![]() ![]() In October 2018, the IASB issued the definition of 'material'. The Bank has not earlier adopted any other standard, interpretation or amendment that has been issued but is not yet effective. The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Bank's annual financial statements for the year ended 31 December 2020, except for the adoption of new standards effective as of 1 January 2021. ![]() Income and expense are not offset in the consolidated income statement unless required or permitted by any accounting standard or interpretation, and as specifically disclosed in the accounting policies of the Bank. 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.įinancial assets and financial liabilities are offset and the net amount reported in the statement of financial position only when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously. The Bank presents its statement of financial position broadly in order of liquidity. Due to rounding numbers presented throughout this document, numbers may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. The financial statements have been prepared in accordance with the going concern principle under the historical cost convention modified to include fair valuation of particular financial investments to the extent permitted under IFRS 9 as set out in the relevant notes.įor better understanding, certain disclosures and some prior year figures have been presented in line with current year figures. The financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting', its interpretation issued by the IFRS Interpretations Committee (IFRS IC) and adopted by the Financial Reporting Council of Nigeria. Where there are deviations necessitated by regulatory pronouncements/policy guides, full disclosure have been made. The financial statements of the Bank have been prepared in accordance with IFRS as issued by the IASB. Statement of Compliance & Basis of preparation Its registered office is at 42, Ahmed Onibudo Street, Victoria Island, Lagos.Ģ. 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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