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Union Bank grows net profit by 39% to N18.1b

Union Bank of Nigeria (UBN) Plc grew its net profit by 39 per cent to N18.1 billion in 2018 as improved credit risk management and reduction in credit impairment boosted the bank’s overall performance.
Key extracts of the audited report and accounts of Union Bank for the year ended December 31, 2018 showed that gross earnings dropped by 11 per cent from N163.8 billion in 2017 to N145.5 billion in 2018. Net interest income declined by 17 per cent from N66.7 billion to N55.4 billion while non-interest income also dropped from N39.3 billion to N35.2 billion.
With 113 per cent reduction in credit impairment, net income after impairments increased by 16 per cent from N80.64 billion to N93.5 billion. Profit before tax thus increased by 33 per cent from N13.9 billion to N18.5 billion. Profit after tax also rose from N13 billion to N18.1 billion. Earnings per share however declined by 11 per cent from 72 kobo in 2017 to 61 kobo in 2018.
The bank’s group balance sheet increased marginally by one per cent from N1.455 trillion in 2017 to N1.464 trillion in 2018. Customers deposit rose by seven per cent from N802.4 billion to N857.6 billion. Non-performing loan ratio for the bank improved from 20.8 per cent in 2017 to 8.1 per cent in 2018. Shareholders’ funds however dropped by 34 per cent from N337.7 billion in 2017 to N225.6 billion in 2018. Net asset value per share thus reduced from N11.79 in 2017 to N7.75 in 2018.
Managing Director, Union Bank of Nigeria (UBN) Plc, Mr Emeka Emuwa said the bank made significant strides in its areas of focus in 2018 despite the challenging operating landscape.
According to him, the bank’s priorities in 2018 were three pronged- enhancing its productivity across board, tightening up loan portfolio especially resolving key large exposures which drove non-performing loans up significantly at the end of 2017 and optimising the bank’s capital and funding base.
He pointed out that through an aggressive focus on recoveries and recognising fully provisioned loans on its books, the bank successfully reduced its non-performing loan ratio in line with guidance provided at the start of the year.
He noted that with the successful execution of its debut local currency bond issue to raise N13.5 billion and the tightening up of its loan portfolio, Union Bank is well positioned to continue executing key business priorities in 2019.
“In 2019, we will continue to maintain focus on recoveries while prudently rebuilding our loan book and maintaining a conservative risk profile,” Emuwa said.
He outlined that in the new business year, the bank will double-down on its productivity efforts to deliver its financial targets.
“We are harnessing synergies across our business segments to ensure we maximize opportunities across entire value chains, while centralising key business and operational functions for better efficiency, and prioritizing customer experience across all our touchpoints. We are also pleased to be introducing our women focused initiative, álpHer, which will provide a portfolio of financial and non-financial services to women across customer segments in Nigeria,” Emuwa said.
He noted that the bank has commenced its Long-Term Efficiency Acceleration Programme (LEAP), a comprehensive transformation effort to embed cost discipline across the bank with a view to delivering significant cost savings in 2019 and entrench a culture of efficiency across all areas of the bank.
Chief Financial Officer, Union Bank of Nigeria (UBN) Plc, Joe Mbulu, explained that the decline gross earnings was due to the loan book clean-up and resolution of key exposures.
He noted that notwithstanding significant investments to execute strategy including expanding agency banking footprint and aligning compensation with market for entry to mid-level employees, which increased operating expenses by 12 per cent, the bank ‘s core business delivered a 33 per cent growth to top-line pre-tax profit.
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GTBANK NAMED BEST OVERALL PERFORMING BANK IN NIGERIA IN THE BANKER’S TOP 1000 WORLD BANKS RANKINGS 2026
Guaranty Trust Bank Ltd (“GTBank” or the “Bank“), the flagship banking subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group“), has been named the Best Overall Performing Bank in Nigeria in The Banker magazine’s Top 1000 World Banks Rankings 2026.
The recognition reaffirms GTBank’s position as one of Nigeria’s leading financial institutions and reflects the Bank’s consistent delivery of strong financial performance, operational excellence, and sustainable growth. The rankings evaluate banks globally using audited financial results, assessing institutions across financial strength, operational efficiency, risk management, liquidity, growth, and profitability.
GTBank ranked 1st Overall as best performing Bank and also ranked 1st in Efficiency and Soundness. The Bank secured 2nd place in other metrics such as Return on Risk, Liquidity, Growth, Leverage and Profitability, demonstrating exceptional performance across all major Banking metrics
Speaking on the achievement, Mrs Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Being named the Best Overall Performing Bank in Nigeria by The Banker is a recognition that means a great deal to us, not just because of the prestige of the publication, but because of what it represents; the hard work of our People, the loyalty of our Customers, and the strength we continue to draw from being part of the Group. Ranking 1st in Overall Performance, Efficiency, and Soundness reflects our disciplined approach to banking, the synergies we harness across the GTCO Group, and our relentless focus on delivering real value. We do not take this recognition for granted. It deepens our resolve to keep raising the bar, to serve our customers better every day, and to remain a Bank that consistently delivers value to all its stakeholders, and to the GTCO Group we are proud to belong.”
This recognition reinforces GTBank’s position as one of Africa’s leading Banking franchises and reflects the strength of its business model, disciplined execution, and sustained investment in innovation. It adds to the Bank’s growing portfolio of international accolades and underscores its enduring commitment to delivering exceptional customer experiences, driving sustainable growth, and creating long-term value for customers, shareholders, and the communities it serves.
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GTCO Launches Second Edition of #BeatTheDistance Initiative, Donating 3,000 Bicycles Across Six States in Nigeria
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the 2026 rollout of its social impact initiative called #BeatTheDistance.This is a nationwide intervention aimed at supporting school children in underserved communities through the provision of bicycles to ease their daily commute to school.
Marking the second edition of the initiative, GTCO will distribute 3,000 bicycles to schoolchildren across six states in Nigeria—Ebonyi, Jigawa, Benue, Oyo, Akwa Ibom, and Ekiti. The programme builds on the impact of its inaugural rollout in 2019 and underscores the Group’s commitment to improving access to education through practical, community-focused interventions.
By helping to reduce the transportation challenges faced by students who travel long distances to attend school, the initiative seeks to improve school attendance, support learning outcomes, and create opportunities for young people to pursue their education with greater ease and confidence.
Speaking on the initiative, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said: “Education remains one of the most powerful tools for transforming lives and creating opportunities. Through the #BeatTheDistance Initiative, we are supporting students whose determination to learn is often tested by the distance they travel each day to access education. By providing these bicycles, our goal is to create an environment where more children can achieve their full potential by reducing fatigue, improving attendance at school, and expanding learning outcomes for children of school age.
He further added: “At GTCO, we believe that meaningful impact comes from addressing real challenges within communities. #BeatTheDistance is one of the ways we are investing in the future by supporting young people and helping to create conditions that enable them to succeed. We remain committed to initiatives that promote inclusion, expand access to opportunities, and contribute to sustainable development.”
The initiative forms part of GTCO’s broader commitment to social impact and sustainable development, particularly in the areas of education, youth empowerment, and community advancement. By helping students spend less time commuting and more time learning, #BeatTheDistance continues to deliver practical support where it is needed most, empowering young people to pursue their education and unlock their full potential.
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ZENITHBANKCHAMPIONSTRADEANDINVESTMENTAT6THCANADA-AFRICABUSINESS CONFERENCE
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ZenithBankPlcreaffirmeditscommitmenttoadvancingtrade,investmentandeconomiccooperationbetweenCanadaandAfricaastheHeadlineConferenceSponsorofthe6thCanada-AfricaBusinessConference, held on Wednesday, 24 June 2026 at Eko Hotel & Suites, Victoria Island, Lagos.OrganisedbytheCanada-AfricaChamberofBusiness,theconferencebroughttogetherahigh-levelCanadian business delegation representing 31 companies, alongside senior government officials, businessleaders, investors, policymakers, diplomats and development partners. The gathering set out to strengthencommercial relations between Canada and Africa and to position Nigeria as a strategic gateway for Canadianbusinesses seeking opportunities across the continent.The Canadian delegation comprised companies and institutions operating across financial services, security,mining andcritical minerals,legal andprofessional services, infrastructure, technology, healthcare, educationand clean energy. Among those present were GardaWorld, Dentons, Baywood Group, Element, Trilliant andother leading Canadian enterprises exploring commercial opportunities and strategic partnerships in Nigeria.The Executive Director of Zenith Bank Plc, Mr. Akin Ogunranti, who delivered the keynote address on behalfof the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, described the conference as a timelyplatform for deepening commercial partnerships between Canada and Africa amid shifting global economicrealities. He underscored Africa’s readiness to lead the next phase of global economic growth, stressing thatthecontinent now possessestheinstitutions,policy frameworks andpartnershipsrequiredtoturn its immensepotential into shared prosperity.“The question is not whether Africa is rich in potential. It is whether we can turn that potential into prosperityour people can feel. For the first time, the answer is yes, because of the machinery we are now building,” hesaid.RepresentingtheGovernorofLagosState,HisExcellencyMr.BabajideSanwo-Olu,thePermanentSecretary, Ministryof Commerce, Cooperatives, Trade andInvestment, Mr. Babatunde Onigbanjo,reaffirmedthe State Government’s commitment to fostering an enabling environment for investment and internationalpartnerships, and highlighted Lagos’ position as Nigeria’s commercial hub and gateway to African markets.“Canada bringstothe tableconsiderable expertise,capital, innovation,and astrong traditionof institutionbuilding.Africa,andindeedLagos,offerscale.Weoffertalent,creativity,marketopportunitiesandanincreasingly sophisticated business environment. Together, these strengths create a compelling foundationfor transformative partnership,” he said.Speaking at the event, the Deputy High Commissioner of Canada to Nigeria, Mr. Carlos Rojas-Arbulú, notedthattheconferencereflectsthegrowingmomentuminbilateralcommercialcollaborationbetweenbothcountries. He said: “The relationship between Canada and Nigeria is not new. It is rooted in diplomacy, trade,education,culture,migration,andshareddemocraticvalues.Buttoday,Ibelieveweareenteringanewchapter: one that is more ambitious, more practical, and more human.” -
TheChairoftheBoardoftheCanada-AfricaChamberofBusiness,PaulaCaldwellSt-Onge,highlightedNigeria’sgrowing economic significance,saying: “Nigeria’s growth isnot theoretical.It is alreadybeing built byNigerian entrepreneurs, investors, financial institutions, innovators and companies whose ambition reachesacross Africa and around the world.”She also acknowledged Zenith Bank’s role in advancing the conference’s objectives, stating: “Zenith Bank isnot only oneof Africa’s leadingfinancial institutions, it isthe capital behindwhat you seehere today, and itrepresents the skill, ambition, discipline, innovation and excellence that this conference seeks to showcase.”Theconferencefeaturedhigh-levelpaneldiscussionsonCanada-Africacommercialrelations,investmentopportunitiesacrossprioritysectors,andtheimplementationoftheAfricanContinentalFreeTrade Area(AfCFTA). The sessions brought together policymakers, business executives and industry experts to identifypracticalpathwaysforstrengtheningcommercialpartnershipsandacceleratingsustainableeconomicdevelopment.The conference is expected to strengthen Nigeria’s attractiveness as a destination for Canadian investment,while opening new opportunities for technology transfer, private sector collaboration, job creation and long-termeconomicgrowth.ItalsoreinforcesNigeria’spositionasastrategichubforbusinessesseekingtoaccess opportunities across Africa under the AfCFTA, supporting the country’s ambition to expand its role inregional and global trade.
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