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UNITY BANK PLC Unaudited Management Accounts 31 March 2020 UNITY BANK PLC for the YEAR ENDED 31 DECEMBER 2019

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UNITY BANK PLC Unaudited Management Accounts 31 March 2020 UNITY BANK PLC for the YEAR ENDED 31 DECEMBER 2019 UNITY BANK PLC Unaudited Management Accounts 31 March 2020 UNITY BANK PLC FOR THE YEAR ENDED 31 DECEMBER 2019 1. Corporate Information Unity Bank Plc provides Banking and other financial services to corporate and individual customers. 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 is a Public Limited Liability company incorporated in Nigeria to carry on the business of Banking. The Bank's shares are listed on the Nigerian Stock Exchange. Its registered office is at 42, Ahmed Onibudo Street, Victoria Island, Lagos. The Financial Statements for the period ended 31 March 2020 were authorized for issue in accordance with a resolution of the Board of Directors Statement of Compliance & Basis of preparation 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. 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. 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). Presentation of financial statements The Bank presents its statement of financial position broadly in order of liquidity. 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 financial statements were authorised for issue by the board of directors on 15th May 2020. Functional and presentation currency The Bank's functional currency (Nigerian Naira) is adopted as the presentation currency for the financial statements. Except as otherwise indicated, financial information presented in Naira has been rounded to the nearest thousand. Use of estimate and judgements 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. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. (a) Judgements 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. 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 separate financial statements are described in note 5. - Note 3.2(II): classification of financial assets: assessment of the business model within which the assets are held and assessment of whether the contractual terms of the financial asset are SPPI on the principal amount outstanding. b) Assumptions and estimation uncertainties Information about assumptions and estimation uncertainties and critical judgments in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements are described as follows: - Note 3.2 (vi): impairment of financial instruments: determination of inputs into the ECL measurement model, including key assumptions used in estimating recoverable cash flows and incorporation of forward-looking information. - Note 5.2.4: measurement of the fair value of financial instruments with significant unobservable inputs. (level 3) - Note 3.11(ii): recognition of deferred tax assets: availability of future taxable profit against which carry-forward tax losses can be used. (a) impairment losses on loans and advances The measurement of the expected credit loss allowance for financial assets measured at amortised cost and FVOCI is an area that requires the use of complex models and significant assumptions about future economic conditions and credit behaviour (e.g. the likelihood of customers defaulting and the resulting losses). Several significant judgements are also required in applying the accounting requirements for measuring ECL, such as: • Determining criteria for significant increase in credit risk. • Determining the credit risk grades. • Generating the term structure of the probability of default. • Determining whether credit risk has increased significantly. • Incorporation of forward-looking information. • Establishing Banks of similar financial assets for the purposes of measuring ECL. Explanation of the inputs, assumptions and estimation techniques used in measuring ECL is further detailed in note 3.2. (b) determining fair values The determination of fair value for financial assets and liabilities for which there is no observable market prices requires the use of valuation techniques as described in note 5.2.5. For financial instruments that trade infrequently and have little price transparency, fair value is less objective, and requires varying degrees of judgment depending on liquidity, concentration, uncertainty of market factors, pricing assumptions and other risks affecting the specific instrument. The Bank measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements. Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. Level 2: Valuation techniques based on observable inputs, either directly - i.e., as prices - or indirectly - i.e. derived from prices. This category includes instruments such as forward contracts, swaps etc. valued using; quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly or indirectly observable from market data. Level 3: Valuation techniques using significant unobservable inputs. This category includes all instruments where the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument's valuation. This category includes instrument that are valued based on quoted prices for similar instruments where significant unobservable adjustments or assumptions are required to reflect differences between the instruments. 2. Changes in Accounting Policies The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the preparation of the Bank’s annual financial statements for the year ended 31 December 2019. The Bank has not earlier adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Amendment to IAS 1 and IAS 8 In October 2018, the IASB issued the definition of ‘material’. The amendments which became effective in the annual reporting periods starting from 1st January 2020 are intended to clarify, modify and ensure that the definition of ‘material’ is consistent across all IFRS. In IAS 1 (Presentation of Financial Statements) and IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors), the revised definition of ‘material’ is quoted below: “An information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make based on those financial statements, which provide financial information about a specific reporting entity” The amendments laid emphasis on five (5) ways material information can be obscured. These include: • If the language regarding a material item, transaction or other event is vague or unclear; • If information regarding a material item, transaction or other event is scattered in different places in the financial statements; • If dissimilar items, transactions or other events are inappropriately aggregated; • If similar items, transactions or other events are inappropriately disaggregated; and • If material information is hidden by immaterial information to the extent that it becomes unclear what information is material. The Bank has taken into consideration the new definition in the preparation of its financial statement. 3. Summary of significant accounting policies 3.1. Foreign currency translation The financial statements are presented in Nigeria Naira (₦). Nigeria Naira (₦) is both the functional and presentation currency. (i) Transactions and balances Transactions in foreign currencies are initially recorded at the functional (Naira) currency rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rate of exchange at the reporting date. All differences arising on non–trading activities are taken to ‘Other operating income’ in the income statement. Non–monetary items that are measured in terms of historical cost in a foreign currency are translated using the
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