Business
Unity Bank Grows Gross Earnings to N57Billion in 2022FY, Builds
Momentum as Profit Grows by 21% in Q1/2023
LAGOS.02.06.23. Nigeria’s retail lender Unity Bank Plc has posted a Profit Before Tax of N1.1 billion for its full-year results that ended Dec 2022, even as its gross earnings rose by 13.1% to N57 billion from N50.2 billion in the corresponding period of 2021.
The Bank in its audited full-year financial statement submitted to the Nigeria Exchange Group Limited recorded growth in key performance indicators as reflected in the interest income, loans and advances to customers, customer deposits, and profits.
A major highlight of the financial year is the growth in total comprehensive income, which rose by 262.1% 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% 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% 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 25.7% 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% 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.
Meanwhile, the Bank also released its unaudited financials for Q1, 2023, in which it sustained improved performance, posting a 21% growth in Profit After Tax, PAT to N1.04 billion from N869.2 million in the corresponding period of 2022. Its gross earnings for the quarter also rose by 17% to N15.9 billion compared to N13.6 billion in the corresponding period of 2022.
Commenting on the financial statements, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun noted that the Bank’s focus on building back momentum continues to reflect in the key performance indicators despite economic headwinds and volatilities that characterized the operating environment in the 2022 financial year.
“There are highs and lows as we look at the gross earnings, with 13.7% growth, increase in liquid assets by 7.5% and deposits recording moderate growth of 1.6%, while maintaining steady growth in profitability”, she stated.
“Overall, the financial statement thus threw up both strong and less optimal points which inform the outlook for our business”, she further stated.
She reassures that going into the new financial year, the Bank will remain laser-focused on our 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”, Mrs. Somefun stated.
She further said: “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 (1) significantly reducing customer pain points and simplifying customer experience; (2) increasing the rate of customer acquisition; (3) expanding the frontiers of partnerships; and (4) ultimately developing new and sustainable income lines for the Bank.”
According to her, the Bank will 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.
Analysts are of the view that the growing retail footprint driving the repositioning strategy of the Bank aligns with the market expectations, which is also reflected in the increasing uptake of the Bank’s offering.
Now that you understand personal finance, let’s explore the importance of setting financial goals. Establishing clear, actionable objectives is essential for effective money management and long-term financial success. Here’s a structured approach to help you define and achieve your goals:
- Define Your Financial Goals
Identify your financial aspirations, categorizing them into short-term, medium-term, and long-term goals:
- Short-Term Goals: Achievable within a year, such as building an emergency fund or saving for a vacation.
- Medium-Term Goals: Targets spanning one to five years, like purchasing a new car or funding education.
- Long-Term Goals: Plans for over five years, such as retirement savings or establishing a substantial investment portfolio.
- Make Goals SMART
Enhance your goals using the SMART framework:
- Specific: Define your objectives clearly, e.g., “Save NGN2,000,000 for a vacation.”
- Measurable: Ensure quantifiable goals, like “Save NGN100,000 monthly.”
- Achievable: Set realistic targets based on your finances.
- Relevant: Align goals with your values, ensuring they matter to you.
- Time-Bound: Establish deadlines, e.g., “Save NGN2,000,000 by December 2026.”
- Create an Action Plan
Break down goals into actionable steps:
- Budgeting: Track income and expenses to identify savings opportunities.
- Saving and Investing: Allocate funds to suitable accounts and consider automating contributions.
- Debt Management: Include a plan for reducing debts, prioritizing high-interest loans.
- Monitor Progress and Adjust Regularly review your progress:
- Track Milestones: Set interim check-ins, such as quarterly savings reviews.
- Adjust as Needed: Modify goals if financial situations change.
- Celebrate Achievements: Recognize milestones to maintain motivation.
- Seek Professional Advice
For complex goals, consider consulting a financial advisor. They can provide personalized guidance, incorporating factors like inflation and exchange rates into your strategy.
Conclusion
Setting financial goals is crucial for effective money management. By defining SMART goals, creating actionable plans, and regularly monitoring your progress, you can achieve financial stability and work toward your long-term dreams. Remember, financial planning is an ongoing journey, and commitment to your goals will lead to a secure future.
FBNQuest is a leading Merchant Banking and Asset Management group in Sub-Saharan Africa that delivers a wide range of financial services through various businesses – Corporate and Investment Banking, Investment Management (Asset Management, Alternative Investments, Agency Services and Trustees) and Institutional Securities (Structured Products, Fixed Income, Currencies & Treasury and Equities) | https://fbnquest.com
Now that you understand personal finance, let’s explore the importance of setting financial goals. Establishing clear, actionable objectives is essential for effective money management and long-term financial success. Here’s a structured approach to help you define and achieve your goals:
- Define Your Financial Goals
Identify your financial aspirations, categorizing them into short-term, medium-term, and long-term goals:
- Short-Term Goals: Achievable within a year, such as building an emergency fund or saving for a vacation.
- Medium-Term Goals: Targets spanning one to five years, like purchasing a new car or funding education.
- Long-Term Goals: Plans for over five years, such as retirement savings or establishing a substantial investment portfolio.
- Make Goals SMART
Enhance your goals using the SMART framework:
- Specific: Define your objectives clearly, e.g., “Save NGN2,000,000 for a vacation.”
- Measurable: Ensure quantifiable goals, like “Save NGN100,000 monthly.”
- Achievable: Set realistic targets based on your finances.
- Relevant: Align goals with your values, ensuring they matter to you.
- Time-Bound: Establish deadlines, e.g., “Save NGN2,000,000 by December 2026.”
- Create an Action Plan
Break down goals into actionable steps:
- Budgeting: Track income and expenses to identify savings opportunities.
- Saving and Investing: Allocate funds to suitable accounts and consider automating contributions.
- Debt Management: Include a plan for reducing debts, prioritizing high-interest loans.
- Monitor Progress and Adjust Regularly review your progress:
- Track Milestones: Set interim check-ins, such as quarterly savings reviews.
- Adjust as Needed: Modify goals if financial situations change.
- Celebrate Achievements: Recognize milestones to maintain motivation.
- Seek Professional Advice
For complex goals, consider consulting a financial advisor. They can provide personalized guidance, incorporating factors like inflation and exchange rates into your strategy.
Conclusion
Setting financial goals is crucial for effective money management. By defining SMART goals, creating actionable plans, and regularly monitoring your progress, you can achieve financial stability and work toward your long-term dreams. Remember, financial planning is an ongoing journey, and commitment to your goals will lead to a secure future.
FBNQuest is a leading Merchant Banking and Asset Management group in Sub-Saharan Africa that delivers a wide range of financial services through various businesses – Corporate and Investment Banking, Investment Management (Asset Management, Alternative Investments, Agency Services and Trustees) and Institutional Securities (Structured Products, Fixed Income, Currencies & Treasury and Equities) | https://fbnquest.com
Business
Interswitch Group Returns as Headline Sponsor for Africa’s Biggest Tech Product Conference – Inspire Africa 2024
Interswitch Group, one of Africa’s leading integrated payments and digital commerce companies, has been unveiled, for the 2nd year running, as the headline sponsor for the Inspire Africa Conference, the largest gathering of product professionals in Africa, organized by the Silicon Valley Product Group (SVPG).
The annual conference, which is enjoying keen support from the Interswitch Group for the second consecutive year, is slated to take place from Tuesday, October 15, 2024, to Friday, October 18, 2024, at the Eko Convention Centre, Victoria Island, Lagos.
The 2024 edition, themed “Product is Hard”, highlights the challenges and intricacies of product development while showcasing innovative solutions and best practices from industry leaders to empower Africa’s product community.
The conference aims to bring together global product leaders and professionals to empower Africa’s product community and drive sustainable growth in the digital payment space, offering practical training and expert guidance for the product community in Africa.
Interswitch’s sponsorship of the conference underscores its commitment to nurturing talent within Africa’s tech ecosystem, actively supporting the development of the next generation of product professionals.
Interswitch’s sponsorship of the conference underscores its commitment to nurturing talent within Africa’s tech ecosystem, actively supporting the development of the next generation of product professionals. Christian Idiodi, Partner of Silicon Valley Product Group and Co-Founder of Inspire Africa Conference, said, “We are so grateful to have such a strong partnership with Interswitch. Mitchell, alongside his product and innovation teams, continue to support how we drive innovation in Nigeria and across Africa. With their partnership we are able to continue to build the next product leaders who are building tech to solve problems in Africa, for Africa.
Interswitch recognizes the vital role that product professionals play in shaping the future of technology and business. By supporting the conference, Interswitch aims to propel the growth of these professionals, fostering a dynamic community of innovation that transcends boundaries and drives meaningful change across the continent.
Speaking about the sponsorship, Tomi Ogunlesi, Divisional Head, Brands & Communications at Interswitch Group, said,
“At Interswitch, our commitment to fostering digital transformation in Africa drives us to equip product experts with the essential skills needed to thrive in an ever-evolving landscape. This sponsorship underpins our dedication to nurturing a vibrant community of innovators. We are excited to contribute to the growth of African talent and innovation, ensuring that Africa’s product professionals are fully prepared to meet the challenges of the future.”
The event will feature a host of local and international product leaders including Marty Cagan, Christian Idiodi, Chidi Afulezi and other partners from the Silicon Valley Product Group (SVPG).
Participants will gain valuable insights during the four-day event, which features engaging panel sessions, fireside chats, masterclasses & workshops, and networking sessions led by founders, product leaders and professionals from the product ecosystem, all dedicated to upskilling African product experts.
The Inspire Africa Conference has built a reputation for bringing together the brightest minds in the tech product space, offering a unique opportunity to exchange ideas, share insights, and explore cutting-edge solutions that will define the future of Africa’s technology ecosystem.
By throwing its weight behind initiatives like the Inspire Africa Conference, Interswitch is reaffirming its belief that empowering Africa’s product community will unlock unprecedented opportunities for growth, innovation, and economic transformation on the continent.
Notes to Editors:
About Interswitch
Interswitch is a leading technology-driven company focused on the digitization of payments and commerce across Africa. Founded in Nigeria in 2002, Interswitch disrupted the traditional cash-based payments value chain in Nigeria by supporting the introduction of electronic payments processing and switching services, and launched Verve, Africa’s premier and leading domestic EMV-standard chip and pin payments card scheme.
Today, Interswitch is a leading player with critical mass across Africa’s developing financial ecosystem and is active across the payments value chain, providing a full suite of omni-channel payment solutions. Interswitch’s vision is to make payments a seamless part of everyday life in Africa, and its mission is to create transaction solutions that enable individuals and communities to prosper across Africa. Interswitch’s broad network and robust payments platform have been instrumental to the development of the Nigerian payments ecosystem and provide Interswitch with the infrastructure to expand across Africa. See more at www.interswitchgroup.com
About Inspire Africa Conference
The Inspire Africa Conference brings together local and international product and training leaders to drive impact in the African product community and is organised by a few amazing companies ( Silicon Valley Product Group, Product Leadership Accelerator, Innovate Africa Foundation, Innovate Africa Fund & Work Nigeria); all working to upskill African product experts.
The second annual Inspire Africa Conference comes on the tails of a wildly successful conference in 2023. The event continues to be the only one of its kind on the African continent with robust product training opportunities and offers:
– Upskilling by world-renowned product experts
– Job readiness training by Worknigeria and employment partners
– Networking opportunities in Africa and around the world
– Insight into career opportunities for product experts
– Paths to funding for Founders
This year’s conference focuses on how to build and lead when solving complex problems in challenging landscapes and how hiring top talent, optimising product teams and leveraging new technologies like AI can drive success.
Visit inspireafricaconference.com for more details about the conference.
For more details of the companies behind the conference visit:
svpg.com
innovateafricafoundation.org
innovateafricafund.com
worknigeria.com
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