Breaking News
Translate

Unity Bank posts N16bn loss, FCMB records 86% drop in PAT

By Michael Eboh & Providence Obuh
Unity Bank Plc has announced a loss after tax of N16.1 billion in its audited result for the 2010 financial year. First City Monument Bank Plc (FCMB), on the other hand, recorded a significant decline in its top and bottom lines, as its profit after tax dropped by 86 per cent to N564.34 million.

Unity Bank Plc, in its year end, December 31, 2009 financial statement released to the Nigerian Stock Exchange (NSE), Monday, recorded a gross earnings of N46.42 billion, rising by eight per cent from N42.42 billion recorded in its 2008 financial statement, it posted a loss before tax and extraordinary items of N21.1 billion compared to a loss before tax of N21.37 billion recorded in 2008, while it recorded a loss after tax of N16.11 billion compared to a loss after tax of N12.9 billion recorded in 2008.The bank recorded an exceptional items of N20.8 billion compared to N8.61 billion in 2008.

FCMB, in its year end, December 31, 2009, financial statement, recorded a 50.77 per cent slump in its gross earnings to N35.79 billion from a gross earnings of N72.7 billion recorded in 2008, its profit before tax stood at N856.6 million from N4.77 billion recorded in 2008, while its profit after tax dropped by 85.87 per cent to N564.34 million compared with N3.99 billion recorded in 2008.

Despite its unimpressive financial performance, the bank is proposing a dividend of N0.05 per share for the approval of its shareholders at its forthcoming annual general meeting.

Daar Communications Plc, also released its belated result for its 2008 financial year, announcing a loss after tax of N381.49 million compared to a profit after tax of N199.71 million recorded in its 2007 financial year.

Its turnover rose by 30.33 per cent to N3.68 billion compared to a turnover of N2.82 billion in 2007, while it recorded a loss before tax of N194.99 million compared to a profit before tax of N396.22 million recorded in 2007.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.