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