Bank
Union Bank reports 461% growth in PBT in Q3, 2023
Union Bank reports 461% growth in PBT in Q3, 2023
Sahara Weekly Reports That Union Bank Plc has announced a significant financial performance for the third quarter ending September 30, 202per centbank reported a profit before tax (PBT) of N102.3 billion, reflecting an impressive growth of 461.1 per cent compared to the PBT of N18.2 billion in the corresponding period of 2022. This nper centachievement is attributed to a surge in gross earnings, which reached N309.1 billion, marking a 120 per cent increase from N140.6 billion in 2022.
The fper centl highlights further showed a substantial rise in non-interest income, soaring to N144per centn from N28.3 billion in the same period of 2022, denoting an exceptional growth of 409 per cent. Net opper cent income after impairments also experienced a remarkable upswing by 121 per cent, reaching ₦168.7 billion, compared to N76.3 billion in 2022.
Operating expensper centeased by 14.2 per cent 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 esalating by 38.1 per cent to ₦1.38 trillion, and deposits witnessing a substantial 30 per cent 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 theseper centements to the bank’s strategic positioning of the balance sheet, effective liability generation, and the creation of responsible risk assets.
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Amray emphasised that the growth in revenue and profitaper centexceeded expectations, underscoring the success of the wholesale banper centrategy. Non-interest income saw a phenomenal surge of 409per centt, reaching ₦144 billion. The CEO highlighted the bank’s customer-centric approach, robust product portfolio, and innovative channels as key contributors to the 30per centt growth in customer deposits.
The bank remains well-capitalized with a capital adequacy ratio (CAR) of 15.4per centt, and non-performing loans remain below the regulatory limit at 3.7per centt. 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.
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He said: “We remain optimistic about the future and are confident in our ability to sustain momentum. Our strong business funper centls, customer-centric approach, and dedicated team puts us in a solid position to seize the opportunities in this rapidly eper cent market. Onper centrger 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 12per centnt 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 1per centnt to ₦66.4 billion compared to ₦58.1 billion in September 2023, we significantly improved our Cost to Income Ratio to 39.per centnt from 76.per centnt 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.per centnt to ₦1.4 trillion compared to ₦.1.0 trillion in December 2022 and Customer deposits by 3per centnt 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.”
FirstBank Introduces Exclusive 500-Seater Bleacher at Carnival Calabar & Festival 2025
Lagos, 26 December 2025 – FirstBank, West Africa’s premier financial institution and financial inclusion services provider, has officially announced its sponsorship of the Carnival Calabar & Festival 2025, unveiling a landmark addition set to redefine the carnival experience — the first-ever private premium seating area at the event.
The highlight of FirstBank’s participation is the construction of a 500-seater premium bleacher, designed to provide comfort, safety, and an elevated viewing experience for carnival enthusiasts.
Speaking on the sponsorship, the Acting Group Head Marketing and Corporate Communications, FirstBank, Olayinka Ijabiyi, noted that the carnival aligns with the Bank’s First@Arts initiative, a platform dedicated to supporting the creative arts value chain across Nigeria. He said, “We recognise the transformative power of the arts, including carnivals, in inspiring people and strengthening national unity. For more than 131 years, we have supported platforms that promote self-expression, social reflection and cultural exchange. Our investment in the Carnival Calabar & Festival demonstrates our commitment to preserving the nation’s rich cultural heritage through First@Arts.”
“As part of our sponsorship this year, we are introducing the first-ever private 500-seater premium bleacher to further elevate the carnival experience. This exclusive seating is designed to provide exceptional comfort and an unforgettable viewing experience for attendees,” Ijabiyi added.
The Chairman of the Cross River State Carnival Calabar Commission, Gabe Onah, also commented on FirstBank’s sponsorship. “FirstBank’s involvement is a strong demonstration of private-sector support for culture and tourism. This partnership not only enhances the overall quality of the carnival but also strengthens its global appeal,” he said.
The Carnival Calabar & Festival 2025 is officially marketed by Okhma Global Limited, the appointed Official Marketer responsible for brand partnerships, promotional engagements, and ticket sales. Okhma Global Limited has partnered with the Cross River State government in delivering Carnival Calabar & Festival for over ten years, playing a key role in strengthening the carnival’s commercial growth and global visibility.
Alpha Morgan Bank Backs Cultural Preservation at the 2025 Iganmode Festival
Alpha Morgan Bank has reaffirmed its commitment to cultural preservation and community development as one of the major sponsors of the recently concluded Iganmode Cultural Festival (Odun Omo Iganmode) held in Sango-Ota, Ogun State.
The annual festival, a landmark cultural celebration in the ancient town of Ota, showcased the rich heritage, history, and identity of the Awori people. The event came alive with vibrant displays of traditional music, dance, colourful regalia, and performances that reflected the deep-rooted customs and values of the community.
Alpha Morgan Bank’s sponsorship followed closely on the heels of the recent launch of its Sango-Ota branch, further underscoring the Bank’s dedication to supporting local initiatives, promoting indigenous culture, and fostering sustainable community development in Ota and its environs.
The ceremony attracted an impressive array of dignitaries, including former President of Nigeria, His Excellency Chief Olusegun Obasanjo; Deputy Governor of Ogun State, Engr. (Mrs.) Noimot Salako-Oyedele; and the Olota of Ota, His Majesty, Prof. Adeyemi Obalanlege, alongside several other traditional rulers and members of royal households from across the state. Their presence highlighted the cultural and historical significance of the festival to Ogun State and the wider Yoruba nation.
Alpha Morgan Bank’s participation as a major sponsor reflects its broader corporate vision of strengthening community values and supporting initiatives that promote Nigeria’s rich cultural heritage. The Bank joined thousands of attendees in celebrating a festival that continues to serve as a symbol of unity, pride, and cultural continuity for the people of Ota.
The 2025 edition of the Iganmode Festival was widely acclaimed as a success, leaving guests and participants with lasting impressions of a colourful, well-coordinated celebration that honoured tradition while fostering communal harmony.
*12 Days of Christmas with 5 for 5 Rewards: Celebrating the Season the Wema Way*
December is a season built on gratitude, reflection, and giving. It is a time when small gestures carry deeper meaning and everyday moments turn into shared joy. At Wema Bank, this spirit of the season has inspired the launch of 12 Days of Christmas with 5 for 5 Rewards, a festive campaign created to celebrate customers who continue to make the Bank part of their daily lives.
Running from December 14 to December 25, 2025, the campaign is designed to reward simple, everyday banking while spreading cheer across homes and communities. For twelve days, 33 customers will be rewarded daily with five thousand naira each when they fund their accounts with five thousand naira.
The idea behind the campaign is simple in action but thoughtful in intent. It recognises that during the festive period, every extra support counts. Whether it is preparing for family gatherings, running errands, or planning end-of-year activities, Wema Bank is turning routine transactions into moments of delight.
To take part in the 12 Days of Christmas with 5 for 5 Rewards, customers only need to fund their accounts with five thousand naira through any of the following channels:
ALAT app
*945#
Debit cards
Once the account is funded with five thousand naira, they get an additional five thousand naira as a reward.
Beyond the rewards, the 12 Days of Christmas with 5 for 5 Rewards reflects Wema Bank’s broader commitment to customer-centric banking. It reinforces the Bank’s focus on creating experiences that go beyond transactions, especially during moments that matter most to customers.
As the year draws to a close, Wema Bank is inviting customers to enjoy the festive season knowing that their loyalty is valued and celebrated. With every transaction, the Bank continues to find new ways to connect, appreciate, and give back during a season defined by generosity.
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