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Nigeria's Unity Bank records 900% jump in profit

Staff writer |
One of Nigeria's leading financial lender Unity Bank said its pretax profit for the first nine months of its financial year jumped 900.3 percent to N12.01 billion ($73.13 million) from N1.20 billion in the corresponding period of last year.

But the rise in the bank's was considerably smaller, increasing by 7.45 percent to N48.77 billion ($296.8 million) from N45.39 billion ($276.2 million) last year.Unity Bank had in September raised $117.4 million from sale of shares to existing shareholders in a bid to bolster its capital base and finance working capital as the country's Central Bank implements stricter international regulations.

The 38.45 billion shares, sold at N0.50 each, was oversubscribed, with the bank to saying it will refund excess subscription monies to shareholders.

One of the very few Nigerian banks headquartered in capital city of Abuja, Unity Bank recently signed a partnership with global communications provider, SkyVision Global Networks Ltd for its satellite-based Virtual Private Network (VPN) services to connect the bank's head office to its numerous branch offices nationwide.

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