Unity Bank reports N47.91bn loss in Q3

Unity Bank Plc Headquarters, Central Business District, Abuja.

Unity Bank Plc has released its unaudited financial statements for the period ended September 30, 2023 which shows loss after tax (LAT) of N47.917billion, down by 2,461percent from profit after tax (PAT) of N2.029billion in same nine months period of 2022.

The bank’s earnings per share (basic) is in negative of 546.56kobo as at 9M’23 as against 23.15kobo earnings per share reported in 9M’22.

The share price has surprisingly risen by 74.5percent year-to-date (YtD) to 96kobo, even outperforming the NGX All Share Index (ASI) which closed same Friday November 3 at with year-to-date (YtD) return at 36.97percent.

Unity Bank reported Foreign Exchange (FX) revaluation loss of N38.162billion, an increase by 70,565percent from N54.005million Foreign Exchange (FX) revaluation loss it recorded in nine months to September 2022.

Unity Bank provides banking and other financial services to corporate and individual customers. Such services include but not limited to granting of loans and advances, corporate banking, retail banking, consumer and trade finance, international banking, cash management, electronic banking services and money market activities.

United Bank’s gross income of N38.183billion in 9 months to September 30, 2023 represents a decrease by 10percent, from N42.292billion gross income in 9M’2022.

Its net interest income (NII) of N9.470billion in 9M’23 as against N14.527billion in 9M’22 represents a decline by 35percent.

Loss Before Tax (LBT) printed higher at N47.726billion in 9M’23 as against N2.206billion profit before tax (PBT) in 9M’22, down by 2,263percent.

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