On paper, everything seems well at Unity Bank, but a worrying note from independent auditors, KPMG, on the financial health of Unity Bank should bother investors.
A note from independent auditors, KPMG, has raised questions over the financial health of Nigeria’s Unity Bank. These questions became pertinent after the lender’s total liabilities exceeded its total assets by ₦274.9 billion for the full-year ended December 31, 2022.
Per its financial statements, the bank recorded total assets of ₦510 billion in full-year 2022, compared to ₦538 billion in 2021. On the part of its total liabilities, the bank recorded ₦785 billion in 2022, as against ₦815 billion recorded in 2021. Analysts from KPMG wrote a note regarding this situation in its books, highlighted it as a “growing concern.”
“We draw attention to Note 35 of the financial statements, which indicates that the bank made a profit of ₦941.4million for the year ended 31 December 2022. As at same…