Agropreneurs, Others Win N10m Grant In Unity Bank’s Corpreneurship Challenge
Retail lender, Unity Bank Plc has extended N10 million business grant to 30 members of the National Youth Service Corps, NYSC, who took part in the 10th edition of the Bank’s flagship Entrepreneurship Development Initiative, known as Corpreneurship Challenge. The winners, including upcoming entrepreneurs developing innovative solutions in several business value chains such as Honey production, Rice, and Snail farming, among others, claimed top positions after participating in a business pitch that took place across 10 state NYSC Orientation Camps – Katsina, Kano, Kwara, Imo, Rivers, Delta, Sokoto, Edo, Akwa-Ibom, and Osun recently. At the NYSC Orientation camp at Ikot Itie Udung, Nsit Atai, Akwa Ibom State, Azegba Chimuanya Perpetual, who pitched business on honey production emerged as the overall winner to clinch the N500,000 grand prize; while Iyorwa Kater Israel, a budding commercial rice farmer won N300,000 grant. Similarly, Egelonu Emmanuel Friday walked away with a N200,000 grant to support his Snail farming business. In the remaining nine states, no fewer than twenty-seven other winners also emerged, after pitching business plans across various economic segments including Fish production, Poultry farming, Fashion, Soap and Cake making, Printing, Piggery, Beverage making, etc. The Unity Bank Corpreneurship Challenge, which has proved its invaluable social benefit as an entrepreneurship development and job creation platform since its inception receives applications from thousands of serving NYSC Corp members. These business plans are then evaluated based on their originality, marketability, future employability potential of the product, and knowledge of the business. Speaking during the grand finale in Akwa Ibom State, Unity Bank’s Head of Retail and SME Banking Group, Dr. Opeyemi Ojesina said the Unity Bank Corpreneurship Challenge has earned its pride of place in Nigeria as one of the country’s foremost business incubation platform and entrepreneurship development. He said, “Unity Bank has sustained this Corpreneurship Challenge for the past five years, and throughout the period we have witnessed the tremendous impact it has had on youth empowerment and job creation in the country. And I believe that the innovative approach to entrepreneurship which the programme has adopted has enabled us to seamlessly integrate financial support, mentorship, and skill development to foster the growth of aspiring entrepreneurs.” He added, “At its core, the initiative addresses the unique challenges faced by small and medium-sized enterprises, as they recognize the sector as the backbone of economic development. And Unity Bank’s commitment to financial inclusion is exemplified through tailored financial solutions that empower corp members to actualize their business dreams.” Ojesina further explained that “the mentorship provided to participants adds unparalleled value, as it connects corp members with seasoned professionals who provide insights, guidance, and a roadmap for success,” emphasizing how Unity Bank recognizes that true empowerment extends beyond financial assistance to honing entrepreneurial skills”. The Corpreneurship Challenge has earned the Bank national recognition for its impact on youth empowerment and job creation, just as the scheme continues to elicit growing interest among the corps members, attracting over 2000 applicants and participation in every edition. In partnership with the NYSC Skill Acquisition and Entrepreneurship Development, SAED, the initiative prominently features a business pitch presentation that provides the participants with the opportunity to present their business plans and stand a chance to win up to N500,000 cash in the business grant. So far, Unity Bank has invested over N100 million in the initiative which has now produced 148 winners since it was launched.
Unity Bank Records N38.2bn Gross Earnings In Q3
Retail lender, Unity Bank Plc has recorded gross earnings of N38 billion for the nine-month period ended September 30, 2023, with customer deposits appreciating by 5% to N344.4 billion within the period, indicating business growth and customer confidence in the Bank. 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. 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, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun 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.
Customer Service Week: Unity Bank Rolls Out Rewards For Staff, Customers
As part of activities to mark it’s 2023 Customer Service Week, Unity Bank Plc staff and customers will win prizes while participating in engagement activities. The week-long celebration which runs from October 2 – 6, will see the Bank also celebrate the exceptional teams in its over 200 branches nationwide rewarding outstanding staff members, while reflecting on the theme of this year’s event – Team Service. To make the week memorable and exciting, all branches of the Bank will engage in several activities that reflect the importance of teams in delivering outstanding customer service in the Bank, while customers will receive cash rewards by taking part in online and offline special offers. Commenting on this year’s Customer Service Week celebration, Unity Bank’s Managing Director/Chief Executive Officer, Mrs Tomi Somefun while congratulating frontline teams and our customers reenacted the “Bank’s Service Charter which provides the benchmarks, culture and values as well as performance standards for upholding service excellence and commitment to our customers.” While describing the customers as the Bank’s lifeblood, Somefun said: “We celebrate our frontline teams for strongly and meaningfully reinforcing service excellence and on this score, our Bank does not take for granted your choice to Bank with us as we understand that choosing us is because of our shared values, commitment to excellence and exceptional service to you at all times.” “As we look to the future, we pledge to remain customer-centric, embracing innovation to serve you better and therefore make your satisfaction our top priority,” Somefun added. Also speaking, Chief Customer Service Officer of the Bank, Titilayo Abraham said: “This year’s theme, “Team Service” which incidentally is one of the bank’s core values could not have come at a better time with all the challenges being experienced in the banking sector. “As a result of this, we plan to have team-focused initiatives to laud and acknowledge the spirit of teamwork across the Bank. The intent is to endear our customers and cultivate a positive work environment among staff where every team’s contribution is not only recognized but deeply valued and applauded. In addition to our team-building sessions, we will have the team appreciation Wall of Fame, photo booths and themed backdrop banners at selected branches.” She added that “a significant highlight of this year’s celebration is the recognition of outstanding teams” because of the Bank’s firm belief “that investing in the development of our teams is essential to our collective success. The recognition serves as a small token of the Bank’s gratitude, designed to acknowledge the invaluable contributions and camaraderie that exists among teams”. The Bank continues to prioritise the customer over the past few years through increasing focus on digital strategy. For instance, over the past three years, it has maintained its commitment to customer service excellence by introducing innovative digital products such as the USSD banking *7799# in local languages, and mobile banking solution, UniFi which have boosted customers’ access to the Bank’s services, while facilitating convenience. These electronic banking channels are constantly updated with new and exciting features to put the customers first and make their banking experiences top-notch in the industry.
Unity Bank Suffers N35bn Loss On FG’s FX Policy
Unity Bank Plc’s profit in the first half of 2023 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. In the retail lender’s financials for the period, notwithstanding the FX liberalization policy and its impact on the bottom-line, the bank grew its FX trading income significantly by 17 per cent 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. According to the bank, deposits grew to N333.38 billion, representing a marginal increase of 2 per cent compared to N327.42 billion recorded in the first half of 2022 in its Half-Year unaudited financial statement submitted to the Nigeria Exchange Group Limited. The net loans portfolio reduced significantly by 31 percent to N198.6 Billion as at 30 June 2023 from N289.4 Billion as at 31st December 2022. The Bank’s NPL Ratio remained moderate at below 3 per cent while liquidity ratio stood strong at over 45 per cent. 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 N135 billion which moderated the negative shareholders’ fund from (-ve) N275 Billion in December 2022 financial year-end to (-ve) N178 Billion as at the end of June 2023, after absorbing the FX revaluation loss suffered in the second quarter of 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.
Market operators hail NGX’s N32.74m fine on Unity Bank, 7 others
Market operators have commended the Nigerian Exchange Limited (NGX) for the recent N32.74 million fine slammed on Unity Bank, Conoil and six other quoted companies for failure to file their unaudited financial statement after the regulatory due date. The companies were sanctioned during the current year 2023 for their inability to meet the regulatory requirements during the first quarter of 2023. The companies include Presco Plc, Ardova Plc, Briclinks Africa Plc, Universal Insurance Plc, Unity Bank Plc, Conoil Oil Plc, FBNH Plc, and Caverton Offshore Support Plc. Also, Presco Plc was fined N9.4 million, Ardova, N7.2 million, and Universal Insurance Plc will pay N4.7 million as fine accounting for a cumulative fine of N21.3 million and represented 65.05 per cent of the total fines levied on defaulters. The Managing Director of Crane Securities Limited, Mr. Mike Eze, while reacting to the development said the action of NGX would boost investor confidence in the market because it is sending a signal for investors to get companies’ financial reports as at when due. He added that investors needed to make informed decisions before choosing which stock to buy and this can only be achieved if there is adherence to good corporate governance by the quoted companies. “It is not a new thing, and it does not come to us as a surprise. We have constantly written to the exchange and raised the issue at annual general meetings that there is a need to know the status of these companies to enable us to take investment positions,” he noted. Also, the President of Progressive Shareholders Association, Mr Boniface Okezie, said it was better for Nigerians to have a few companies that are ready to play by the rules than to have all the companies in the world that are not ready to satisfy post-listing requirements. Okezie said that penalizing companies for non-compliance with the rules of listing on NGX was a welcome development, as it will lead to more appropriate pricing of securities. “We must always abide by the rules, sanctions would make the companies sit up and post their results as and when due, thereby providing investors, analysts, and stockbrokers the platform to predict the real value of the companies”. The Exchange in its X-Compliance report explained that the initiative was designed to maintain market integrity and protect the investors by providing compliance-related information on all listed companies. “Financial information which is periodic disclosure and ongoing material events disclosure should be released to The Exchange promptly to enable it efficiently perform its function of maintaining an orderly market”.
Unity Bank posts impressive 21% growth in Q1
Unity Bank PLC has recorded sustained improved performance in its first quarter of 2023. In its unaudited financials for the first quarter of 2023, the bank stated that it recorded a Profit after Tax of N1.04 billion, a 21 percent growth against N869.2 million it earned in the corresponding period of 2022. Its gross earnings for the quarter were put at N15.9 billion, a 17 per cent growth from N13.6 billion generated in the corresponding period of 2022. Managing Director/Chief Executive Officer, Unity Bank Plc, Mrs Tomi Somefun, said that the bank would remain laser-focused on its strategic choices and key growth drivers to push all the indices and elevate growth to double-digit territory. “The performance posted for Q1’23 in terms of the PBT, gross earnings, and other key indicators are strong reinforcement of adequate measures being adopted and a testament of our resolve to sustain and equally improve upon the fundamental initiatives adopted to strengthen growth throughout the course of the financial year. “Since late 2022, the bank has begun significant investment in technology and innovation in line with its strategic pursuits to win in the retail space with our focus on digital and lifestyle banking, dynamic product development, and accelerated onboarding. “As part of our transformation journey, we will double down on these investments in the coming months in order to achieve our aspirations of significantly reducing customer pain points and simplifying customer experience. “We will increase the rate of customer acquisition; expand the frontiers of partnerships; and ultimately develop new and sustainable income lines for the Bank,” she said. Somefun said that the bank would further give attention to fast-paced process automation, cost and resource efficiency, targeted value chain relationships, and brand visibility as it expands the range of products and services to meet the evolving needs of its esteemed customers. She said also that the bank’s focus on building back momentum had continue to reflect in the key performance indicators despite economic headwinds and volatilities that characterised the operating environment in the 2022 financial year. “There are highs and lows as we look at the gross earnings, with 13.7 per cent growth, increase in liquid assets by 7.5 per cent and deposits recording moderate growth of 1.6 per cent, while maintaining steady growth in profitability. “Overall, the financial statement thus threw up both strong and less optimal points which inform the outlook for our business”, she said. A major highlight of the financial year ended Dec 2022, is the growth in total comprehensive income, which rose by 262.1per cent to N1.2 billion from N744 million in the corresponding period of 2021. The bank grew Profit before Tax (PBT) by N1.1 billion, while Profit After Tax stood at N941.4 million. With the loan book sustaining an expansion by 7.5 per cent to N289.4 billion from N269.3 billion within the period under review, the interest and similar income consequently witnessed significant growth rising 7.5 per cent to close at N48.9 billion compared to N43.2 billion in the corresponding period of 2021. Similarly, income from fees and commissions recorded significant growth, rising by 25.7per cent to N7.68 billion from N6.1 billion within the period under review. More so, deposits from customers saw marginal growth, increasing by 1.6 per cent to N327.4 billion from N322.2 billion in the corresponding period of 2021 as the bank pushes for deeper penetration of its retail footprint with the rollout of products targeting different segments of the market.