Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 6 non-independent directors. Independent Non-Executive Director Sam Okagbue was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 공시 • Feb 27
Unity Bank Plc, Annual General Meeting, Mar 19, 2025 Unity Bank Plc, Annual General Meeting, Mar 19, 2025, at 11:00 W. Central Africa Standard Time. New Risk • Nov 03
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2023. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2023 fiscal period end). Negative equity (-₦190b). Revenue has declined by 158% over the past year. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (₦17.7b market cap, or US$10.7m). 공시 • Aug 07
Unity Bank Plc (NGSE:UNITYBNK) agreed to acquire Providus Bank plc. Unity Bank Plc (NGSE:UNITYBNK) agreed to acquire Providus Bank plc on August 6, 2024.
The Central Bank of Nigeria has approved the transaction. The deal is contingent upon the financial support from the Central Bank of Nigeria. The apex bank also announced approval of a pivotal financial accommodation to support the transaction. New Risk • Jun 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₦14.6b (US$9.89m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₦190b). Earnings have declined by 27% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (₦14.6b market cap, or US$9.89m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Share price has been volatile over the past 3 months (11% average weekly change). New Risk • May 21
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Negative equity (-₦190b). Earnings have declined by 27% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Market cap is less than US$100m (₦19.3b market cap, or US$12.6m). New Risk • Nov 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Nigerian stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.9% average weekly change). Negative equity (-₦190b). Earnings have declined by 27% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (₦15.0b market cap, or US$18.2m). New Risk • Nov 05
New major risk - Revenue and earnings growth Earnings have declined by 27% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₦190b). Earnings have declined by 27% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (₦11.2b market cap, or US$13.9m). Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₦1.09, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 5x in the Banks industry in Nigeria. Total returns to shareholders of 110% over the past three years. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₦1.65, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 4x in the Banks industry in Nigeria. Total returns to shareholders of 217% over the past three years. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ₦1.29, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 5x in the Banks industry in Nigeria. Total returns to shareholders of 174% over the past three years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 42% After last week's 42% share price gain to ₦1.02, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 4x in the Banks industry in Nigeria. Total returns to shareholders of 79% over the past three years. Reported Earnings • Jun 06
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₦8.56b (up 15% from 1Q 2022). Net income: ₦1.05b (up 21% from 1Q 2022). Profit margin: 12% (in line with 1Q 2022). Reported Earnings • Feb 02
Full year 2022 earnings released: EPS: ₦0.12 (vs ₦0.27 in FY 2021) Full year 2022 results: EPS: ₦0.12 (down from ₦0.27 in FY 2021). Revenue: ₦28.5b (flat on FY 2021). Net income: ₦1.35b (down 57% from FY 2021). Profit margin: 4.7% (down from 11% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 4% per year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. 1 independent director (8 non-independent directors). Independent Director Sam Okagbue was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 01
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₦7.61b (up 4.7% from 2Q 2021). Net income: ₦828.9m (up 26% from 2Q 2021). Profit margin: 11% (up from 9.1% in 2Q 2021). The increase in margin was driven by higher revenue. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. 1 independent director (8 non-independent directors). Independent Director Sam Okagbue was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 01
Third quarter 2021 earnings released The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ₦6.46b (up 9.7% from 3Q 2020). Net income: ₦554.8m (up 2.1% from 3Q 2020). Profit margin: 8.6% (down from 9.2% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 01
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ₦7.27b (up 24% from 2Q 2020). Net income: ₦660.6m (up 22% from 2Q 2020). Profit margin: 9.1% (down from 9.2% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 10
New 90-day high: ₦0.74 The company is up 19% from its price of ₦0.62 on 10 December 2020. The Nigerien market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is down 7.0% over the same period. Is New 90 Day High Low • Nov 09
New 90-day high: ₦0.66 The company is up 12% from its price of ₦0.59 on 11 August 2020. The Nigerien market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 31% over the same period. 공시 • Oct 27
Adam Kuras Joins Unity Bank as Chief Lending Officer Unity Bancorp Inc. announced that Adam Kuras Joins Unity Bank as Chief Lending Officer. Adam Kuras has joined Unity Bank as Chief Lending Officer bringing more than 27 years of banking and finance leadership experience to the community bank. Kuras previously was with Fulton Bank, serving as Manager of the Northern New Jersey commercial relationship team. 