Unity Bank Projects N20.7 Billion Loss

Pre-tax losses of N20.7 billion are anticipated by Unity Bank Nigeria Plc for the second quarter of 2024, underscoring the bank’s financial difficulties.

According to its financial statement, the bank has a N190.2 billion negative shareholder fund and has been looking at ways to raise capital.

It is anticipated that Unity Bank would conclude with N49.6 billion in cash.

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.

READ ALSO: Market responds to rumored merger of Unity Bank, NGX falls by 0.09%.

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.