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Unity Bank Sustains Growth Momentum, Posts 43% Profit Growth in Q1/2021
Nigeria’s foremost agric lender, Unity Bank Plc has sustained the growth momentum demonstrated in its 2020 full year earnings as it recorded an impressive performance of 43% in both profit before and after tax in Q1-2021.
In the Bank’s unaudited Q1-2021 results submitted to the Nigerian Stock Exchange on Friday, the retail lender’s Profit Before Tax grew by 43% to N784.3million from N550.1million recorded in the corresponding period of 2020.
The Profit After Tax for the period which also grew by 43% stood at N721.5million compared to the N506.1million recorded in Q1-2020.
As an outcome of increased focus on supporting local enterprises and industry, the asset portfolio also showed a significant growth in loan book of 76% as net loans and advances to customers increased to N223.2billion up from N126.6billion recorded in the corresponding period. The total assets of the Bank for the period showed an appreciable growth of 42% to close at N521.5billion from N366.8billion in the corresponding period of 2020. The balance sheet of the bank had been considerably de-risked with an NPL ratio of near zero per cent (0%) which it had consistently maintained over time, thus making the Bank to rank as one of the best in risk management and credit creation culture.
The Bank recorded gross earnings of N11.5billion, representing marginal decline of 3% when compared to N11.9billion posted in the corresponding period of 2020. The remarkable positive growth in profit and other strong indicators recorded in Q1-2021 is a sign of the Bank’s growing resilience as the economy continues on a recovery path following the impacts of COVID-19 pandemics.
Other key highlights of the Q1-2021 results included the cash and balances with the Central Bank which recorded a whopping 326% leap to close at N111.2billion from N26.1billion in the corresponding period of 2020.
The lender also grew its customer deposits by 13% to N348.3billion up from N308.8billion recorded in the period under review, a strong indication of the growing popularity and acceptance of the Bank’s array of innovating products and services and the arrays of new technologies deployed in its operations to enhance high level of customers’ experience and service delivery.
Interest and similar income also recorded a marginal increase of 1% to N9.7billion compared to N9.6billion posted in the corresponding quarter of 2020. However, net interest income recorded a 16% increase to N4.8billion from N4.1billion in the corresponding period of 2020.
Total operating income also rose by 3% to N6.6billion from N6.4billion, even as the net operating income rose by 12% to close at N6.7billion from N5.9billion in the corresponding period of 2020.
Commenting on the result, the Managing Director/CEO, Unity Bank Plc, Mrs. Tomi Somefun said that the first quarter result is a promising indication of better outcome for the year, profoundly reflecting the Bank’s renewed focus on driving efficiency and productivity anchored on targeted initiatives to grow both volume and quality of assets and offer a wide range of customer-centric products supported by novel technologies to its teeming and growing customers in all the six-geopolitical zones in Nigeria.
The top-line performance was driven by improvement in net interest income margins which reported 16% growth. To this, Mrs. Somefun stated the Bank’s is replicating the same momentum in the area of liability generation and to gain traction, “we are targeting opportunities across regions and identified segments in retail and SMEs whilst optimising our technology and digital platforms such as Omni-channel UniFi, USSD *7799# to deliver bundled product bouquet, operational efficiency and improved unparalleled customer service delivery. Like the multi-language service channels, customers are to expect more innovations as the year unfolds”.
Looking ahead, the Unity Bank’s Chief further stated: “The Bank will consolidate on the gains it has made on its assets growth and further build the franchise of the brand in many areas of the business to shake off any lethargy to galvanize efficiency across its earning assets, thereby diversifying its earnings base to further grow the bottom-line”.
The Bank will thus continue to play formidably and efficiently in the area of its strength especially in the niche space of agribusiness to get more involved in the value chain banking having firmly established its strong foothold in the financing of primary crop production such as rice, maize, cotton, wheat, sorghum, etc. coupled with their rich and robust structures in value creation. In her words, “we hope to continue to expand on this as we play our part in driving the nations’s quest for self-sufficiency in food production, employment generation, foreign exchange conservation and all allied advantages that come with agribusiness.”
Analysts commend the Q1-2021 result for the strong fundamentals and for the positive outlook in the future, even as market confidence continues to reflect encouraging momentum and the steady growth of the Bank’s balance sheet.
Zenith Bank Plc has announced the opening of its Côte d’Ivoire subsidiary, marking a pivotal achievement in the Group’s Pan-African expansion strategy.The official opening ceremony, scheduled to hold on Wednesday, April 29, 2026, is expected to attract senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the diplomatic community, highlighting the strategic economic ties and investment opportunities between the two markets.The new subsidiary, licensed in December 2025 by the Ministry of Finance and Budget, Republic of Côte d’Ivoire, and regulated by the UMOA Banking Commission, will commence operations from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan.The launch represents a strategic move to deepen the Bank’s presence in Francophone West Africa and strengthen financial intermediation within the West African Economic and Monetary Union (WAEMU). Positioned as a gateway for cross-border trade and investment, Zenith Bank Côte d’Ivoire will focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions tailored to businesses operating across Africa and internationally.Commenting on the launch, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said: “From the very beginning, our Founder and Chairman, Jim Ovia CFR, set out to build a truly global brand with a strong presence across Africa and key international markets. The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision; opening a strategic corridor into Francophone West Africa and reinforcing our commitment to facilitating trade, investment, and enterprise growth across the continent. As we continue to expand thoughtfully and strategically, we remain focused on delivering world-class banking solutions that connect African businesses to global opportunities.”The new subsidiary will be headed by MD/CEO Mr. Cédric Tano, a seasoned banking executive with over two decades of experience. Speaking ahead of the official opening, he said “We are proud to establish Zenith Bank’s presence in Côte d’Ivoire at a time of strong economic growth in the country and increasing regional integration. Our focus is to showcase the Zenith brand as a customer-centric institution that combines global best practices with deep local insight. We are well positioned to support businesses with innovative financing solutions, facilitate cross-border trade, and contribute meaningfully to the growth of the Ivorian economy and the wider WAEMU region.”The Côte d’Ivoire launch forms part of Zenith Bank’s broader continental growth strategy. In addition to the Anglophone countries where it currently operates, and in line with the expansion into the Francophone market, the Bank has commenced its entry process into the CEMAC (Central African Economic and Monetary Community) region, with Cameroon as the focal point. With a footprint already spanning Nigeria, Ghana, Sierra Leone, The Gambia, the United Kingdom, France, the UAE, and China, Zenith Bank continues to bridge African markets with global opportunities, enabling seamless trade and financial connectivity across the continent and beyond.
Founded in 1990, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a consistent track record of strong financial performance. For 16 consecutive years, the Bank has held the record of highest Tier-1 capital in the Nigerian banking industry. Built on the foundation of People, Technology, and Service, Zenith Bank continues to deliver innovative financial solutions while maintaining a disciplined approach to growth and risk management. Its performance has earned it numerous local and international recognitions and endorsements.
Guaranty Trust Holding Company Plc (GTCO Plc) is pleased to announce the 9th edition of the GTCO Food and Drink Festival, scheduled to hold from Friday, May 1st to Sunday, May 3rd, 2026, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, Lagos.Geographic Reference
This year’s theme, “Everything Food and Drink,” captures the expansive nature of the Festival experience. It reflects not only the variety of cuisines on display but also the depth of stories behind them. Over the years, the GTCO Food and Drink Festival has grown far beyond a seasonal celebration to become a culturally significant platform where food and drink serve as a meeting point for storytelling, innovation, and opportunity. The Festival will feature 204 free retail stalls, showcasing the rich diversity and creativity of our food culture; from time-honoured traditional dishes preserved across generations, to bold contemporary interpretations of global cuisine, creating space for every flavour, every technique, and every craving to find expression.
Visitors can expect a rich programme featuring interactive masterclasses, live culinary demonstrations, food and wine tastings, and a vibrant marketplace showcasing small and medium-scale food businesses alongside established culinary brands. In addition to its wide range of food and drink offerings, the GTCO Food and Drink Festival is renowned for its family-friendly atmosphere, with a well-equipped play area and a variety of engaging activities for children, ensuring an unforgettable experience for the whole family.
Speaking ahead of the 2026 edition, the Group Chief Executive Officer of GTCO Plc, Segun Agbaje, emphasized the Festival’s continued evolution as both a cultural and economic enabler: “The GTCO Food and Drink Festival has, over the years, become a living expression of what we stand for as an institution: innovation, opportunity, and enterprise that is accessible to all. What makes this platform special is not just its scale, but its humanity. It brings together people from different walks of life around something universal—food and drink—and in doing so, it breaks barriers and builds connections that extend far beyond the event itself.”
Since inception, the GTCO Food and Drink Festival has positioned itself as one of Africa’s most prominent culinary gatherings, attracting participation from across Nigeria and increasingly from the wider continent and diaspora.
Admission remains free and open to all, reaffirming the Festival’s commitment to accessibility as a consumer-focused event that brings people together through food, drink, culture, and enterprise.
For more information on the event, please visit: https://foodanddrink.gtcoplc.com
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