Banking
Unity Bank Improves Gross Earnings 17% to N42.2bn in Q3
By Aduragbemi Omiyale
In the third quarter of 2022, a retail lender, Unity Bank Plc, improved its gross earnings by 17 per cent to N42.2 billion from the N36.2 billion recorded in the same period of 2021.
A review of the Agric-focused lender’s unaudited nine-month results released to the Nigerian Exchange (NGX) Limited showed that this growth was influenced by the introduction of new products that are focused on deep penetration and driving volume in the retail market space.
The lender also substantially grew its interest income to N36.3 billion from N31.4 billion in the same period in 2021, creating a 15 per cent uptick from the value of the Bank’s loan asset portfolio.
The bank’s increased investment in digital banking platforms empowered its retail potential to deliver an impressive 17 per cent growth in fees and commission to N5.3 billion, closing September 30, 2022, from N4.6 billion recorded in the corresponding period in the year 2021.
While maintaining the retail expansionary and customer-centric business model, Unity Bank Plc continued its growth momentum as total loans and advances as of September 30, 2022, reported N284.2 billion, which represents a 6 per cent spurt from the N269.3 billion recorded in the corresponding period of 2021, even as the lender maintains strict compliance with the prevailing prudential guidelines.
Other key highlights of the 9-month financials included customer deposits of N334.7 billion, representing a 4 per cent increase from N322.3 billion in the corresponding period. The position underscores the increasing market uptake for the bank’s product innovation and mass-market-oriented retail focus that continues to boil wide acceptance across various segments of the mass market.
The lender’s performance comes on the heels of a fragile recovery from the global pandemic buffeted by economic headwinds, including rising inflationary trends, interest rate hikes, foreign exchange volatilities, etc., which have impacted the overall economic outlook in the country and the rest of the world severely.
Also, Unity Bank reported a profit before tax of N2.206 billion and a post-tax profit of N2.029 billion, 5 per cent higher than the N1.9 billion recorded in the same period of 2021.
Commenting on the results, the Managing Director/CEO of Unity Bank Plc, Mrs Tomi Somefun, said that the outlook for the full year 2022 remains positive, reflecting optimism, stability, and growth in key performance indicators.
She noted that the growth trajectory recorded in the bank’s revenue (17%), Profit (5%), and deposit (4%), etc., is a testament to the positive sentiment in the market, especially at a time the market is experiencing a downturn with high inflationary trend and volatility which impacts negatively on the operating environment.
She stated that “as we take further bold and audacious steps to round up the year on a stronger note, the Bank will create more initiatives even in the very short term to broaden its retail focus, ride on novel technology and digital Banking to push aggressively on product marketing in addition to major activations in identified market segments to attract sustainable streams of income for the bank.”
“The outlook for our financial position for the current year is bright as the bank is increasingly innovating with products and collaborative strategies to diversify our portfolio businesses while taking advantage of robust technological resources to take on mass market & the unbanked sector, thereby boosting income and liability generation and financial inclusion of the banking ecosystem,” she said.
In the view of analysts, the growing retail franchise of the lender will create a sustainable income with a stronger foothold in the market, which will impact business growth and the financial position of the bank.
By Dipo Olowookere
Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.
The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.
The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.
Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
“Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.
“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.
“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.
“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
By Dipo Olowookere
Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.
In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.
It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.
All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.
Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.
They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.
“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.
“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.
“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.
Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”
By Dipo Olowookere
Customers may have difficulty accessing the digital platform of Polaris Bank, known as VULTe, during the Easter holidays from Friday, April 3, to Monday, April 6, 2026.
This is because the financial institution is carrying out system maintenance on the platform in its effort to ensure users enjoy a better banking experience.
In a notice over the weekend, the lender said “access to VULTe may be limited,” but it provided an alternative, which is the PolarisXperience.
Polaris Bank, which expressed regret over “any inconvenience” this action may cause its customers, said the “scheduled system maintenance” would happen from 10 pm to 8 am daily, promising that normal service would return after the maintenance.
“In continuation of our commitment to delivering a seamless and improved banking experience, we will be conducting a scheduled system maintenance during the Easter holidays.
“During this period, access to VULTe may be limited. We have provided an alternative channel, PolarisXperience:
“Please go to our website to onboard or use it as an existing user. You can also use this link: (https://elogin.polarisbanklimited.com).
“We regret any inconvenience and appreciate your understanding. Normal service will resume after the maintenance,” parts of the notice seen by Business Post read.
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