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Unity Bank Plc has announced a Total Assets size of N476.15bn for the the quarter ended 30 September 2016 representing an increase of 7.4% or N32.6bn over N443.3bn recorded as at 31 December, 2015.

According to the company’s filing with the Nigerian Stock Exchange (NSE), the Bank grew Customer’s Deposit to N263.91bn at the end of the quarter ended September, 2016 indicating an increase of N32.5bn or 14% from N231.4bn as at 31 December 2015; a development that analysts have interpreted as a measure of customers’ growing confidence and increased business momentum.

Furthermore, the various cost optimization strategies and other operational overhauls which were embarked upon by the new Management of the Bank saw operating expense plumet by 14% or N3.1bn to N19.6bn against N22.8bn recorded in Q3/2015.

Overall, the Bank posted a PBT of N3.8bn for Q3/2016, despite the challenging operating environment and economic headwinds. The posted PBT for Q3/2016 was lower than the corresponding Q3/2015 of N10.3bn.

While commenting on the result, the  MD/CEO of Unity Bank Plc, Mrs. Tomi Somefun noted that “economic headwinds stifled business growth during the period accompanied by increased inflation and foreign exchange illiquidity. Nevertheless, the Bank remains firmly committed to delivering value to our stakeholders as the Bank made profit on the back of an efficient balance sheet and cost containment initiatives”.

In addition, she emphasized that the Bank has continued to maintain and sharpen its focus on executing strategic choices aimed at creating a large diversified bank with a strong retail/SME base, development of array of products and consolidating market confidence to boost its growth trajectory”.

According to analysts, with the Bank’s repositioning efforts and consistent focus to tap into the emerging opportunities in the enlarged financial services space within Nigeria, Unity Bank is poised to deliver quality banking services to emerging sectors in Retail/Small and Medium Enterprises, Commercial and the Agricultural value chain. The Bank currently has over 240 branches spread across all the six geo-political zones of the country and leveraging on its e-banking platforms and other delivery channels to meet customers’ expectations.

The Bank is said to be building strong infrastructure for retail banking and the ongoing transformation initiatives will surely consolidate Unity Bank as a retail bank of choice, culminating in superior financial performance and value to all stakeholders.

BIG STORY

Kings of Finance: GTBank Named Africa’s Most Admired Finance Brand

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Guaranty Trust Bank plc has been ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa. The rankings were announced in a novel global virtual event and will be published in the June issue of the African Business magazine.

In a special report examining the results of the 2020 survey, the founder of Brand Africa, Thebe Ikalafeng, said GTBank’s “clever marketing, global presence and some of its flagship food and fashion events have undoubtedly helped make it a fixture of daily life in some of its key markets, especially its home base Nigeria.” He added that the bank, which recently won plaudits for building a 110-bed Care Centre in response to the Covid-19 Pandemic, “has taken banking and finance to the people.”

GTBank has long been regarded as one of Africa’s outstanding brands and enjoys a massive youth following thanks to its innovative and forward-thinking approach to financial services and customer engagement. It currently commands the largest social media following amongst all financial institutions in Africa and in 2019, the Bank hosted over 700,000 people at its consumer-focused events, GTBank Food and Drink Festival and The GTBank Fashion Weekend, among them dozens of business leaders and industry experts from around the world.

In 2019, GTBank removed all banking charges for young undergraduates under the age of 25 on its GTCrea8 Account Package. The move was unprecedented in the financial services sector but not unusual for a bank that had pioneered Zero-Naira Account Opening in the country, and in which people over the age of 65 also bank for free. GTBank is also blazing the trail in digital technologies; after leading the USSD banking revolution in Nigeria with its 737 Service, the bank is driving the digitization of consumer lending with Quick Credit, a first-of-its-kind digital lending product that gives individuals and small businesses instant, real-time access to loans anytime, anywhere via their mobile phones.

Brand Africa’s ranking of GTBank as Africa’s Most Admired Finance Brand is only one of its many accolades. In 2019, the was recognized as the Best Bank in Africa and Best Bank in Nigeria, by the Euromoney Magazine and the Best Banking Group and Best Retail Bank Nigeria by World Finance Magazine. In the same year, the Bank also dominated the Central Bank of Nigeria’s Electronic Payment Incentive Scheme (EPIS) Efficiency Awards for the third year in a row, taking home 8 of the 12 honours for banks at the forefront of driving the digitalization of financial services.

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COVID-19: CBN Issues Directive To Banks, Reduces Interest Rates

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The Central Bank of Nigeria (CBN) has reduced interest rates on its facilities through participating in Other Financial Institutions (OFIs).

The rate has been slashed from 9 to 5 percent per for one year, effective March 1, 2020.

This was contained in a circular to banks on Wednesday by the Director of Financial Policy and Regulation Department, Kevin Amugo.

Similarly, CBN intervention facilities obtained through participating OFIs, Microfinance Banks (MFBs), Primary Mortgage Banks, among others would be given a further one-year moratorium on all principal repayments.

This is also effective on March 1, 2020.

OFIs have equally been granted leave to consider temporary and time-limited restructuring of the tenor and loan terms for households and businesses, subject to the recently issued guidelines for restructuring affected credit facilities in the OFI sub-sector.

The Director, Corporate Communications Department, Isaac Okoroafor, said the decisions were part of the bank’s efforts to cushion the effects of coronavirus on Nigerians, businesses and regulated institutions.

He assured that the CBN would also continue to monitor developments and implement appropriate measures to safeguard financial stability and support stakeholders impacted by the COVID-19 pandemic.

However, the Monetary Policy Committee (MPC) meeting of the CBN for the month of May will be held on Thursday.

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BUSINESS

GTBank Celebrates Children’s Day

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