Unity Bank Plc Gets Hair Cut
The market value of Unity Bank Plc tumbled by 16.6% as the Nigerian small lender’s shareholders offloaded their portfolios, according to data from the stock market.
The bank share dipped to N2.92 on Friday, moving against the stock market direction, figures obtained from the Nigerian Exchange showed.
Unity Bank has recently recorded strong gains in line with stock market direction as positive sentiment drove buying interest in tier-III Nigerian lender.
At the close of the session on Friday, the market valued Unity Bank Plc at N34 billion for 11.689 billion shares outstanding.
In its 9-month 2023 results, the bank recorded gross earnings of N38 billion, with customer deposits appreciating by 5% to N344.4 billion. In the period, total loans and advances rose to N222.8 billion, and interest and similar income stood at N33 billion.
Total assets printed at N423.4 billion; net fee and income commission registered at N4.4 billion within the period. However, the recent FX regulation impacted the Bank’s bottom line.
Unity Bank’s survival hangs in balance as the lender seeks investors with possible merger and acquisition potential with Providus Bank Limited on the table. #Unity Bank Plc Gets Hair Cut#
