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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Unity Bank

UNITYBNK · Nigerian Exchange · Company statements

On this page
Company details
Legal name
Unity Bank Plc
Listing
UNITYBNK on the Nigerian Exchange, active · ISIN NGUNITYBANK3 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2023 · annual report, signed / final · source

Read with these figures

  • Going-concern warning. The auditor's report for the year ended 31 December 2023 states a material uncertainty about whether the company can continue as a going concern.
  • Auditor's emphasis of matter. Key audit matter (p24): expected credit loss on loans and advances to customers.
Full wording and sources

  • Auditor's report, year to 2023-12-31: material uncertainty related to going concern

    Material Uncertainty Related to Going Concern: We draw attention to Note 35 of the financial statements, which indicates that the Bank incurred a net loss after tax of N62.6 billion during the year ended 31 December 2023 and, as of that date, the Banks total liabilities exceeded its total assets by N326.9 billion and the capital adequacy stood at negative 76.14% (2022: Negative 89.69%). The Bank therefore did not meet the minimum capital requirement of NGN25 billion for a national bank and the Capital Adequacy Ratio (CAR) as stipulated by the Central Bank of Nigeria (CBN) for a Bank with a national banking license which is 10%. As stated in Note 35, uncertainty exists that may cast significant doubt on the Banks ability to continue as a going concern. Our opinion is not modified in respect of this matter.

    Source: Unity Bank Plc Annual Report for the year ended 31 December 2023, p23 (dated 2024-12-19)

  • Auditor's emphasis of matter

    Key audit matter (p24): expected credit loss on loans and advances to customers.

    Source: Unity Bank Plc Annual Report for the year ended 31 December 2023 (dated 2024-12-19)

  • Net interest income

    NGN 17.5 billion

    17,538,912 NGN thousands · p28

    −9.3% vs 2022

    Interest income less interest expense, as printed.

  • Total operating (loss)/income

    −NGN 26.9 billion

    (26,888,586) NGN thousands · p28

    −198.6% vs 2022

    The bank's own total of its income lines before credit impairment and operating expenses, under its printed label. What it includes differs between banks; it is not revenue.

  • Profit / (loss) for the year

    −NGN 62.6 billion

    (62,637,125) NGN thousands · p28

    Moved from profit to loss (FY2022: 941,375 NGN thousands)

  • Total assets

    NGN 473 billion

    472,584,916 NGN thousands · p29

    −7.4% vs 2022

  • Customer deposits

    NGN 403 billion

    402,993,370 NGN thousands · p29

    +23.1% vs 2022

  • Total equity

    −NGN 327 billion

    (326,873,324) NGN thousands · p29

    Change not shown.

Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Not shown: the prior-year figure is zero or negative.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2023 — annual report, signed / final; reported for the year · source
  • FY2022 — annual report, signed / final; comparative in the FY2023 filing · source

Income statement

Income statement, NGN thousands. Columns: FY2023 — annual report (signed / final), as reported for the year; FY2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY2023Annual reportreported for the yearFY2022Annual reportcomparative in FY2023 filing
Interest income 53,722,356 48,990,838
Interest expense (36,183,444) (29,647,236)
Net interest income 17,538,912 19,343,602
Fee and commission income 5,229,688 7,686,690
Net trading loss (50,069,411) (233,839)
Other operating income 412,225 472,326
Net trading loss and other operating income (unlabelled subtotal)1 (49,657,186) 238,487
Total operating (loss)/income (26,888,586) 27,268,779
Net remeasurment of ECL allowance (charge)/writeback on financial assets (1,701,309) 1,203,857
Net operating (loss)/income2 (28,589,895) 28,472,636
Personnel expenses (14,287,115) (11,161,067)
Depreciation of property and equipment (3,293,908) (2,465,851)
Amortisation of intangible assets (631,206) (79,765)
Other operating expenses (15,537,471) (13,379,828)
Total operating expenses (33,749,700) (27,086,511)
(Loss)/profit before minimum tax3 (62,339,595) 1,386,125
Minimum tax expense4 (297,505) (285,280)
(Loss)/profit before tax (62,637,100) 1,100,845
Income tax expense (25) (159,470)
(Loss)/profit for the year (62,637,125) 941,375
Net changes in fair value movements on equity instruments at FVOCI5 14,339,175 1,500,690
Net changes in fair value on debt securities at FVOCI during the year6 (3,627,207) (1,236,777)
Other comprehensive income for the year, net of tax 10,711,968 263,913
Total comprehensive (loss)/income for the year, net of tax (51,925,157) 1,205,288
Notes and alternative reported figures (6)
  1. “Net trading loss and other operating income (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal of net trading loss and other operating income, printed before total operating income.
  2. “Net operating (loss)/income” is an issuer-specific line, not mapped to a shared definition: Total operating income after the ECL charge.
  3. “(Loss)/profit before minimum tax” is an issuer-specific line, not mapped to a shared definition: Result before minimum tax and income tax.
  4. “Minimum tax expense” is an issuer-specific line, not mapped to a shared definition: Note 14: minimum tax.
  5. “Net changes in fair value movements on equity instruments at FVOCI” is an issuer-specific line, not mapped to a shared definition: OCI, never reclassified (note 31).
  6. “Net changes in fair value on debt securities at FVOCI during the year” is an issuer-specific line, not mapped to a shared definition: OCI, may be reclassified (note 31).

Balance sheet

Balance sheet, NGN thousands. Columns: FY2023 — annual report (signed / final), as reported for the year; FY2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY2023Annual reportreported for the yearFY2022Annual reportcomparative in FY2023 filing
Cash and balances with Central Bank 12,705,319 47,116,736
Due from banks 65,237,547 21,732,544
Loans and advances to customers 221,976,492 289,355,699
At fair value through other comprehensive income 65,192,626 43,776,330
Debt instruments at amortised cost 67,071,731 68,866,346
Property and equipment 24,984,038 23,459,506
Intangible assets 1,225,190 1,630,115
Other assets 14,191,973 14,206,683
Deferred tax assets –1 –1
Total assets 472,584,916 510,143,959
Due to other banks 94,388,371 117,731,414
Deposits from customers 402,993,370 327,429,673
Borrowings 111,979,393 297,381,214
Long Term Liabilities2 133,928,684 –3
Current tax liabilities 514,854 659,484
Other liabilities 55,653,568 41,890,341
Total liabilities 799,458,240 785,092,126
Share capital 5,844,669 5,844,669
Share premium 10,485,871 10,485,871
Statutory reserve4 13,367,368 13,367,368
Accumulated deficit (478,837,389) (380,834,043)
Non distributable Regulatory Risk Reserve 46,980,114 11,613,893
Other reserves5 75,286,043 64,574,075
Total equity (326,873,324) (274,948,167)
Total liabilities and equity 472,584,916 510,143,959
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.total_liabilities.
Notes and alternative reported figures (3)
  1. “Long Term Liabilities” is an issuer-specific line, not mapped to a shared definition: Note 26: long-term liabilities (borrowings restructured in 2023).
  2. “Statutory reserve” is an issuer-specific line, not mapped to a shared definition: Note 30.
  3. “Other reserves”: mapping to a shared definition is uncertain. Note 31: other reserves (FVOCI fair value reserve).

Cash flow

Cash flow, NGN thousands. Columns: FY2023 — annual report (signed / final), as reported for the year; FY2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY2023Annual reportreported for the yearFY2022Annual reportcomparative in FY2023 filing
Cash from/(used in) operations 46,720,887 (53,135,690)
Income tax paid (442,160) (249,131)
Interest received 42,230,923 46,419,952
Interest paid1 (25,414,013) (19,590,854)
Divided income2 94,795 140,293
Payment on employee contribution plan3 (511,925) (518,543)
Net cash flows from/(used in) in operating activities 62,678,508 (26,933,973)
Purchase of property and equipment (5,112,557) (3,968,193)
Purchase of intangible assets –4 (1,563,676)
Proceeds from disposal of property and equipment 26,496 65,811
Acquisition of investment securities at FVOCI5 (21,192,418) (42,303,340)
Proceeds from disposal of financial instrument at FVOCI6 12,819,802 50,920,678
Proceed from disposal of investment securities at amortized cost7 3,347,322 4,636,920
Net cash flows (used in)/from investing activities (10,111,356) 7,788,200
Proceeds from loans and borrowings 192,776,595 10,704,839
Repayment of borrowing (236,309,974) (28,473,336)
Net cash flows used in financing activities (43,533,379) (17,768,497)
Net increase/(decrease) in cash and cash equivalents 9,033,773 (36,914,270)
Cash and cash equivalents at 1 January 68,285,552 105,187,077
Effect of exchange rate movement on cash held 130,800 12,745
Cash and cash equivalents at 31 December 77,450,125 68,285,552
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
Notes and alternative reported figures (6)
  1. “Interest paid” is an issuer-specific line, not mapped to a shared definition: Operating activities (note 39(h)): interest paid on deposits and borrowings.
  2. “Divided income” is an issuer-specific line, not mapped to a shared definition: Operating activities: dividends received (printed 'Divided income').
  3. “Payment on employee contribution plan” is an issuer-specific line, not mapped to a shared definition: Operating activities (note 29).
  4. “Acquisition of investment securities at FVOCI” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 19a).
  5. “Proceeds from disposal of financial instrument at FVOCI” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 19a).
  6. “Proceed from disposal of investment securities at amortized cost” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 19c).

Per share and shares

Per share and shares. Columns: FY2023 — annual report (signed / final), as reported for the year; FY2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY2023Annual reportreported for the yearFY2022Annual reportcomparative in FY2023 filing
Earnings / (loss) per share (per share)41 (5.3585)2 0.08053
  1. Printed as (535.85) kobo; value converted to NGN at 100 kobo = 1 NGN.
  2. Printed as 8.05 kobo; value converted to NGN at 100 kobo = 1 NGN.
Notes and alternative reported figures (2)
  1. “Basic (loss)/earnings per share (kobo)”: mapping to a shared definition is uncertain. Basic EPS only; no diluted figure is printed.
  2. Earnings / (loss) per share: printed as “Basic (loss)/earnings per share (kobo)”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

No dividend statement or amount collected.

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Unity Bank Plc Annual Report for the year ended 31 December 2023

    Year ended 31 December 2023 · Annual report · signed / final

    Audit: KPMG Professional Services (Chartered Accountants, Lagos), unmodified opinion · signed · includes a material-uncertainty paragraph

    Auditor's sign-off: Akinyemi Ashade, FRC/2013/ICAN/00000000786, for KPMG Professional Services

    Final status: Independent auditors' report signed by Akinyemi Ashade (FRC/2013/ICAN/00000000786) for KPMG Professional Services, Lagos, dated 19 December 2024, with the ICAN seal (PDF p27, page image). Statements approved by the board for issue on 24 May 2024 and signed by Hafiz Mohammed Bashir (Ag. Chairman), Tomi Somefun (MD/CEO) and Ebenezer Kolawole (ED/CFO) (p29, page image). The auditor's report is dated about seven months after the board approval date printed.

    Document date
    19 Dec 2024
    Published
    26 Feb 2025
    Auditor's report
    19 Dec 2024
    Board approval
    24 May 2024
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2023, FY2022
    Basis
    company statements · NGN thousands (printed “N'000”)
    • Profit or loss (p28): 'Fee and commission income' is printed twice (the line and a one-line subtotal); net trading loss and other operating income are followed by an unlabelled subtotal; '(Loss)/profit after tax' and '(Loss)/profit for the year' print the same figures.
    • Earnings per share is printed in kobo ((535.85); 2022: 8.05, p28); stored in naira (÷100) with the printed figure and unit kept.
    Technical details
    File
    103 pages, with a text layer
    SHA-256
    46f094686d01ca91cee317b0586fba033cd9f62a7749f81f13a4d360b78773bc
    Entity as printed
    Unity Bank Plc (the Bank)
    Exchange copy
    retrieved 2026-10-08T18:14:56Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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