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Union Bank reports 20% growth in PBT H1, 2024, despite CBN’s intervention

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Despite the challenging environment following the Central Bank of Nigeria’s intervention in January 2024, which led to heightened customer concerns, Union Bank of Nigeria has reported a profit before tax of N79.8 billion on gross earnings of N333 billion during the half year ended June 30, 2024 compared with a profit before tax of N66.5 billion on gross earnings of N210.5 billion during the corresponding period of 2023, representing a growth of 20 percent in profit before tax and 58 percent in gross earnings.

The Bank said in a statement that,”This accomplishment demonstrates the bank’s resilience and commitment to delivering results in uncertain times.”

Commenting on the results, Yetunde B. Oni, Managing Director and Chief Executive Officer of the Bank ,said: “I am pleased that Union Bank of Nigeria has delivered a progressive financial performance in the first half of the year, with a significant boost in Net Interest Income, Net Operating Income, and Net Trading Income.

“At the beginning of the year, our top priority was to keep the momentum going with a strong focus on stability following the intervention of the Central Bank of Nigeria. We also continued with the planned strategic priorities, which are centred around scaling our digital play, driving hypergrowth in target sectors, optimising our wholesale bank structure, aggressively ensuring recoveries of past-due obligations, and orchestrating a robust ecosystem play through existing and new partnerships.

“So far, we are seeing the direct impact of our strategy on our financial performance. We achieved a substantial increase in Gross Earnings by 58% to ₦333bn compared to ₦210.5bn in H1 2023. Net Operating Income after Impairments increased by 32% to ₦143.6bn from ₦108.5bn in H1 2023, attributed to enhanced interest income, fees, commissions, and margin expansion. Similarly, we achieved Profit Before Tax (PBT) of ₦79.8bn, representing 20% growth compared to ₦66.5bn in H1 2023.

“In pursuit of our strategic priority to scale our digital play, Union Bank successfully launched its digital lending platform, UnionKash. This platform enables existing and new-to-bank customers to access soft loans easily. Since its launch in the first quarter of the year, over 14,000 customers have successfully accessed soft loans through the USSD code 82641#.

“These achievements reflect the remarkable resilience and dedication of our staff, who have been instrumental in navigating the challenges of a demanding operating environment. Despite the pressures of inflation, exchange rate volatility, and increased operational costs, our team has remained steadfast and committed to delivering excellence. I extend my sincere appreciation to all our employees for their hard work and unwavering dedication, which have been critical to our success in the first half of 2024.

“I also want to express our deep gratitude to our customers, whose loyalty to the Union Bank brand has been unwavering. Their trust and continued patronage have been vital to our success, and we remain committed to serving them with excellence. Additionally, we acknowledge the invaluable support from our regulators as we navigated the complexities of our operating environment.

“In line with the realities of our environment, the bank has initiated the process of recapitalisation. The Banking Sector Recapitalisation Program, introduced by the Central Bank of Nigeria (CBN), mandates banks to increase their minimum paid-in common equity capital to a specified amount by April 2026, per their license category and authorisation. This strategic initiative is not only aimed at aligning our capital adequacy with regulatory standards but also at surpassing them, thereby fortifying our financial stability and positioning us to capitalise on emerging market opportunities.

“As we move forward, our focus remains on building a controlled, compliant, and profitable organisation. We are committed to maintaining strong governance frameworks, ensuring regulatory compliance, and driving sustainable profitability. These pillars will not only fortify our financial stability but also position us to capitalise on emerging opportunities in the market. I am confident that with our continued focus on these priorities, we will sustain our positive momentum and deliver long-term value to our stakeholders.”

Speaking on the H1 2024 numbers, Acting Chief Financial Officer Oluwagbenga Adeoye said:
“Our H1 2024 financial performance is a testament to the Bank’s resilience because it came on the backdrop of a slow start, occasioned by the high inflationary environment, exchange rate volatility, increased power costs and other factors.

“Nevertheless, we were not entirely insulated from these shocks as Non-Interest Income reduced marginally in H1 2024 by 3% to ₦108.3bn from ₦112.1bn in H1 2023 due to foreign exchange revaluation loss. Operating Expenses increased by 52% to ₦63.8bn against ₦42bn in H1 2023, majorly due to the high inflationary environment, increased power cost and increased non-discretionary regulatory cost. Notwithstanding, our Cost to Income Ratio remains below 50% at 44% compared to 39% recorded in H1 2023 on the back of implementing planned cost-efficiency initiatives.

“The Bank continued to grow its loan book cautiously, with gross loans increasing by 24 percent to ₦1.93 trillion compared to ₦1.55 trillion in December 2023, customer deposits grew marginally by one percent to ₦2.36 trillion from ₦2.34 trillion in December 2023, reflecting the impact of socio-economic pressures on our operating environment.

“In the second half of the year, we will focus on improving efficiency and driving our non-interest income. We are confident that we will finish the year strong and sustain the returns on equity and returns on assets, which stood at 40.6% and 3.68%, respectively.”

Further analysis of the Bank’s performance during the reviewed period showed that its net operating income after impairments rose to N143.6 billion from N108.5 billion in 2023, representing a growth of 32 percent, non-interest income reduced marginally by three percent to ₦108.3 billion from N112.1 billion during the corresponding period of 2023 due to foreign exchange revaluation loss.

Operating expenses moved up remarkably by 52 percent to ₦63.8 billion from N42 billion in the corresponding period of 2023, resulting from the inflationary environment,increase in power costs and increase in non-discretionary
regulatory costs.

In the same vein, gross loans increased by 24 percent to ₦1.93trn from N1.55trn in December 2023 while customer deposits went up marginally by one percent to ₦2.36 trillion from N2.34 trillion in Dec 2023, reflecting the impact of the challenges posed by the socio-economic environment on its operations.

Note to Editors:
About Union Bank Plc:
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc is a household name and one of Nigeria’s long-standing and most respected financial institutions.
The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank currently offers a variety of banking services to both individual and corporate clients, including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance. The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile
Banking, Debit Cards, ATMs, and POS Systems.

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Banking and Finance

Wema Bank Announces the 7th Edition of Hackaholics

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…Introduces 3 tracks, 7 Verticals, millions of naira in grant prizes

Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has announced the 7th edition of its flagship innovation initiative, Hackaholics. The announcement was made at the official press conference which took place on July 1, 2026, at the Wema Bank Head Office in Lagos, Nigeria. Launched in 2019, Hackaholics is Wema Bank’s youth and tech-focused initiative designed to serve as a platform for young Africans with creative, game changing, tech-driven ideas and products, to bring their ideas to life. Since its launch, Hackaholics has discovered thousands of groundbreaking solutions, supported over 10,000 startups, engaged 50,000 participants, developed over 100 solutions from scratch and disbursed $500,000,000 in grant prizes to dozens of winners whose remarkable solutions have earned a top spot in the past 6 editions. With the launch of Hackaholics 7.0, Wema Bank is set to execute the biggest Hackaholics edition yet.Themed “Powering Possibilities”, Hackaholics 7.0 will kick off with an open call for applications, calling on all young Africans with creative tech-driven solutions across any of the 7 verticals: Financial Inclusion, Healthcare, Digital Transformation, Education, Sustainability, Social Impact and Future of Work. Each application is to be made via the portal at hackaholics.wemabank.com, under one of three tracks: The Startup Pitch Competition, Hackathon and the newly introduced Social Impact track. Following the application window, Hackaholics 7.0 will then proceed on a national tour which will touch 10 pitch centres across the six geopolitical zones of Nigeria. Each pitch centre will serve as a hub for innovators within the region to pitch their creative solutions and get the opportunity to secure the top spot in their pitch centre, and ultimately, proceed to the grand finale where the winners of Hackaholics 7.0 will be announced. Speaking on the Bank’s inspiration behind Hackaholics’ exceptional seven-year journey, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the Bank’s commitment to powering innovation, empowering youth and promoting economic growth in Africa. According to him, “At Wema Bank, we believe that institutions have a responsibility that extends beyond providing commercial services. We have a responsibility to create meaningful opportunities, provide the right resources, enable innovation to thrive, and support the ecosystems that will shape today’s youth as well as tomorrow’s economy. This sense of responsibility is what has driven the evolution of Hackaholics from inception till date. With Hackaholics, we have, and we are investing in the next generation of innovators, inspiring innovation that will impact lives, strengthening Nigeria’s innovation ecosystem and giving youth a platform to make meaningful use of their creativity; and the numbers continue to speak volumes”. Declaring the application window open, Tajudeen Bakare, Wema Bank’s Divisional Executive, Business Support, added, “As we launch Hackaholics 7.0 today, we are opening up a new phase of opportunities for more Nigerian youth to challenge themselves, explore their creativity and become startup founders. I encourage every young Nigerian with a passion for innovation to leverage the opportunity that we have carefully curated through Hackaholics and get ahead of the curve in today’s dynamic work landscape. Together, we can continue to build an ecosystem where innovation flourishes, opportunities expand, and young people are empowered to create solutions that shape the future”. Hackaholics 7.0 is free, and open to any Nigerian youth who has innovative ideas and solutions to pitch. Interested startups and innovators can apply at hackaholics.wemabank.com. All updates on the Hackaholics 7.0 journey will be made available on the Bank’s website @wemabank.com as well as its social media platforms @wemabank and @alat_ng.

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Banking and Finance

Access Bank UK Polo Day Drives Global Support for Education of Vulnerable Children

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London, United Kingdom – June 30, 2026: For many children, the biggest barrier to success is not talent; it is access. Across parts of Nigeria and other underserved communities, the absence of basic educational resources continues to limit what is possible for thousands of young people. Access Bank UK Polo Day has, over the years, positioned itself as a platform designed to address that gap.Scheduled for July 4, 2026, in Windsor, the event will convene a global audience of business leaders, philanthropists, royalty, and high-net-worth individuals. While it remains one of the most anticipated fixtures on the social calendar, its focus is clear: to mobilise resources and partnerships that support education for vulnerable children.What sets the Polo Day apart is how it converts visibility into impact. The event brings together a network of influence and directs it towards practical outcomes, funding classrooms, supporting learning programmes, and enabling children to stay in school.Through its collaboration with UNICEF and local partners, funds generated have supported education initiatives that target some of the most pressing challenges, including access to facilities, materials, and consistent schooling. These interventions have helped thousands of children continue their education despite economic and social barriers.The objective for 2026 is to extend this reach, raising more support and improving the scale and quality of interventions. At its core, the initiative is driven by a simple idea: that education should be accessible, regardless of circumstance.This year’s event will also host His Royal Highness, Alhaji Abdulmumini Kabir Usman, as Special Guest of Honour. He will present the Emir’s Cup, adding a layer of heritage and continuity to the occasion.A respected figure in both sport and community leadership, the Emir represents a long-standing polo tradition in Nigeria, as well as a broader commitment to social development. His participation reflects the wider purpose of the event: connecting influence, legacy, and impact.Jamie Simmonds, Managing Director of Access Bank UK, highlighted the importance of the initiative: “This event is about using our platform to create access where it is most needed. By bringing together the right partners and supporters, we are able to deliver outcomes that can make a real difference in the lives of many children.”Over time, the Polo Day has evolved into more than an annual event. It has become a consistent channel for mobilising support and delivering measurable social impact, demonstrating how corporate platforms can be used to address real challenges.As preparations continue, the significance of the 2026 edition lies in what it enables. At the end of it all, the real outcome is simple: more children in school, more opportunities created, and better futures made possible.

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Banking and Finance

Fidelity Bank Partners YEIDEP to Empower Nigerian Students

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Leading financial institution, Fidelity Bank Plc, has reaffirmed its commitment to youth empowerment, financial inclusion and entrepreneurship through a strategic partnership with the Youth Economic Intervention and De-radicalization Programme (YEIDEP), a Federal Government-backed initiative designed to equip young Nigerians with the skills, support and opportunities required to build sustainable livelihoods.As part of the collaboration, Fidelity Bank is supporting the enrolment of students and young people into the YEIDEP programme, which aims to address youth unemployment, promote enterprise development and expand economic participation among Nigeria’s growing youth population.The next phase of the initiative will take place at Nnamdi Azikiwe University, Awka, where the institution has confirmed its readiness to host the enrolment exercise for students and youths across the Southeast region. According to the Office of the Vice Chancellor, the exercise is scheduled to hold from July 1 to July 3, 2026, at the University’s Convocation Arena and is expected to target more than 60,000 regular undergraduate students.Speaking on the partnership, Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc, noted that empowering young people remains central to the bank’s vision of building a more inclusive and prosperous society.”At Fidelity Bank, we believe that Nigeria’s greatest asset is its people, particularly its youths. Equipping young Nigerians with the right skills, opportunities and financial support is essential to unlocking their potential and accelerating national development.”Through our digital banking platforms, financial literacy initiatives, youth-focused products and strategic partnerships, we continue to provide young people with the tools they need to succeed in an increasingly competitive world. We recognize that access to funding, mentorship and business development support remains a major challenge for many aspiring entrepreneurs, and we are committed to creating pathways that help them overcome these barriers”, said Ede.The Bank added that its support for YEIDEP aligns with its longstanding commitment to empowering Micro, Small and Medium Enterprises, which remain critical drivers of economic growth and job creation in Nigeria.Interested youths and students are encouraged to open accounts and register through the dedicated Fidelity Bank portal at https://eserve.fidelitybank.ng/oap/?youth=true.

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