Unity Bank posts N44.5 billion as gross earnings in 2019 The Bank had embarked on several cost minimization initiatives that have continued to yield positive results.

Unity Bank posts N44.5 billion as gross earnings in 2019

The Bank had embarked on several cost minimization initiatives that have continued to yield positive results.

Published 1 min ago on June 11, 2020By Abiola Odutola Nigerian CEOs, What led to fire outbreak - Unity Bank, Unity Bank Plc makes new appointment , Unity Bank introduces USSD code in Yoruba, Hausa and Igbo languages

Unity Bank Plc, has declared gross earnings of N44.59 billion for its 2019 financial year, continuing a path to strong growth started in 2018 financial year, after the bank took bold corporate action to clean up its balance sheet in 2017.

The Bank also posted profit before tax (PBT) of N550million in its first quarter 2020 result released with the 2019 Financial Year result to the Nigerian Stock Exchange (NSE).

 

A review of the Bank’s Q1 2020 result showed that the lender recorded growth in Profit After Tax (PAT) by 9% to N506.07 million as against N464.87 reported in the same quarter in 2019.

The audited 2019 full year result showed that the Bank recorded a PBT of N3.64 billion, while Profit After Tax (PAT) closed at N3.38 billion, thereby consolidating on the gains on the reforms instituted by the Bank to grow a healthy balance sheet since the past two years.

A review of the Bank’s performance shows a relative growth across key financial metrics such as the Net Operating Income for the year ended December 2019, which rose by 76.39% to N23.211 billion from N13.159 billion in the corresponding period of 2018.

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Net Interest Income also posted strong growth as it grew by 18.06% to N16.493 billion from N13.970 billion the previous year. This is even as the Bank’s Total Asset saw a 71.93% increase to close at N293.052 billion from N210.80 billion in the corresponding period of 2018.

The retail lender also recorded a total comprehensive income of N5.52 billion while Earnings Per Share stood at 28.94 Kobo.

The result further showed that having better positioned itself to advance credit to the economy through the cleaning up of its loan book in 2017, the Bank grew its loan books by 135.87% to N104.02 billion in 2019 as against the N44.10 billion it closed in 2018.

The Bank had embarked on several cost minimization initiatives that have continued to yield positive results. These measures led to a decrease in the Bank’s Total Operating Expenses to N19.57 billion in 2019 from N20.71 billion in 2018.

Managing Director/Chief Executive Officer of Unity Bank, Mrs. Tomi Somefun said, “The potential in many aspects of the business as reflected in growing balance sheet of the Bank is indicative of market confidence in our repositioning efforts.

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“It is also noteworthy that playing in the Agriculture sector as part of growth strategy and as bulwarks to drive value chain businesses in many segments of the retail market has continued to pay off. Looking ahead, we shall consolidate on the gains in the agribusiness, capitalizing on the growing profile in the sector, whilst also focusing on the youth market with increased investment in technology.”

According to her, “the quest to deepen our retail play will go hand in hand with our focus on digital innovations. Already, we have deployed USSD banking, carried out augmentation of the platform to introduce local languages and further drive financial inclusion and had also launched omni-channel to cater for all segments of the banking public, especially the underbanked.

In the coming years, the Bank will be opening more channels and bundled products bouquet for identified cluster initiatives and also leverage and expand relationships with other partners to drive more growth in earnings and profits.”

In addition, the Bank has concluded arrangements to launch a healthcare product called UnityCares to tap into credit support intervention scheme for the Health sector being rolled out by Central Bank of Nigeria as stimulus packages to support the indigenous pharmaceutical companies and healthcare practitioners that hope to build and expand capacity.

Analyst are of the view that many things will continue to play in favour of the Bank: these include the sustained effort of the Bank in the area of Agribusiness, the increasing attention of Government and other Agencies in the agriculture sector and the growing interest of the youths in the agribusiness, among others.

 

CONTINUE READINGCRYPTOCURRENCYUnknown Bitcoin whale moves $1.3 billion in minutes

An unknown BTC trader transferred over 132,255 BTC estimated to be roughly worth about $1.3 billion in three transactions just one minute apart.

Published 1 hour ago on June 11, 2020By Olumide Adesina Bitcoin users rise in Nigeria despite Senate, CBN campaign against it, Nigerians losing millions to crypto fraud, Investing in cryptocurrencies in this economic shutdown, Bitcoin could hit above $100,000 by August 2021, Hedge funds, Institutional investors rush to have a stake in Bitcoin, An unknown Bitcoin whale moved $1.3 billion in few mins

Bitcoin whales definitely have an agenda under their sleeves based on recent events unfolding in the BTC market.

According to data obtained from blockchain, an unknown Bitcoin (BTC) trader transferred over 132,255 BTC estimated to be roughly worth about $1.3 billion in three transactions just one minute apart on June 11.

 

The cryptocurrency was moved in block 643,133.

The BTC transactions came as the price of Bitcoin was still trading under a key resistance level, $10,000.

What you need to know about a bitcoin whale; A bitcoin whale?is used to refer to individuals, or institutions, that hold large amounts of bitcoins. According to data obtained from Coinmarketcap, bitcoin is presently trading at $9,857 with a market capitalization of $181.3 billion, at the time this report was drafted. 

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Meanwhile, Bitcoin’s price continues to trade below the $10,000 mark, but the crypto asset remains in a bullish trend as investors have been buying into it each time it drops below $9,500. According to Lookintobitoin creator, ?Philip Swift:

“The recent confluence of the 200 days moving average and the 128 days MA creates an area of important support for the price. During the 2016/17 bull market, the 128 MA frequently acted as the key support for the price. Again, two weeks ago, price bounced right off it and ran back towards the $10,000 area.”

READ MORE: Meet ZCash, the cryptocurrency that protects your privacy better than Bitcoin

Some crypto traders, investors are still waiting on the sidelines to see how this situation unfolds. While it is difficult to predict market movements, Bitcoin whales have always shown historically that they often determine Bitcoin’s?trend.

 

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CONTINUE READINGCRYPTOCURRENCYRipple helps MoneyGram records 100% growth on digital transactions?

MoneyGram, a fast-growing platform reported a growth rate of over 100% of the year to year digital transactions?on its platforms in Q1 2020.

Published 2 hours ago on June 11, 2020By Olumide Adesina Ripple helps MoneyGram records 100% growth on digital transactions?

MoneyGram recently reported a growth rate of over 100% of the year to year digital transactions?on its platforms in Q1 2020, thanks to its recent partnership with Ripple (a leading cryptocurrency platform).

MoneyGram is a fast-growing platform for cross-border P2P payments and money transfers around many countries.

 

Last year, MoneyGram received $20 million in funding from Ripple to enhance its payment solutions through a partnership system with many leading financial institutions.

The funding by Ripple completes its $50 million offerings for about 15% stake in MoneyGram to run its experimental program for testing the effectiveness of the digital token XRP.

This deal would definitely give MoneyGram’s arch-rival, Western Union, a run for its money. Reports from different private sources, seen by Nairametrics show that Western Union is now bent on buying MoneyGram to scale on its robust growth experienced lately.

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READ MORE: Bitcoin: Nigeria’s new goldmine

Recall that XRP(Ripple), the fourth most widely used crypto-asset behind Bitcoin, Ethereum, and Tether, had recently gotten the attention of the world’s biggest economy for money remittance.

ripple cryptocurrency, Ripple helps MoneyGram records 100% growth on digital transactions? 

U.S Consumer Financial Protection Bureau, which plays a major role in protecting America’s consumers in the financial sector, recently acknowledged Ripple by saying that it would seek continued growth and expanding partnerships of companies such as Ripple.

“I’m excited to report that our strong digital growth continued to accelerate in May, highlighting yet again the incredible progress we’ve made as an organization to focus on our strategy to lead the industry in digitizing the movement of money,” Alex Holmes MoneyGram Chairman and CEO said.

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 “Our digital business growth in May is particularly notable as we not only increased our active digital customer base but also continued to see these new digital customers return and transact more frequently due to our seamless customer experience and global platform,” Holmes added.

The organic growth of MoneyGram’s transactions also deepens its hold on money transfers in 200 countries (70 countries enjoying the digital services). 

 

 

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