Unity Bank Targets N4bn Profit in Q4 2024

Kayode Tokede

Unity Bank Plc has projected gross earnings of N27 billion and a Profit After Tax of N4 billion in the fourth quarter of (Q4 2024), in its latest earnings forecast released to the Nigerian Exchange Limited (NGX).

Although the projected gross earnings represent a marginal increase from the N26 billion projected for Q3 2024, the lender continues to maintain a profitable outlook, with pre-tax profit expected at N4.2 billion.

An analysis of the earnings forecast shows that the lender also expects interest income to rise from N23 billion to N24.5 billion, with net revenue expected to rise marginally by one per cent to N7.2 billion within the quarter compared to N6.5 billion in Q3, 2024.

Net operating income is projected at N12 billion, while cash flow from financing activities is projected to rise to N481.4 billion from N353.6 billion, a 1.3per cent projected increase on a quarter-on-quarter basis.

 This projected growth in cash flow from financing activities continues to reflect the lender’s growing liquidity position, which is essential for sustained business operations.

The lender said it expects to cover the milestones with a consistent optimistic outlook in its projection, barring any significant changes in the operating environment, under which the assumptions were made.