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 seen by Nairametrics, 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.
Recommended reading: Unity Bank records N38.2 billion gross earnings in Q3’23
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