Business
REVEALED: Unity Bank faces financial challenge as it projects N20.7bn loss
Unity Bank Nigeria Plc is projecting a pre-tax loss of N20.7 billion in the second quarter of 2024 highlighting the financial challenges faced by the bank.
The bank faces a negative shareholder fund of N190.2 billion per its financial statement and has been exploring capital-raising options.
In a press release, Unity Bank is also projected to close with a cash position of N49.6 billion.
Key highlights
Gross earnings: N24.8 billion
Net Interest revenue: N6 billion
Net operating income: N13.2 billion
Pre-tax loss: N20.7 billion
Unity Bank is facing a dire financial challenge with a negative shareholders fund of around N190 billion.
In its 9 months earnings, the bank reported a retained loss of N428 billion while it still maintains customer deposits of around N433 billion.
Nairametrics reported the bank was exploring merger discussions with other banks as the apex bank’s recapitalization plans get closer.
The bank is running a race with time as the central bank prepares to announce a capital raise.
Unity Bank’s share price was trading at N2 per share at the time of writing this story.
Source: TheCapital
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