Information about significant areas of estimation uncertainties and critical judgments in applying accounting policies that have the most significant effect on the amounts recognised in the consolidated and
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements is included in the following notes. Revisions to estimates are recognised prospectively. Actual results may differ from these estimates.Įstimates and underlying assumptions are reviewed on an ongoing basis. In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of the Bank's accounting policies and the reported amounts of assets, liabilities, income and expenses. Except as otherwise indicated, financial information presented in Naira has been rounded to the nearest thousand. The Bank's functional currency (Nigerian Naira) is adopted as the presentation currency for the financial statements. An analysis regarding recovery or settlement within 12 months after the statement of financial position date (current) and more than 12 months after the statement of financial position date (non-current) are presented. The Bank presents its statement of financial position broadly in order of liquidity. The financial statements have been prepared in accordance with the going concern principle under the historical cost basis except for financial intruments at Fair Value through Other Comprehensive Income (FVOCI). The financial statements have been prepared in accordance with IAS34 'Interim Financial Reporting', its interpretation issued by the International Accounting Standards and adopted by the Financial Reporting Council of Nigeria. This financial statements have been prepared on a historical cost basis, except for Fair Value through OCI investments, derivative financial instruments, other financial assets and liabilities held for trading, financial assets and liabilities designated at fair value through profit or loss. Statement of Compliance & Basis of preparation The Financial Statements for the period ended 30 June 2022 were authorized for issue in accordance with a resolution of the Board of Directors on the 25 July 2022. Its registered office is at 42, Ahmed Onibudo Street, Victoria Island, Lagos. The Bank's shares are listed on the Nigerian Stock Exchange. Unity Bank is a Public Limited Liability company incorporated in Nigeria to carry on the business of Banking. Such services include but not limited to granting of loans and advances, corporate Banking, retail Banking, consumer and trade finance, international Banking, cash management, electronic Banking services and money market activities. Unity Bank Plc provides Banking and other financial services to corporate and individual customers.
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