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Explore the central themes of the post Unity Bank sinks to N39 billion loss after heavy hit from forex revaluation in the following sections.
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“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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