Unity Bank posts N644m profit in Q3 2018, writes off N16bn – Unity Bank of Nigeria Plc has declared a N644 million profit in the third quarter of 2018 and also derisked its balance sheet, ridding the bank off toxic legacy assets and paving the way for significantly improved return on shareholder value in the coming years.
In its 2017 annual report made available to the Nigerian Stock Exchange (NSE), Unity Bank has successfully written of a total of N16 billion, being Goodwill that arose from legacy merger issues.
The bank in a statement said the decision to desrisk has helped the bank clean up its books and impacted the bottom-line leading to a net loss of N14.2 billion.
The report also showed the ratio of non-performing loans standing at zero percent, a clear indication of the management’s excellent risk assessment for the period. The report also indicated a marginal Loan-to-Deposit Ratio of 3.6 percent, pointing towards a significant room for growth and the attendant income boost.