Unity Bank re­leases fi­nan­cial state­ments 24hrs after NSE sus­pen­sion, record 76% de­cline in Q3’18 PAT

Business a.m. - - FINANCE & INVESTMENT -

BARELY TWENTYFOUR HOURS after be­ing placed on sus­pen­sion by the Nige­rian Stock Ex­change for fail­ing to file its fi­nan­cial state­ments, mid-tier lender, Unity Bank re­ported a 76 per­cent de­cline in its profit after tax for the nine months pe­riod ended 30 Septem­ber 2018.

Profit after tax (PAT) came in for the lender at N585.8 mil­lion from N2.45 bil­lion posted in the same pe­riod of 2017, while pre­tax profit dipped 76 per­cent to N643.8 mil­lion from N2.72 bil­lion recorded a year ago.

Gross in­come dropped 60 per­cent to N26.1 bil­lion from N65 bil­lion de­clared in the first nine months of 2017, the mid tier lender said in a fil­ing with the Nige­rian Stock Ex­change (NSE).

The Nige­rian Stock ExTHE change (NSE) had sus­pended trad­ing in the shares of Unity Bank Plc. and five oth­ers listed com­pa­nies from the coun­try’s stock mar­ket last Thurs­day.

But on Fri­day, the bank re­leased all out­stand­ing fi­nan­cials, in­clud­ing its 2017 au­dited fi­nan­cial state­ment, its 2018 first quar­ter re­sults, its 2018 half-year re­sults, as well as the third quar­ter re­sults for the year, and no­ti­fied stake­hold­ers and the in­vest­ing pub­lic that it would soon an­nounce the bank’s prospec­tive in­vestors.

Mo­hammed Shehu, the bank’s com­pany sec­re­tary, said in a state­ment to the Nige­rian Stock Ex­change that the de­lay in fil­ing the fi­nan­cial state­ments was oc­ca­sioned by cer­tain cor­po­rate ac­tions in­clud­ing on­go­ing dis­cus­sions with the Bank’s prospec­tive in­vestors, which ne­ces­si­tated ex­ten­sive re­views by its pri­mary reg­u­la­tor.

Shehu said that the bank’s dis­cus­sions with its prospec­tive in­vestors are pro­gress­ing ac­cord­ing to plan and will be con­cluded shortly, fol­low­ing which the nec­es­sary reg­u­la­tory ap­provals would be sought and an an­nounce­ment made.

Fol­low­ing the sub­mis­sion of the com­pany’s ac­counts, the ex­change lifted the sus­pen­sion placed in the trad­ing of the bank’s shares.

The other five listed com­pa­nies whose shares are still un­der sus­pen­sion as at Fri­day 2nd Novem­ber are For­tis Mi­cro­fi­nance Bank Plc, Thomas Wy­att Nige­ria Plc, Multi-Trex In­te­grated Foods Plc, Golden Guinea Brew­eries Plc and Deap Cap­i­tal Man­age­ment & Trust Plc.

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