Unicorn Investment Bank announces first annual net loss
Total income for 2010 was $12.3 million, down from $96.5 million in 2009. With limited exceptions, the reduction in income was due to a general lowering of deal flows, within a stressed financial and operating environment.
Unicorn saw major deleveraging of the balance sheet in 2010, which saw the timely repayment of over $250 million of short term funds. The bank also recently announced the successful repayment of a $125 million Syndicated Commodity Murabaha Facility upon its due repayment date on 27 January 2011.