Business
Unity Bank declares N44.59bn gross earnings in 2019
Unity Bank Plc on Wednesday declared gross earnings of N44.59 billion for the financial year ended Dec. 31, 2019.
The bank also posted profit before tax of N550 million in its first quarter (Q1) result released alongside the 2019 financial year result to the Nigerian Stock Exchange (NSE).
A review of the bank’s Q1 result showed that profit after tax rose by nine per cent to N506.07 million as against N464.87 reported in the comparative quarter of 2019.
The audited 2019 full year result showed that the bank recorded a profit before tax of N3.64 billion.
Its profit after tax closed at N3.38 billion, thereby consolidating on the gains of the reforms instituted by the Bank to grow a healthy balance sheet since the past two years.
Commenting on the results, Mrs Tomi Somefun, the bank’s Managing Director, said that “the potential in many aspects of the business as reflected in growing balance sheet of the Bank is indicative of market confidence in our repositioning efforts”.
“It is also noteworthy that playing in the agriculture sector as part of growth strategy and as bulwarks to drive value chain businesses in many segments of the retail market has continued to pay off.
“Looking ahead, we shall consolidate on the gains in the agribusiness, capitalizing on the growing profile in the sector, whilst also focusing on the youth market with increased investment in technology”,Somefun said.
She noted that the bank’s quest to deepen its retail play would go hand in hand with its focus on digital innovations.
“Already, we have deployed USSD banking, carried out augmentation of the platform to introduce local languages and further drive financial inclusion and have also launched omni-channel to cater for all segments of the banking public, especially the underbanked.
“In the coming years, the bank will be opening more channels and bundled products bouquet for identified cluster initiatives and also leverage and expand relationships with other partners to drive more growth in earnings and profits,” she said.
Somefun said that the bank had concluded arrangements to launch a healthcare product called UnityCares to tap into credit support intervention scheme for the Health sector being rolled out by Central Bank of Nigeria as stimulus packages.
She said the stimulus packages were rolled out by the apex bank to support the indigenous pharmaceutical companies and healthcare practitioners that hope to build and expand capacity. (NAN)
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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