UNITY Bank Plc has forecast a negative performance across all its profitability lines in the second quarter (Q2) of the year as the bank continued to report asset deficiency in its financial position.
The bank disclosed this in its earnings forecast for Q2 2024, which was released on Monday, March 11.
Over the last six years, Unity Bank has raised concerns over its financial health as total liabilities have exceeded total assets.
InsideNigeria reports that Unity Bank also projected an N20.90 billion in revaluation loss, indicating that the revaluation and impairment credit losses would bring its bottom-line profit to the negative territory.
It put its gross earnings at N24.89 billion as the company swims to stay afloat.
Unity Bank also projected its net cash flow from operating and investing activities to be at a loss of N255.28 billion. In contrast, the loss in net cash flow is to be provided and used in its investing activities at N276.92 billion.
The negative performances of the bank have continued to erode shareholders’ funds. As of September 30, 2023, Unity Bank posted negative total equity of N190.22 billion as its total liabilities of N613.58 billion exceeded its total assets of N423.35 billion.
The bank has yet to release its fourth quarter/full-year financial statement for the year ended December 31, 2023.
Source: InsideNigeria
