Unity Bank Projects N5.2bn Profit in Q3

Unity Bank Plc has projected a profit after tax of N5.2 billion in the third quarter (Q3) of 2024, according to its latest earning forecast released to the Nigerian Exchange Group.

The lender projected a pre-tax profit of N5.7 billion while targeting a turnover of N26.93 billion in gross earnings during the quarter, an 8.2 per cent increase from the Q2, 2024 projection of N24.89 billion.

“An essential part of the earnings forecast also shows that the lender expects to record its interest income at N23 billion, with net revenue anticipated to hit N6.58 billion for the period.

“Operating income is expected to rise to N13.38 billion, while cash flow from financing activities is projected to rise to N353.6 billion.

“Moreover, the improved projected cash from financing activities and the expected increase in cash and cash equivalents highlight the lender’s strong liquidity position, which is critical for sustaining current and future business operations,” a statement added.

The lender stated that it expects the results to be achieved and surpass the projection, barring any unforeseen significant changes in the operating macroeconomic environment under which assumptions underlying the forecast were made.

Analysts believe that the positive outlook of the lender’s Q3, 2024 earnings forecast reflects strategic growth in key financial metrics, a focus on strengthening its income base, efficient financial management, and enhancing customer deposits geared towards maintaining a strong, stable, and profitable financial institution.