong fundamentals and for the positive outlook in the future, even as market confidence continues to reflect encouraging momentum and the steady growth of the Bank’s balance sheet.
Ecobank Nigeria, a subsidiary of the leading Pan‑African financial services group, Ecobank Group, has announced the fifth edition of the Adire Lagos Experience, its flagship cultural and creative industry showcase. The event will take place from June 11–14, 2026, at the Ecobank Pan African Centre (EPAC), Victoria Island, Lagos.
The 2026 edition is themed “Threads Across Borders,” celebrating the depth and global resonance of Adire as a uniquely Nigerian art form, while positioning it within Africa’s broader textile and cultural narrative.
Rooted in Nigeria’s rich heritage, the Adire Lagos Experience continues to serve as a gateway for cross‑border cultural exchange, reinforcing Ecobank’s Pan‑African vision through culture‑led commerce.
The four‑day event will feature over 100 vendors, with the exhibition remaining predominantly Nigerian, reflecting the country’s leadership as the home and heartland of Adire production. To enrich diversity and continental collaboration, 10 percent of participating vendors will come from outside Nigeria, offering complementary African textile expressions and creative perspectives that foster knowledge exchange and cross‑border partnerships.
Speaking on the upcoming event, Omoboye Odu, Head, SMEs, Partnerships and Collaborations at Ecobank Nigeria, highlighted the intentional balance between cultural authenticity and Pan‑African inclusion.
“Adire is proudly Nigerian, and this platform remains firmly anchored in celebrating our local artisans and creative enterprises. At the same time, Ecobank’s Pan‑African mandate allows us to thoughtfully open the space to creators from other African markets, encouraging collaboration, shared learning, and trade connections that elevate African craftsmanship as a whole,” she said.
Beyond the exhibition booths, the Adire Lagos Experience 2026 will offer indigenous cuisine, African music and cultural performances, alongside curated networking and business engagement sessions designed to strengthen linkages across the Adire and wider creative value chain—from artisans and designers to merchants, buyers, and cultural enthusiasts.
As part of its ongoing commitment to supporting SMEs and the creative economy, Ecobank has opened registration for prospective exhibitors, with selected applicants eligible to receive complimentary exhibition booths. Applications close on April 28, 2026.
Through the Adire Lagos Experience, Ecobank continues to champion Nigeria’s cultural leadership while advancing Pan‑African collaboration—transforming heritage into enterprise and reinforcing its role as a truly Pan‑African institution driving impact beyond banking.
As the Central Bank of Nigeria’s (CBN) recapitaliSation exercise came to an end March 31, 2026, most banks operating in the country rose to the challenge and met the requirement ahead of time.
However, Fidelity Bank’s proactive approach paid off, and it continued to demonstrate its commitment to growth and innovation. In a remarkable display of investor confidence, Fidelity Bank opened and concluded a private placement in just one day on December 31, 2025. Leading institutions, including AFREXIM Bank and its subsidiaries, invested in the bank, showcasing their faith in Fidelity’s vision and leadership.
With the CBN’s verification process complete, Fidelity Bank’s capital base now exceeds the required N500 billion threshold. This milestone positions the bank to expand its footprint, drive growth, and deliver returns to investors.
Market analysts stated that the successful completion of the private placement underscores strong investor confidence in the bank’s growth strategy, governance framework and long-term fundamentals, even amid tightening regulatory standards and evolving macroeconomic conditions.
The lender had announced to the investing public that it has surpassed the N500billion regulatory capital threshold following the successful completion of a N259billion private placement of ordinary shares.
The Company Secretary, Fidelity Bank, Ezinwa Unuigboje in a signed statement on Nigerian Exchange Limited (NGX) disclosed that the private placement, conducted with the approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), was opened and closed on December 31, 2025.
According to her, the proceeds from the exercise lifted Fidelity Bank’s eligible capital from N305.5billion to N564.5billion, subject to final regulatory approvals.
The latest capital raise positions the lender comfortably above the new minimum capital requirement of N500billion for commercial banks with international authorisation, as stipulated by the apex bank under its banking sector recapitalisation programme. According to the bank, the private placement was carried out pursuant to the mandate granted by shareholders at its Extraordinary General Meeting held on February 6, 2025.
At the meeting, shareholders authorised the board to issue up to 20 billion ordinary shares through a private placement as part of measures to strengthen the bank’s capital base and enhance its capacity to support economic growth. The N259billion raised through the private placement builds on earlier capital-raising efforts by the bank. Fidelity Bank had stolen the show by taking a bold step in June 2024, launching a Public Offer and Rights Issue to raise capital.
Fidelity Bank successfully raised N175.85billion via a combination of a public offer and rights issue, which had increased its eligible capital to N305.5billion at the time. That exercise left a capital shortfall of N194.5billion relative to the new regulatory benchmark, a gap now fully covered by the latest transaction. Fidelity Bank’s strategic moves have set it up for success, and the stage is set for the bank to make significant strides in the Nigerian banking sector. Fidelity Bank noted that the strengthened capital position will enhance its balance sheet resilience, support business expansion, and enable it to play a more robust role in financing key sectors of the Nigerian economy, in line with regulatory expectations. The bank added that it remains focused on value creation for shareholders, prudent risk management and sustained profitability as it navigates the post-recapitalisation phase of the banking sector. Meanwhile, the stock price of Fidelity Bank closed trading April 10, 2026 at N19.50 per share on the NGX.
Access Bank Plc has been named Nigeria’s Most Valuable Brand for the fifth consecutive year by Brand Finance, reinforcing its leadership position in the country’s financial services sector.
Brand Finance announced this in its Nigeria 25 2026 report, which ranks the country’s strongest brands based on brand value, brand strength, and underlying business performance. According to the report, Access Bank’s brand value stands at ₦773.2 billion, maintaining its number one ranking despite short term macro-economic and market pressures.
It attributed the marginal year-on-year decline in brand value to a deliberate strategic shift, as the Bank continues to prioritise long term growth, regional expansion, and international scale over shortterm domestic margins.
Brand Finance pointed out that Access Bank’s sustained leadership reflects a longterm brand strategy anchored on scale, trust, and regional relevance, positioning the Bank to maintain brand strength and resilience as Nigeria’s economy continues its gradual recovery and the competitive landscape evolves.
It highlighted Access Bank’s transition from a local market leader to a cross continental financial infrastructure provider, noting that stronger contributions from its African operations helped offset a decline in Nigerian income during the period. This repositioning supports the Bank’s ambition of serving as a key gateway between Africa and global financial markets.
Importantly, the Brand Finance report also recorded a strengthening of the Access Bank brand, with the Bank rising to third place nationally on the Brand Strength Index (BSI), achieving a score of 88.7/100 and retaining an AAA brand rating. Brand Finance links this improvement to stronger brand coherence across markets and clearer strategic positioning following the consolidation of international acquisitions.
Commenting, Babatunde Odumeru, Managing Director, Brand Finance Nigeria, said, a defining shift in the business environment has been the movement from survival to resilience, with brands that invested through uncertainty now emerging stronger.
“This report highlights a key trend: trust is now the fundamental driver of business growth. With consumers now more cautious about how they spend their money, brands must offer a reliability premium in order to build trust, which is an essential foundation for customer loyalty. The brands that have achieved this have not just stood out but have consistently grown their brand value and maintained their lead in the Brand Finance rankings: If you are reliable, you are valuable.”
Odumeru noted that the rankings were dominated by the banking and manufacturing sectors, driven by homegrown resilience and digital savviness required to convert engagement into customer loyalty. This dynamic, he said, reflects a collaborative strength between the two sectors that continues to underpin Nigeria’s overall brand value.
The Brand Finance Nigeria 25 report is published annually and assesses Nigeria’s leading brands using a combination of brand value, brand strength, and comprehensive market analysis.
