Unity Bank Plc’s Q3 2023 Financial Statement Unveils Staggering Loss of N47.91 Billion, Marking a 2,461% Drop from Last Year’s N2.03 Billion Profits.
In a surprising twist, Unity Bank’s earnings per share (basic) plummet to -546.56kobo for the first three quarters of 2023, down from 23.15kobo during the same period in 2022.
Despite this dismal performance, the bank’s share price defies expectations, soaring 74.5% year-to-date to 96kobo, outpacing the NGX All Share Index, which closed at a year-to-date return of 36.97% on November 3.
Unity Bank attributes part of its loss to a substantial Foreign Exchange (FX) revaluation loss of N38.162 billion, a drastic increase of 70,565% from last year’s N54.005 million FX loss for the same period.
This financial report raises questions about the bank’s performance and future prospects, as it experiences a 10% decrease in gross income, from N42.292 billion in 9M’2022 to N38.183 billion in 9M’2023.
The net interest income (NII) also declines by 35%, falling from N14.527 billion in 9M’22 to N9.470 billion in 9M’23.
The bank’s Loss Before Tax (LBT) worsens, reaching N47.726 billion in 9M’23, a stark contrast to the N2.206 billion profit before tax (PBT) achieved in 9M’22, a decrease of 2,263%.
