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Unity Bank Posts N36.18 Billion Gross Earnings In Nine Months

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Unity Bank

Nigerian lender, Unity Bank Plc has declared gross earnings of N36.18Billion for the nine-month period ended September 30, 2021, and a 23% growth of PAT totaling N1.94Billion for the same period.  

A review of the unaudited results for the 3rd Quarter of 2021 released to the Nigerian Exchange Group Limited showed that the Bank’s gross earnings of N36.18Billion represents a moderate 7% growth from N33.9 Billion recorded in the same period in 2020.

Also, with the strong performance recorded during the period under review buoyed by a 31% growth in its loan book to N265.32Billion from N202.08Billion recorded in 2020, the lender also grew its asset base by 17% to N574.56Billion from N492.02Billion recorded in December 2020.

The Bank’s Profit Before Tax for the period under review grew by 23% to N2.11Billion from N1.71Billion in the corresponding period in 2020.

This sterling performance comes amid fragile recovery and volatilities in the operating environment and key macroeconomic indicators following the global Covid-19 pandemic, weak market sentiments and inflationary trends, as well as tough regulatory headwinds that have impacted severely on economic activities.

The lender also substantially grew its net interest income to N14.63Billion from N12.67Billion in the same period in 2020; creating a 15% uptick from the value of the Bank’s rising loan portfolio and an improvement in its transaction banking activities with its customers, achieved through excellent service delivery.

The lender’s fees and commissions averaged 16% to report an increase of N4.56Billion from N3.92Billion within the period under review, attributable to a dividend of the Bank’s strategic retail play which has boosted transaction volume.

Commenting on the result, Unity Bank’s Managing Director/CEO, Mrs. Tomi Somefun expressed satisfaction with the performance indices of the Q3/2021 financials. Particularly inspiring are the growing loan book and quality of assets (31% growth), cash and balances with the CBN (24% growth) and PBT (23% growth), altogether adding to the consecutive growth of the balance sheet in the last couple of years.

In her overall assessment, she stated that “the market is increasingly beginning to see the efforts in the strategic refocussing of our business and diversification of our earnings base which is translating into tangible results even as we strive to meet the expectations of our esteemed customers and cherished stakeholders.

“In addition, she said that while the Bank’s focus on agribusiness has provided both brand and business benefits while the institution has also made significant investment in the development of the retail market in order to grow its market share in various target segments by scaling up operations in the niche market.”

Somefun also stated that the Bank shall remain dynamic by embracing current and emerging market trends in technology, effectively targeting the youth market, driving financial inclusion in the women segment, developing robust product marketing to create value through a focus on digital strategies to facilitate transaction and e-banking channels.

Looking ahead, Mrs. Somefun stated: “We are optimistic that nothing will threaten to upend the current COVID-19 recovery, especially as the Bank is poised towards building an increased momentum to ride the wave of the economic headwinds, even as the growing inflationary pressures and the soaring energy prices still remain a concern.

According to the Unity Bank’s boss, “Ours is a continuous balancing act and revolutionary performance towards repositioning the business nationwide via tapping into emerging opportunities across the banking space, including the digital financial services spheres”.

Analysts believe that the consistent growth trajectory in the Bank’s balance sheet as shown in Q1, H1 and Q3, 2021 results continue to reinforce growing market confidence as well as demonstrates the commitment and drive of the management to enhance shareholder’s value.

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Access Bank Partners SME.NG To Launch Ebi Marketplace

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Access Bank Plc has partnered SME.NG, Bank of Industry (BOI), LAPO Microfinance Bank, Chapel Hill Denham and the Impact Investment Foundation Nigeria to launch the Ebi Marketplace.

This is contained in a statement by Access Bank made available to the AllNews Nigeria on Tuesday in Lagos.

Ebi Marketplace is a Nigerian innovation for female entrepreneurs, consisting of an access to capital market, an e-commerce mall and a knowledge market for female entrepreneurs in Nigeria seeking to digitise their businesses.

The statement said that Ebi Marketplace was conceptualised and developed by SME.NG, as a tangible solution to the impact of COVID-19 on female entrepreneurs.

The Ebi Marketplace aims to close the gender digital divide in Nigeria by supporting women’s digital literacy and financial inclusion, while providing access to capital and markets.

Ms Thelma Ekiyor, “SME.NG is committed to investing in facilitating female entrepreneurs’ profitability, so that they are positioned for infusion of capital.”

According to her, this innovation is supported by Nigerian investors for the Nigerian market.

“We at SME.NG see ourselves as an indigenous solutions provider in Nigeria’s Small and Medium Enterprises ecosystem. Women in Nigeria establish businesses more than men but struggle to grow beyond a certain point.

“We believe we have a strategic role to play in breaking that financial and growth ceiling,” she noted.

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Dollar To Naira Exchange Rate Today 17 November 2021

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Dollar To Naira Exchange Rate Today 14 October 2021 (Black Market Rate)

Latest Dollar to Naira rate at the official and black market exchange rate Today November 17, 2021.

Official dollar rates as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates can be accessed below.

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

The official rate today, Wednesday, November 17, for $1 dollar to naira = ₦413.74/$1.

According to the data at the FMDQ Security Exchange where forex is traded officially, the exchange rate between the naira and the US dollar opened at ₦413.74/$1 on Wednesday 17, after it closed at ₦415.10 to a $1 on Tuesday, 16 November 2021.

How much is exchange rate of Dollar to Naira in Black Market today?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) for today, Wednesday, November 17th sells between N535 and N540/1$, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Trading at the official NAFEX window

The exchange rate between the naira and the US dollar opened at ₦413.74/$1 on 17th November 2021 after closing at ₦415.10/$1 on November 16th. Showing a change of -0.20%.

According to data from FMDQ, forex turnover stands at $62.53 million.

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Headline Inflation Reduces To 15.99% In October — NBS

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Inflation

Nigeria’s headline inflation declined for the seventh consecutive month to 15.99 per cent in October, Mr Simon Harry, the Statistician-General of the Federation has said.

He said this on Monday in Abuja at a media conference while presenting the October Consumer Price Index (CPI).

According to Harry, the headline inflation reduced from 16.63 per cent recorded in September, indicating a 0.64 per cent decline.

He said, “With this it means that the declining trend for about seven months portends a positive signal given the favourable economic conditions, that rate of inflation in Nigeria would come down to a bearable level.

“So we are hoping that necessary measures will be put in place by government policymaking bodies to maintain this trend.”

Harry, however, said that it was not expected that the downward trend of the inflation figures would be affected by disruptions to economic activities due to violence in some parts of the country.

He added that it was rather very difficult to have such consecutive decline in the trend affected, except there was a shock in the system.

“We pray that there would be no shock to change the narrative and as long as there is no shock we expect that the decline would continue and the inflation rate would continue to decrease rather than remain static or increase,” he said.

Headline Inflation Reduces To 15.99% In October

The report indicates that the headline index increased by 0.98 per cent in October, indicating a 0.17 per cent decline than the 1.15 per cent recorded in September.

It also said the percentage change in the average composite CPI for the 12 months period ending in October over the average of the CPI for the previous 12 months period was 16.96 per cent, showing 0.13 per cent point from 16.83 per cent recorded in September.

It said, “The urban inflation rate increased by 16.52 per cent (year-on-year) in October 2021 from 14.81 per cent recorded in October 2020, while the rural inflation rate increased by 15.48 per cent in October 2021 from 13.68 per cent in October 2020.

“On a month-on-month basis, the urban index rose by 1.02 per cent in October, down by 0.19 per cent than the rate recorded in September (1.21) percent, while the rural index also rose by 0.95 per cent in October, down by 0.15 per cent than what was recorded in September (1.10) per cent.”

The NBS said that composite food index rose by 18.34 per cent in October 2021 compared with 17.38 per cent in October 2020.

It added that the rise in the food index was caused by increase in prices of food products such as coffee, tea and cocoa, milk, cheese and eggs, bread and cereals, vegetables and potatoes, yam and other tuber.

However, on month-on-month basis, the food sub-index increased by 0.91 per cent in October, down by 0.35 per cent points from 1.26 per cent recorded in September.

The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.24 per cent in October, up by 2.10 per cent points when compared with 11.14 per cent recorded in October.

According to the report, on month-on-month basis, the core sub-index increased by 0.80 per cent in October, down by 0.44 per cent point when compared with 1.24 per cent recorded in September.

“The highest increases were recorded in prices of gas, fuels and lubricants for personal transport equipment, vehicle spare parts, non-durable household goods, solid fuel, passenger transport by road, passenger transport by air, garments and cleaning.

“Others are repair and hire of clothing, major household appliances whether electric or not, wine, clothing materials, other articles of clothing and clothing accessories and Liquid fuel,” it said.

For state profiles, the report said that for the month under review, all items inflation on a year-on-year basis was highest in Bauchi at 19.63 per cent, Gombe at 19.33 per cent and Jigawa at 19.07 per cent.

Meanwhile, Kwara at 11.82 per cent, Edo at 13.31 per cent, and Rivers at 13.66 per cent recorded the slowest rise in headline year-on-year inflation.

On a month-on-month basis, however, October 2021, recorded the highest increases in Cross River at 2.14 per cent, Benue/Kebbi tied at 2.02 percent and Yobe 1.71.

The slowest rise in inflation for all item occurred in Adamawa at 0.18 per cent with Kano and Kogi recording price deflation or negative inflation (general decrease in the prices of goods and services or a negative inflation rate).

The report also said that food inflation on a year-on-year basis was highest in Kogi at 23.69 per cent, Gombe at 23.29 per cent and Jigawa at 21.91 per cent, while Edo at 13.16 per cent, Rivers 14.46 per cent and Adamawa at 15.42 per cent recorded the slowest rise in year on year food inflation.

On month-on-month basis, food inflation was highest in Kebbi at 2.29 per cent, Yobe at 2.23 per cent and Akwa Ibom at 2.16 per cent with Kano, Kogi, Osun and Oyo recording price deflation or negative inflation.

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

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