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Union Bank reports 461% growth in PBT in Q3, 2023

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Union Bank Plc has announced a significant financial performance for the third quarter ending September 30, 2023. The bank reported a profit before tax (PBT) of N102.3 billion, reflecting an impressive growth of 461.1 percent compared to the PBT of N18.2 billion in the corresponding period of 2022. This notable achievement is attributed to a surge in gross earnings, which reached N309.1 billion, marking a 120 percent increase from N140.6 billion in 2022.

The financial highlights further showed a substantial rise in non-interest income, soaring to N144 billion from N28.3 billion in the same period of 2022, denoting an exceptional growth of 409 percent. Net operating income after impairments also experienced a remarkable upswing by 121 percent, reaching ₦168.7 billion, compared to N76.3 billion in 2022.

Operating expenses increased by 14.2 percent to ₦66.4 billion, attributable to factors such as the inflationary environment, elevated power costs, and non-discretionary regulatory expenses. Despite this, the bank demonstrated a robust performance with gross loans escalating by 38.1 percent to ₦1.38 trillion, and deposits witnessing a substantial 30 percent increase, reaching ₦1.93 trillion, a testament to the unwavering confidence of customers in the brand.

Commenting on the results, Mudassir Amray, Managing Director and CEO, expressed satisfaction with the strong financial results, citing a record-breaking revenue increase and impressive profitability figures. He attributed these achievements to the bank’s strategic positioning of the balance sheet, effective liability generation, and the creation of responsible risk assets.

Amray emphasised that the growth in revenue and profitability exceeded expectations, underscoring the success of the wholesale banking strategy. Non-interest income saw a phenomenal surge of 409 percent, reaching ₦144 billion. The CEO highlighted the bank’s customer-centric approach, robust product portfolio, and innovative channels as key contributors to the 30 percent growth in customer deposits.

The bank remains well-capitalized with a capital adequacy ratio (CAR) of 15.4 percent, and non-performing loans remain below the regulatory limit at 3.7 percent. Amray expressed optimism about the future, citing strong business fundamentals, a customer-centric approach, and a dedicated team that positions the bank to seize opportunities in the evolving market.

In addressing the merger of Union Bank of Nigeria and Titan Trust Bank, Amray indicated that the process is nearing completion, with all regulatory requirements being fulfilled. He believes that the merger will further strengthen the bank’s position and financial performance.

He said: “We remain optimistic about the future and are confident in our ability to sustain momentum. Our strong business fundamentals, customer-centric approach, and dedicated team puts us in a solid position to seize the opportunities in this rapidly evolving market. On the merger of Union Bank of Nigeria and Titan Trust Bank, we are fast approaching the finalisation of the process and are fulfilling all the regulatory requirements. We believe that the merger will strengthen our position and financial performance.”

“Net operating income after impairments increased by 121 percent to ₦ 168.7 billion from ₦76.3 billion in September 2022 on the back of increased net revenue across our key business segments – corporate, retail and SME. Although our operating expenses increased by 14 percent to ₦66.4 billion compared to ₦58.1 billion in September 2023, we significantly improved our Cost to Income Ratio to 39.3 percent from 76.1 percent recorded in September 2022. This improvement was due to our effective management of costs, implementation of efficiency measures, optimisation opportunities, and strong revenue growth. The high inflationary environment, non-discretionary regulatory costs, and power costs mainly caused the increase in operating expenses.

“The Bank maintained a solid balance sheet position as Gross Loans grew strongly by 38.1 percent to ₦1.4 trillion compared to ₦.1.0 trillion in December 2022 and Customer deposits by 30 percent on the back of increased New-to-Bank customers, sales promotion, and product patronage. Given the unwavering confidence our customers have bestowed on us, we are confident of finishing the year strong. The Bank will continue to invest in technology to improve customer interactions across our channels and drive efficiency.”

//Ends

Notes to Editors:
About Union Bank of Nigeria, PLC.
Union Bank was established in 1917 and is one of Nigeria’s longest-standing and most respected financial institutions. We offer a portfolio of banking services to individual, SME, public, commercial, and corporate clients, and our vision is to be Nigeria’s most reliable and trusted partner.

Our offerings include savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance. These services are provided through our digital channels, including online banking, mobile banking, debit cards,point-of-sale terminals, and an extensive network of over 281 sales and service centres and 823 automated teller machines spread across Nigeria.

Following receipt of all regulatory approvals, Titan Trust Bank (TTB) acquired all the issued shares of Union Bank of Nigeria. TTB is majority owned by TGI Group, a Nigerian conglomerate.

Union Bank employs all its resources to achieve its mission to make lives better by delivering the simplest, smartest solutions and guaranteeing the best experience across its various touch points, with a strategy focused on the right talent, optimised processes and platforms, robust technology, and a re-energised brand.

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Ecobank Partners Nigeria Chess Federation: To Host 2024 National Schools’ Team Chess Competition

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Lagos, April 15, 2024 – Ecobank Nigeria Limited, a subsidiary of the Ecobank Group, has entered a strategic partnership with Nigeria Chess Federation (NCF) to host the 2024 National Schools’ Team Chess Competition. The competition is scheduled to hold between 24th – 28th May 2024 at the Ecobank Pan African Centre (EPAC) in Victoria Lagos. It is open to students from primary, Secondary and Tertiary education level with prizes of over N10 million to be won. Representatives of the Ministry of Education, Sports and Youth Development, parents, teachers, embassies and several others are expected at the event. Registration and participation are free, and School’s team can register by sending an email to: nationalschoolsteamchess@gmail.com Managing Director/Regional Executive, Ecobank Nigeria, Bolaji Lawal, said the decision of the bank to sponsor the Chess competition was to further showcase Ecobank’s commitment to supporting intellectual and sports development in Nigeria, being part of Ecobank’s strategic human capital development drive.“Children and youth empowerment is part of our shared objective as the pan-African Bank. It aligns with our overall long-term vision of building a world class Pan African bank that contributes to the economic and financial integration of the continent. We are also using the opportunity of this competition to introduce and empower them with convenient, affordable, and accessible digital financial services they can access anytime and anywhere they are. Arrangements are in place to make the competition exciting and fulfilling for both the children and undergraduate students”. He stated.Vice President, Nigeria Chess Federation, Prince Adeyinka Adewole said Chess, the game of Kings and Queens, has proven to be more than just a pastime, stating that it is an educational tool that enhances critical thinking, concentration, and problem-solving skills. While commending Ecobank for being a good ‘corporate citizen’ for sponsoring the competition, he noted that the competition will promote and showcase the skill and talent of chess players from Nigerian schools, while promoting teamwork, fostering a spirit of sportsmanship among participants, and providing networking opportunities to players.He enjoined all the institutions to take advantage of this opportunity to participate in the prestigious event, adding that participation will undoubtedly contribute to the championship’s success and provide an enriching experience for the participating students.Ecobank has embarked on several initiatives to develop youths in the country. The bank through a collaboration with the International Institute of Tropical Agriculture (IITA), is currently providing training and support services on Agribusiness which includes aquaculture, horticulture, poultry, and value addition to 16,000 youths in Nigeria. Also, Ecobank recently partnered with Learntor to provide capacity building for youths through Agile, Scrum, Data Analytics, Business Analysis, Cyber Security, and Scrum Master Certifications. The bank has also refurbished and donated learning equipment, provided digital training for students and promoted financial literacy in several schools across the country.

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LAWMA Welcomes April Interns  

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LAWMA Academy, the educational arm of the Lagos Waste Management Authority, has welcomed a fresh set of candidates, for its one-month internship for the month of April.The interns were all recent graduates of various universities in the country, across different academic disciplines.Addressing the interns, the Managing Director/CEO of LAWMA, Dr. Muyiwa Gbadegesin, congratulated them for making the internship programme, as it would assist them, to learn as much as possible about waste management and inherent benefits.He noted that waste was really not waste but resource, urging them to embrace the business opportunities offered by the circular economy value chain, where so-called waste becomes wealth and blessing, to individuals, society and the environment.According to him, “This internship will go a long way in exposing you to the positive and rewarding side of waste management. I am sure you are aware that nothing is a waste until you waste them. What used to be waste is now a resource that can be harvested to make money and improve lives. Indeed, it’s a long value-chain you can tap into, depending on your area of interest. It is a promising and highly rewarding venture.”Speaking further, the LAWMA boss urged them to pay good attention to the practical aspects of their training and arm themselves with determination, to become change agents and champions of environmental sustainability.Speaking in the same vein, the Executive Director of LAWMA, Mr. Kunle Adebiyi, urged the interns to maximize the knowledge gained, to leverage their areas of interest along the value-chain, for personal enterprise and good reward.He said, “This is a good opportunity for you to acquire knowledge and make money from modern waste management initiatives. What is important for you here, is to pay attention to the various things you will be taught, so that you can decide where to key in, for future enterprise and handsome financial rewards”.Similarly, LAWMA Academy had last month ran a one-month internship programme for some graduate and post-graduate candidates, representing the first batch of interns for this year. The candidates who enjoyed in-depth training in modern waste management from various departments of the agency, received completion certificates, after presenting their group final project, an illustrative diagram on circular economy, relating to manufacturing industries, to the LAWMA boss.LAWMA Academy, has since the beginning of this year, taken environmental advocacy to more than 5,000 pupils of public schools across the state, in Eti-Osa, Ikeja, Mushin, Ijora –Olopa, Agege, Victoria Island, and other areas.The pupils were enlightened on LAWMA’s diverse operations, effects of indiscriminate waste dumping, making money from recyclables, usage of trash bags and cans, shunning cart pushers and the need to patronise assigned PSP operators.The founding objective was to expand the frontiers of knowledge on waste management, by teaching it as much as possible, to the younger generation for new cultural orientation and perception of waste management, for environmental sustainability. It is the basis for stretching the dragnets to bring in as many young people as possible into the fold, to form the vanguard of environment ambassadors, for a new culture and orientation, for a people-friendly environment.LAWMA Academy Internship, is a monthly programme of environmental and waste management education, for willing candidates.

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Cryptotimes Africa and 4 Other Crypto-Focused Publications shaping the narrative of cryptocurrency in Africa

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It’s no doubt that Africa has emerged as a hotbed for cryptocurrencyadoption and innovation. With a growing interest in digital assets andblockchain technology, several publications have sprung up to cater tothe information needs of crypto enthusiasts across the continent.Among these, Cryptotimes Africa stands out as a leading source of newsand insights on the African crypto scene. Let’s take a closer look atCryptotimes Africa and five other noteworthy publications that areshaping the narrative of cryptocurrency in Africa.1. Cryptotimes AfricaAs the name suggests, Cryptotimes Africa is dedicated to covering allthings crypto-related on the African continent. From news updates andmarket analysis to interviews with industry experts, this publicationoffers a comprehensive view of the rapidly evolving crypto landscapein Africa. With a focus on promoting blockchain adoption and financialinclusion, Cryptotimes Africa serves as a valuable resource for bothnewcomers and seasoned veterans in the crypto space.2. Bitcoinke.ioBitcoin Africa is another prominent publication that provides in-depthcoverage of Bitcoin and other cryptocurrencies in Africa. With a teamof experienced writers and analysts, Bitcoin Africa deliversinsightful articles, guides, and reviews to help readers navigate thecomplexities of the crypto market. Whether you’re interested intrading strategies, regulatory developments, or technologicalinnovations, Bitcoin Africa has you covered.3. TechnextTechnext is a broad tech publication with a strong focus on Africanstartups, innovation, and trends, coverage includes articles onblockchain technology, cryptocurrencies beyond Bitcoin, and theirapplications in Africa.4. Tech CabalTech Cabal focuses on providing in-depth analysis and reporting on theAfrican tech ecosystem, including funding rounds, investment trends,and interviews with key players. While its primary coverage is notsolely focused on cryptocurrencies, Tech Cabal features insightfularticles on blockchain technology, cryptocurrency adoption in Africa,and the regulatory landscape. Targeting investors, entrepreneurs, andprofessionals working in the African tech sector, Tech Cabalcontributes valuable insights to the broader conversation on cryptoinnovation in Africa.5. NairametricsNairametrics is a financial and business news platform with a focus onthe Nigerian economy and markets. While covering a wide range offinancial topics, Nairametrics includes articles on cryptocurrenciesas an investment asset class, analysis of their impact on the Nigerianfinancial sector, and regulatory updates. Targeting investors,business people, and those interested in the financial sector inNigeria, Nairametrics provides valuable insights into the evolvinglandscape of cryptocurrencies in Africa’s largest economy.In conclusion, Cryptotimes Africa and the aforementioned publicationsare playing a crucial role in shaping the narrative of cryptocurrencyin Africa. By providing reliable news, analysis, and educationalresources, these platforms are empowering individuals and businessesto participate in the digital economy and seize the opportunitiesoffered by blockchain technology. As the crypto revolution continuesto unfold, these publications will undoubtedly remain essential guidesfor enthusiasts and professionals alike.

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