Home Business News Unity Bank's board set to meet over FY 2018 results

Unity Bank’s board set to meet over FY 2018 results

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Unity Bank Plc has announced Friday, February 8th 2019 as the day its board members will meet in Lagos to discuss important company matters.

A statement issued to the Nigerian Stock Exchange, NSE, highlighted the main agenda up for discussion to include the following: to consider the company’s audited full-year 2018 financial result, and also update as well as discuss the company’s various attempts to raise capital.

“The Board of Directors of Unity Bank Plc is scheduled to meet in Lagos at 10:00 am on Friday, February 8, 2019 to consider, among other matters, the Audited Financial Statements and Reports for the year ended December 31, 2018, as well as the update on the Bank’s Capital Raising efforts.” – Unity Bank Plc

A closed period has been announced

The statement also communicated that the awaited financial statement will only be released to the public after the necessary regulatory vetting processes have taken place.

In the meantime, Unity Bank Plc said that the closed period for trading in the company’s shares commenced yesterday January 23rd. This is in compliance with NSE requirements.

In view of this, therefore, all advisers, consultants, insiders, and connected persons with sensitive information about the company are prohibited from directly or indirectly trading in the company’s shares until one day after the expected financial statement for full-year 2018 is publicly disclosed.

A brief overview of the company

Unity Bank Plc is a financial services provider which was incorporated on April 27th, 1987 and listed on the Nigerian Stock Exchange on December 22nd, 2005. The company has a market capitalisation of N10,169, 724,009.54 according to the NSE. Shares outstanding currently stands at 11,689,337,942 and the share price is N0.87.

Financially, Unity Bank’s recent performance has largely been underwhelming. It third quarter financial statement for the period ended in September last year shows that not only did revenue drop drastically, so did profits.

Gross earning under the nine-month period stood at N26.1 billion compared to the N65 billion during the same period in 2017. In the same vein, profit after tax stood at a paltry N585.8 million in Q3 2018, compared to N2.4 billion in Q3 2017.

Based on the foregoing, the bank’s overall 2018 financial result may likely be poorer compared to what obtained in 2017.

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