Explore the central themes of the post Unity Bank sinks to N39 billion loss after heavy hit from forex revaluation in the following sections.
“The negative shareholders’ fund has improved considerably through the injection of N135 billion which moderated the negative shareholders’ fund from (-ve) N275 billion in December 2022 financial year-end to (-ve) N178 billion as at the end of June 2023, after absorbing the FX revaluation loss suffered in Q2/2023,” she added.
AMCON-backed Unity Bank Plc reported a net loss of N38.9 billion for the first six months of the year in contrast to a net profit of N1.7 billion recorded a year ago, its newly issued financial report has shown.
The financials showed N8.9 billion in long-term loans from the African Export-Import Bank after conversion from the US dollar.
Unity Bank’s foreign exchange revaluation loss for the period stood at N35.4 billion, according to the bank’s financials, compared to N16.2 million a year earlier.
“In the light of the prevailing FX revaluation in the financial system, what we have is a market-driven impact which is adjustable envisaged from the positive economic outcomes of the government policies in the near term,” CEO Tomi Somefun said in a separate statement.
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