• About
  • Privacy & Policy
  • Terms
  • Contact
Breaking News Nigeria, Latest Nigerian News
ADVERTISEMENT
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    COVID-19

    COVID-19: Nigeria Records 120 new cases

    Ohanaeze

    Igbo Presidency in 2023 will end Biafra agitation – Ohanaeze

    Unity Bank

    Unity Bank’s asset grows by 67.9% to N492.02B

    NCDC

    COVID-19: Nigeria records 70 new cases

    UBA

    UBA records N38.16B profit in Q1 2021. See key highlights

    cbn

    CBN places Sugar, Wheat on FX restriction list

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Mobile
    • Startup
    SIM registration

    Nigeria lifts ban on new SIM registration

    Twitter

    3 reasons why Twitter sidelined Nigeria to locate Africa office in Ghana

    Appzone

    Nigerian fintech, Appzone raises $10 million Series A

    Cryptocurrency

    Visa set to start accepting cryptocurrency

    nigerian tech

    Is the Nigerian tech ecosystem on a brink of Dutch Disease?

    Elon Musk

    It’s official, Tesla is accepting payment in Bitcoin

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Ryan Mason

    MOURINHO: Tottenham appoints Ryan Mason as new interim manager

    UEFA

    UEFA unveils new rules amid rising opposition to new super league

    BREAKING! Tottenham fire Jose Mourinho

    BREAKING! Tottenham fire Jose Mourinho

    Adekunle Gold

    Did Adekunle Gold actually cheat on his wife Simi?

    #eaglewingsmovie

    #EagleWingsMovie: Nigeria’s first true action film pitches duty against love in Boko Haram fight

    22-year-old Nigerian officially becomes the fastest man in the world

    22-year-old Nigerian officially becomes the fastest man in the world

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    omojuwa

    Omojuwa’s weekend is off to a bad start, here is why

    Weekend

    #TGIF! 5 exciting ways to make the most of your weekend

    University of Ibadan

    FG approves N190.5 million for University of Ibadan to purchase microscope to aid research

    HEATWAVE: 5 tips to stay stylish and cool in this hot weather

    HEATWAVE: 5 tips to stay stylish and cool in this hot weather

    who cheats more

    #VALENTINE SPECIAL: Men or women? Who cheats more? Result of this new study will shock you

    valentine's day

    5 ways to make Valentine’s Day memorable while observing social distancing

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • SMARTKOBO
    untitled lands in nigeria

    How to acquire untitled lands in Nigeria without getting into trouble with the government

    real estate investment

    A wrong real estate investment can wipe out your whole life savings. This is how to do it safely

    returned item fee

    #SmartKobo: What is a returned item fee and why was I penalised?

    investment strategies

    #SmartKobo: 6 winning investment strategies to stay ahead in 2021

    pay schedule

    #SmartKobo: Weekly, monthly & more: How your pay schedule affects you

    cash-out refinance

    #SmartKobo: How to know if it’s time for cash-out-refinance

  • #EndBadGovernance Photo Challenge
No Result
View All Result
Breaking News Nigeria, Latest Nigerian News
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    COVID-19

    COVID-19: Nigeria Records 120 new cases

    Ohanaeze

    Igbo Presidency in 2023 will end Biafra agitation – Ohanaeze

    Unity Bank

    Unity Bank’s asset grows by 67.9% to N492.02B

    NCDC

    COVID-19: Nigeria records 70 new cases

    UBA

    UBA records N38.16B profit in Q1 2021. See key highlights

    cbn

    CBN places Sugar, Wheat on FX restriction list

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Mobile
    • Startup
    SIM registration

    Nigeria lifts ban on new SIM registration

    Twitter

    3 reasons why Twitter sidelined Nigeria to locate Africa office in Ghana

    Appzone

    Nigerian fintech, Appzone raises $10 million Series A

    Cryptocurrency

    Visa set to start accepting cryptocurrency

    nigerian tech

    Is the Nigerian tech ecosystem on a brink of Dutch Disease?

    Elon Musk

    It’s official, Tesla is accepting payment in Bitcoin

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Ryan Mason

    MOURINHO: Tottenham appoints Ryan Mason as new interim manager

    UEFA

    UEFA unveils new rules amid rising opposition to new super league

    BREAKING! Tottenham fire Jose Mourinho

    BREAKING! Tottenham fire Jose Mourinho

    Adekunle Gold

    Did Adekunle Gold actually cheat on his wife Simi?

    #eaglewingsmovie

    #EagleWingsMovie: Nigeria’s first true action film pitches duty against love in Boko Haram fight

    22-year-old Nigerian officially becomes the fastest man in the world

    22-year-old Nigerian officially becomes the fastest man in the world

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    omojuwa

    Omojuwa’s weekend is off to a bad start, here is why

    Weekend

    #TGIF! 5 exciting ways to make the most of your weekend

    University of Ibadan

    FG approves N190.5 million for University of Ibadan to purchase microscope to aid research

    HEATWAVE: 5 tips to stay stylish and cool in this hot weather

    HEATWAVE: 5 tips to stay stylish and cool in this hot weather

    who cheats more

    #VALENTINE SPECIAL: Men or women? Who cheats more? Result of this new study will shock you

    valentine's day

    5 ways to make Valentine’s Day memorable while observing social distancing

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • SMARTKOBO
    untitled lands in nigeria

    How to acquire untitled lands in Nigeria without getting into trouble with the government

    real estate investment

    A wrong real estate investment can wipe out your whole life savings. This is how to do it safely

    returned item fee

    #SmartKobo: What is a returned item fee and why was I penalised?

    investment strategies

    #SmartKobo: 6 winning investment strategies to stay ahead in 2021

    pay schedule

    #SmartKobo: Weekly, monthly & more: How your pay schedule affects you

    cash-out refinance

    #SmartKobo: How to know if it’s time for cash-out-refinance

  • #EndBadGovernance Photo Challenge
No Result
View All Result
No Result
View All Result
Breaking News Nigeria, Latest Nigerian News
Home News Business

Unity Bank posts N22.8 billion gross earnings in half-year 2020, records 7% growth in PAT

Enyi Ominyi by Enyi Ominyi
July 30, 2020
in Business
0
A A
0
unitycares
Share on FacebookShare on Twitter

Unity Bank grew customer deposit by 19 per cent to N306.47 billion

PRESS RELEASE

Unity Bank Plc has declared gross earnings of N22.8 billion in the period between January and June 2020, continuing an impressive run it recorded in the 2019 financials when it posted N44.59 billion.

According to the retail lender’s unaudited financials submitted to the Nigeria Stock Exchange, the half-year gross earnings rose 11 per cent to N22.87 billion from N20.55 billion in the corresponding period of 2019.

Profit before Tax, PBT grew by 7 per cent from N1.05 billion in half-year 2019 to N1.12 billion in the period under review. This is even as the Profit after Tax, PAT, equally rose by 7 per cent to N1.03 billion from N967.51 million in the corresponding period of 2019.

The half year results showed that the lender recorded gross earnings of N11.01 billion, a 5 per cent growth from the N10.50 billion recorded for the same period in 2019.

Similarly, the lender’s interest earnings recorded a 15 per cent increase to N19.79 billion within the period, from N17.27 billion in the corresponding period in 2019, while its total operating income also grew by 14 per cent to N12.14 billion from N10.69 billion in the same period in 2019. Earnings per Share stood at 17.64 Kobo for the period ending 30th June 2020.

The Bank’s half-year report also showed a huge boost in assets, which saw a 48 per cent growth to N445.95 billion from N293.05 billion in the same period in 2019. This follows the growth of the Bank’s loan book which rose by 53.7 per cent to N131.48 billion from N70.62 billion in Q2, 2019.

A further review of the H1 financial statement showed that the agribusiness-focused lender grew its deposit by 19 per cent to N306.47 billion from N257.69 billion as of December 2019.

Also, read #SmartKobo: 8 timeless investing tips that work for most successful investors

Commenting on the result, the Managing Director/CEO, Unity Bank Plc, Mrs. Tomi Somefun said: “Despite the inclement economic conditions occasioned by the global pandemic which almost paused or at best put activities at a slower pace in virtually all sectors of the economy, the Bank has been able to ride the waves to maintain its growth trajectory looking at the key performance indicators. The assessment, therefore, is that the repositioning efforts which have taken root before the headwinds are equally able to withstand shocks.”

She further stated that the growing health and strength of the Bank’s balance sheet is attributable to the fact that while the Bank remained focused on its niche market, which is Agribusiness, it has also continued to grow its brand franchise in many areas of the retail market by promoting and leveraging its Agriculture value chain businesses as an offshoot.  

The views of analysts continue to reinforce the gains of the repositioning drive anchored on the agribusiness as the backbone for the steady growth and performance in the half-year 2020. They share optimism for an even more positive outlook in the future, as market confidence continues to improve.

                                                             

Tags: BankingFinanceinvestingtomi somefununity bank

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Previous Post

Nigerian producer Jammal Ibrahim releases trailer for his COVID-19-inspired short movie

Next Post

Amazing! Davido hits 1 billion streams on all music platforms

Next Post
Davido hits 1 billion streams

Amazing! Davido hits 1 billion streams on all music platforms

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 2.4k Followers
  • 5 Followers
  • Trending
  • Comments
  • Latest
Youth

Why you cannot get more than N300,000 in FG’s youth investment loan scheme

April 20, 2021
Buhari

How Niger’s president Mohamed Bazoum’s visit to President Muhammadu Buhari went down in Abuja

April 19, 2021
Okorocha

OKOROCHA: See list of 33 stolen items allegedly found with ex-Governor

April 20, 2021
Unity Bank

Unity Bank’s asset grows by 67.9% to N492.02B

April 20, 2021
Ohanaeze

Igbo Presidency in 2023 will end Biafra agitation – Ohanaeze

April 20, 2021
Chad

BREAKING! Chad President Idriss Deby is dead

April 20, 2021
COVID-19

COVID-19: Nigeria Records 120 new cases

April 21, 2021
IPOB

The UK disrespects Nigeria by granting asylum to IPOB members – Lai Mohammed

April 20, 2021
Lagos state

Lagos holds LG election July

April 20, 2021
Ryan Mason

MOURINHO: Tottenham appoints Ryan Mason as new interim manager

April 20, 2021
Chad

BREAKING! Chad President Idriss Deby is dead

April 20, 2021
Ohanaeze

Igbo Presidency in 2023 will end Biafra agitation – Ohanaeze

April 20, 2021

Recent News

COVID-19

COVID-19: Nigeria Records 120 new cases

April 21, 2021
IPOB

The UK disrespects Nigeria by granting asylum to IPOB members – Lai Mohammed

April 20, 2021
Lagos state

Lagos holds LG election July

April 20, 2021
Ryan Mason

MOURINHO: Tottenham appoints Ryan Mason as new interim manager

April 20, 2021
Breaking News Nigeria, Latest Nigerian News

Follow Us

Subscribe to our newsletter

Please wait...
Want to be notified when our article is published? Enter your email address below to be the first to know.

Browse by Category

  • Apps
  • Athletics
  • Basketball
  • Breaking News
  • Business
  • Business Editor's Pick
  • Business Featured Section
  • EndBadGovernance Photo Challenge
  • Entertainment
  • Fashion
  • Featured
  • Food
  • Football
  • Gaming
  • General
  • Health
  • Lifestyle
  • Mobile
  • Motor Sports
  • Movie
  • Music
  • News
  • Politics
  • Politics Featured Section
  • Review
  • Science
  • SmartKobo
  • Sports
  • Startup
  • Tech
  • Technology
  • Technology Featured Section
  • Uncategorized
  • World

Recent News

COVID-19

COVID-19: Nigeria Records 120 new cases

April 21, 2021
IPOB

The UK disrespects Nigeria by granting asylum to IPOB members – Lai Mohammed

April 20, 2021
Lagos state

Lagos holds LG election July

April 20, 2021
Ryan Mason

MOURINHO: Tottenham appoints Ryan Mason as new interim manager

April 20, 2021
  • About
  • Privacy & Policy
  • Terms
  • Contact

© Copyright Nigeria Today 2020

No Result
View All Result
  • Home
  • News
  • Tech
  • Entertainment
  • Lifestyle
  • SMARTKOBO
  • #EndBadGovernance Photo Challenge

© Copyright Nigeria Today 2020

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please wait...

Subscribe to our Nigeria Today News

Want to be notified when our article is published? Enter your email address below to be the first to know.
SUBSCRIBE