Unity Bank Plc’s earnings of N1.3bn through electronic banking channels in the first half of 2020 have placed it among the top 10 earners in Nigeria.
According to the bank’s financial statement which was released to the investing public through the Nigerian Stock Exchange, the bank’s performance is not unconnected with its push in digital banking as it launched several cutting-edge digital baking solutions including a youth-focused mobile banking solution called UniFi and a robust internet banking platform.
Earlier this year, the bank launched multi-lingual USSD banking, the first in Nigeria’s banking industry.
Against this backdrop, the bank returning to a profit position in 2019 when it recorded N4.061bn gross profit.
The bank continued its impressive performance in 2020 as it declared gross earnings of N22.8bn between January and June 2020.
According to Unity’s unaudited financials submitted to the NSE, the half-year gross earnings rose 11 per cent to N22.865bn from N20.547bn in the corresponding period of 2019.
Profit before tax grew by seven per cent from N1.051bn in half-year 2019 to N1.120bn in the period under review as the profit after tax also rose by seven per cent to N1.030bn from N967.514m in the corresponding period of 2019.
A further review of the H1 financial statement showed that the agribusiness-focused bank grew its deposit by 19 per cent to N306.472bn from N257.691bn as of December 2019. Its total operating income also grew by 14 per cent to N12.138bn from N10.688bn in the same period in 2019.
