Connect with us

Business

Unity Bank named among top 10 highest e-banking revenue earners in H1, 2020-

Published

on

CBN FX policy costs Unity Bank N39.35bn profit loss in HI 2023.

Unity Bank Plc’s earnings of N1.3 billion through electronic banking channels in H1 2020 has placed the lender among the top 10 highest earners in Nigeria. This was according to a Nairametrics research report released recently.

The Bank’s performance is not unconnected with its aggressive push in digital banking in recent years as it spearheaded the launch of several cutting-edge digital baking solutions including a youth-focused mobile banking solution called UniFi and a robust internet banking platform.

Recall that earlier this year, the lender also launched multi-lingual USSD banking, the first in Nigeria’s banking industry. These gains come on the back of aggressive reforms embarked on by the bank over the past three years which saw the Bank returning to a profit position in 2019 when it recorded a N4.061 billion gross profit.

The Bank continued its impressive performance in 2020 as it declared gross earnings of N22.8 billion in the period between January and June 2020.

According to the retail lender’s unaudited financials submitted to the Nigeria Stock Exchange, the half-year gross earnings rose 11 per cent to N22.865 billion from N20.547 billion in the corresponding period of 2019. Profit Before Tax, PBT grew by 7 per cent from N1.051 billion in half-year 2019 to N1.120 billion in the period under review. This is even as the Profit After Tax, PAT, equally rose by 7 per cent to N1.030 billion from N967.514 million in the corresponding period of 2019.

A further review of the H1 financial statement showed that the agribusiness-focused lender grew its deposit by 19 per cent to N306.472 billion from N257.691 billion as at December 2019. It’s total operating income also grew by 14 per cent to N12.138 billion from N10.688 billion in the same period in 2019.

Why Investors will buy Fidelity Banks Offers, by Capital Market Stakeholders
Business20 hours ago

Why Investors will buy Fidelity Banks Offers, by Capital Market Stakeholders

GTCO Recognised As Nigeria’s Strongest Banking Brand
Business2 days ago

GTCO Recognised As Nigeria’s Strongest Banking Brand

Union Bank Advocates for Environmental Restoration; Commemorates World Environment Day
Business1 week ago

Union Bank Advocates for Environmental Restoration; Commemorates World Environment Day

FiBOP Partners with Fidelity Bank and CRC Credit Bureau to Educate Students on Financial Literacy
Business1 week ago

FiBOP Partners with Fidelity Bank and CRC Credit Bureau to Educate Students on Financial Literacy

Ecobank Reiterates Commitment To Help Adire Industry Leverage AfCFTA…
Business1 week ago

Ecobank Reiterates Commitment To Help Adire Industry Leverage AfCFTA…

Fidelity Bank started recapitalization before the CBN made it mandatory - Amuchie
Business1 week ago

Fidelity Bank started recapitalization before the CBN made it mandatory – Amuchie

Guaranty Trust HoldCo proposes N500bn share offering.
Business1 week ago

Guaranty Trust HoldCo proposes N500bn share offering.

Wema Bank concludes 1st tranche of capital raise programme
Business2 weeks ago

Wema Bank concludes 1st tranche of capital raise programme

Dangote Refinery plans to establish a terminal in the Caribbean for petroleum product exports.
News2 weeks ago

Dangote Refinery plans to establish a terminal in the Caribbean for petroleum product exports.

Photos: Dr. Bldr. Abdulhakeem Odegade, Akmodel Group MD, Reuben Abati, Dele Momodu, Others Receives Award At South-West Investment Summit
Press Release2 weeks ago

Photos: Dr. Bldr. Abdulhakeem Odegade, Akmodel Group MD, Reuben Abati, Dele Momodu, Others Receives Award At South-West Investment Summit

Zenith Bank confirms Sirika's daughter owns a company related to the N1.4 billion aviation contract.
Business2 weeks ago

Zenith Bank confirms Sirika’s daughter owns a company related to the N1.4 billion aviation contract.

Akmodel Group MD, Dr. Abdulhakeem Odegade, Shares Heartfelt Democracy Day Message with Nigerians
Press Release2 weeks ago

Akmodel Group MD, Dr. Abdulhakeem Odegade, Shares Heartfelt Democracy Day Message with Nigerians

Fidelity Bank dominates trading as equities gain N324 billion.
Business2 weeks ago

Fidelity Bank dominates trading as equities gain N324 billion.

FIDELITY BANK PLC UNDERTAKES A ₦29.6BN RIGHTS ISSUE AND ₦97.5BN PUBLIC OFFER
Business3 weeks ago

FIDELITY BANK PLC UNDERTAKES A ₦29.6BN RIGHTS ISSUE AND ₦97.5BN PUBLIC OFFER

Wema Bank concludes 1st tranche of capital raise programme
Business3 weeks ago

Agusto & Co. upgrades Wema Bank Plc to “Bbb+”

Copyright © FastNews Nigeria