In its audited financials submitted to the NGX Group Limited, the Bank also witnessed improvements across key performance indicators, including a significant appreciation of customer deposits by 23% to N402.9 billion from N327.4 billion within the period under review – an indication of sustained retail growth and customer confidence.

Other key highlights of the full-year results include the total assets which stood at N472.5 billion; net fee and income commission, N5.2 billion and an increase in interest income by 9.6% to 53.7 billion from N48.8 billion within the period.

Commenting on the result, Mrs. Oluwatomi Somefun, the managing director/chief executive officer of Unity Bank Plc, said the Bank had issued a profit alert to reflect revaluation loss arising from Naira devaluation which was due to the acute shortage of Forex that created an inclement business environment and, on the aggregate, set in an economic headwind.

She noted, however, that in the full-year statement, this has bottomed out and the key performance indicators are rebounding from the low level of growth and negative trends that characterized the year.

Mrs. Somefun stated: “As we begin to see the margins being closed, it is an indication that the measures being taken to revamp all aspects of the business is being well received by the market: be it workable recapitalization plan, aggressive drive for asset creation, product innovation, or digital banking”.

“We will need to covet the improvements and further build upon it. As a corporate brand, we have a lot that is keeping us going: the positive sentiments and optimism, the growing franchise of the business and steady growth in different segments of the retail market across all the geo-political zones of Nigeria” ” she said.

She added,

“We have the right indicators to reclaim lost grounds – innovating with the development and soon to be launched an omnichannel digital app to improve reliability, customer experience, support diverse products functionality which will impact earnings, income and profitability.”

The Central Bank of Nigeria (CBN) has recently approved a business combination with another innovative Bank in Nigeria, marking a significant milestone in the Bank’s growth strategy as it advances its recapitalization plans.

This partnership is built on a shared vision to redefine the banking experience for our customers and will drive the transformation of the consolidated entity.

By leveraging Unity Bank’s extensive branch network and strong customer relationships alongside the entity’s digital expertise and commitment to innovation, we aim to create a seamless integration of traditional and modern banking services.

Amid a review of key highlights that support the steady growth of the retail business, analysts are of the view that the Bank has continued to reflect a good outlook in terms of perception and confidence in the market, which by and large creates an entity with remarkable resilience whilst investors’ sentiments remain positive.

The post Unity Bank Posts N59.3B in Gross Earnings, Grows Deposits by 23% in 2023 FY appeared first on Tech | Business | Economy.

However, this represents a 91.35 per cent increase compared to $654.65 million in Q3 2023, according to the National Bureau of Statistics.

The decline was primarily driven by reduced foreign direct investment, which accounted for only 8.29 per cent of total inflows. Portfolio investments dominated at 71.79 per cent, with the banking sector receiving the largest share, attracting $579.48 million.

The capital importation for Q3 was also the lowest inflows recorded this year.

The Q3 2024 figure also reflects a sharp contrast to $3.4 billion inflows recorded in the first quarter (Q1) of the year, signaling a three straight decline this year.

This was driven by a 35.98 per cent decline in the country’s portfolio investment to $899 million from $1.4 billion in the previous quarter and a 78.67 per cent decline in its other investment during the period under review.

Despite the slump in overall capital importation, foreign investment into Nigeria increased by 248.07 per cent to $103 billion in Q3 from $289.8 billion in Q2, reflecting renewed confidence in the economy, albeit gradually.

The report said, “In Q3 2024, total capital importation into Nigeria stood at $1,252.66 million, higher than $654.65 million recorded in Q3 2023, indicating an increase of 91.35 percent. In comparison to the preceding quarter, capital importation declined by 51.90 per cent from $2,604.50 million in Q2 2024.”

The NBS report noted that capital importation during the reference period originated largely from the United Kingdom with $502.60 million, showing 40.12 per cent of the total capital imported.

“This was followed by the Republic of South Africa with $185.03 million (14.77 per cent) and the United States with $163.86 million (13.08 per cent).”

In terms of states that recorded capital importation investment, the report said five states – Lagos state (51.92 per cent), Abuja (FCT 47.9 per cent), Kaduna state (0.16 per cent), Enugu and Ekiti – reported the highest inflows.

On the other hand, Bayelsa, Ebonyi, Gombe, Jigawa, Kebbi, Taraba, Yobe, and Zamfara have not generated FDIs in the last six years, it disclosed.

The report further disclosed that, “Standard Chartered Bank Nigeria Limited received the highest capital importation into Nigeria in Q3 2024 with $385.62 million (30.78 per cent), followed by Stanbic IBTC Bank Plc with $382.08 million (30.50 per cent) and — and Citibank Nigeria Limited with $192.88 (15.40 per cent).

“Seven banks in Q3 did not report any capital inflow, they include Globus Bank, Heritage Banking Company Limited, NOVA Merchant Bank, Skye Bank Plc, Suntrust Bank Nigeria Ltd, Unity Bank Plc, and Lotus Bank Limited,” the NBS report said.

The post Nigeria: Capital Importation Down 51.90% to $1.25bn in Q3 appeared first on Tech | Business | Economy.

The NGX’s decision is based on the companies’ failure to submit a full year ended December 31, 2023 result and accounts.

The eight companies are:

1. Guinea Insurance Plc,
2. Lasaco Assurance Plc,
3. Mutual Benefits Assurance Plc,
4. NPF Microfinance Bank Plc,
5. Regency Alliance Insurance Plc,
6. Secure Electronic Technology Plc,
7. Unity Bank Plc and
8. C & I Leasing Plc.

Mr. Godstime Iwenekhai, the head, Issuer Regulation Department, NGX Limited, in a signed statement notified investing public that the suspension is based on the pursuant to Rule 3.1, Rules for filing of accounts and treatment of default filing.

The rule provides that:

“If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the Exchange will send to the Issuer a “Second Filing Deficiency Notification” within two  business days after the end of the Cure Period; suspend trading in the Issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the Market within 24 hours of the suspension.”

The noted that the suspension was effective Monday, 8 July 2024 on the eight for not filing their Audited Financial Statements for the year ended December 31, 2023:

“In accordance with the Default Filing Rules set forth above, the suspension of trading in the shares of the above mentioned companies shall be lifted upon the submission of the relevant accounts,” the statement added.

The post NGX Suspends 8 Listed Companies for Defaulting on Account Filings appeared first on Tech | Business | Economy.

A review of the lender’s unaudited nine-month results released to the Nigerian Exchange Group Limited showed that the Bank continued to maintain its expansionary and customer-centric model with total loans and advances rising to N222.8 billion, even as interest and similar income stood at N33 billion, which underscores the Bank’s strategic focus to reinvigorate and sustain asset creation that will deliver returns to shareholders.

Unity Bank Grows Gross Earnings to N57Billion in 2022FY

Other key highlights of the 9-month financials include the total assets which stood at N423.4 billion; net fee and income commission, N4.4 billion within the period.

However, the recent FX regulation impacted the Bank’s bottom line, which can be reversed as the Naira appreciates.

Commenting on the result, Mrs. Tomi Somefun, the Managing Director/CEO of Unity Bank Plc, said that the Bank is focusing on its efforts to recapitalize the institution, aggressively drive asset creation, innovate with products to compete favourably in new markets and relentlessly drive the pursuit of digital Banking innovation in order to shake off and completely reverse negative positions.

She stated that despite the tough operating environment, the deposit position continues to witness steady appreciation, which supports the business as the Bank drives initiatives to ramp up transactions as part of its strategy for the short and medium term.

“This also means that the Bank enjoys market confidence, which will enable the institution to thrive better in the months ahead with increased business conversion, profitability and growth needed to achieve sustainable returns,” she said.

Added to the above, Somefun also stated that “the Bank is seeing encouraging uptake in its digital Banking services and with expansion envisaged in the pursuit of enhanced retail franchise, fintech partnership, consumer banking and other innovative retail loans as well as diversification of portfolio investment, the outlook remains one of optimism’’.

Analysts expressed confidence that re-engaging the market in the short and medium term by deepening the retail end as part of the business strategy will drive more income streams to boost both market share and financial position in the days ahead.

[Featured Image Credit]

The post Unity Bank Records N38.2 Billion Gross Earnings in Q3’23 appeared first on Tech | Business | Economy.

Organized by payment processor, Verve Card Services Limited, the winners emerged in the August draw where other Unity Bank Plc customers also won prizes including fuel vouchers, electricity payments, shopping vouchers, etc.

The promotion, which started in August 2023, will run till January 2024. It presents an opportunity for all Unity Bank’s Verve cardholders, active and inactive, to win the different categories of prizes. However, customers are advised to activate their Verve Cards and increase their frequency of transactions across any transaction channels – POS, ATM and WEB in order to increase their chances of winning.

To win as a Unity Bank Verve card holder, customers are expected to perform at least two additional transactions with their Verve cards every week, with a customer’s chance of winning increasing with the frequency of transactions.

Congratulating the Unity Bank winners, the Head of E-Business, Eghomware Iyamu commended Verve Card for organizing the promo which is intended to drive uptake of technology, e-banking and financial inclusion.

He expressed satisfaction with the partnership that exists between the organization and Unity Bank which has been mutually beneficial in terms of increased adoption of the cashless society, digital payment and convenient Banking.

Speaking further on the reward, Iyamu stated: “Unity Bank is happy to continue the issuance of Verve Card whilst the promo presents a unique opportunity for Unity Bank customers who transact with their Verve cards to enjoy substantial financial benefits in cash, vouchers and other gifts”.

He added that “Verve Card also allows Unity Bank customers to take advantage of added security and convenience that comes with the Verve cards, which offers advanced security features, reducing the risk of fraudulent transactions; while providing customers with the convenience of making payments and withdrawals at numerous locations across the country.”

Mr Iyamu therefore invites customers of Unity Bank Plc to pick up and activate their Verve cards to enhance their overall banking experience.

As Nigeria’s top retail lender, Unity Bank values its customers and strives to offer them attractive incentives for their trust and patronage. This promo aligns with the bank’s commitment to rewarding customer satisfaction and loyalty.

The post Unity Bank Customers  Win Over N.5m In Verve Card Promo appeared first on Tech | Business | Economy.