Unity Bank Ranked High on e-Banking Revenue

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Unity Bank Plc’s earnings of N1.3 billion through electronic banking channels in its first half 2020 financial results has placed the lender among the top 10 highest earners in Nigeria.

This was disclosed in a report by Nairametrics released recently.

The bank’s performance was 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.

Earlier this year, the lender had 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.