-As SEC Places Lender on Full Suspension over Share Reconstruction
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s mid tier lender, Unity Bank Plc on Wednesday said its profit after tax (PAT) climbed up 35.7 percent to N3.624 billion in its first quarter (Q1) period ended March 31 2015 from N2.670 billion recorded the same period of 2013.
Profit before tax (PBT) also grew 47.2 percent to N4.264 billion from N3.142 billion in the corresponding period of 2013.
Similarly, gross earnings increased from N14.971 billion in the Q1 of 2013 to N16.510 billion; indicating an increase of 10.3 percent in the review period, Unity Bank said in a filing with the Nigerian Stock Exchange (NSE).
Meanwhile, Nigeria’s Securities and Exchange Commission (SEC) on Wednesday directed that the bank be placed on full suspension from Monday, 13 April to Friday, 17 April 2015.
“Consequently the qualification date (last trading day before the share reconstruction) is Friday 10 April 2015,” an issuer’s announcement to the NSE said.
According to the lender, the ratio of reconstruction is one (1) new share for every ten (10) shares already held.
“The suspension is for the purpose of permitting Unity Bank Plc to conclude its scheme of capital restructuring. Normal transactions in the shares of Unity Bank Plc will resume on Monday, 20 April 2015,” the issuer’s announcement affirmed.
