Unity Bank’s foreign exchange revaluation loss for the period stood at N35.4 billion, compared to N16.2 million a year earlier.
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.
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.The financials showed N8.9 billion in long-term loans from the“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.
The lender drew N135.2 billion in the form of convertible debentures from its other reserves to pare down the negative balance of its shareholders’ fund by 35 per cent.Revenue for the period saw a flattish growth as gross earnings climbed to N27.8 billion from N27.6 billion. Adding pressure to the bottom line, operating expenses leapt 16 per cent to N15.3 billion driven by a significant jump in personnel expenses.
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