Union Bank, one of Nigeria’s foremost financial institutions, has announced the release of its 2020 Citizenship, Sustainability, and Innovation (CSI) report, outlining its initiatives across three pivotal areas- Citizenship, Sustainability, and Innovation.
The report gives a detailed account of Union Bank’s continued efforts towards creating a more sustainable future by further embedding responsible business practices, positively impacting people, and communities, and driving innovation. The Bank’s initiatives are in alignment with the Nigerian Sustainable Banking Principles (NSBPs) and the Sustainable Development Goals (SDGs),
The CSI Report is compliant with the Global Reporting Initiative (GRI) Standards, underscoring the Bank’s focus on transparent, accountable reporting of its initiatives.
The combined loan portfolio of 12 commercial banks in Nigeria rose by N690bn in the first three months of this year, data collated from their unaudited financial statements show.
The loans and advances to their customers grew to N17.75tn as of March 31, 2021 from N17.06tn at the end of December last year.
Loans and advances to customers, which account for the major proportion of the banks’ total assets, rose in 11 of the lenders.
Nigerian banks’ loan books have grown in recent years on the back of the Central Bank of Nigeria’s push for more lending.
The CBN had in July 2019 mandated all Deposit Money Banks to maintain a minimum loan-to-deposit ratio of 60 per cent by September 30, 2019 in a bid to improve lending to the real sector.
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This is contained in a notice signed by Adeyinka Jafojo, Custodian Investment secretary, and sent to the Nigerian Exchange Limited (NGX) on Monday.
According to the statement, approval to proceed with an MTO was granted by the regulatory body on May 18, 2021.
Custodian said the MTO offer to minority shareholders of UPDC will involve the purchase of up to 34,415,332 ordinary shares of 50 kobo each, at a price of 90 kobo per share.
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“The Qualification Date for the Offer will be May 14, 2021, and Shareholders whose names appear on the Register of Members as of the date, other than UAC of Nigeria Plc and Custodian Investment Plc are eligible to participate,” the statement read.
WSTC Securities analysts have raised MTN Nigeria Plc.âs profit expectation and a target price (TP) upgrade to N200 per share after a beautiful earnings outing in the first quarter (Q1) of 2021.
In Q1-2021, MTN Nigeria Plc. increased its 4G coverage to 62%. This resulted in increased earnings from its data business as Nigerians delve into over-the-top calls with Whatsapp, Skype, etc. The financial performance showed the Group reported a 17% year-on-year revenue growth from N329.17 billion in Q1-2020 to N385.32 billion.
Analysts said the topline growth was driven by strong sales from the telecommunication companyâs data business. Specifically, data revenue rose by 43% year on year from N74.01 billion in Q1-2020 to N105.70 billion in Q1-2021. Hence, the revenue growth from the data accounted for 56% of the Groupâs total revenue growth in Q1 2021.