Unity Bank projects N5.2 billion profit in Q3

Retail lender Unity Bank Plc has projected a profit after tax of N5.2 billion in the third quarter of the year.

This was contained in its earnings forecast released to the Nigerian Exchange Ltd. (NGX) on Monday.

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.

This indicates an 8.2 per cent increase from the second-quarter 2024 projection of N24.89 billion.

The earnings forecast also showed that the bank expects to record its interest income at N23 billion, with net revenue anticipated to hit N6.58 billion for the period.

Unity Bank’s operating income is expected to rise to N13.38 billion, while cash flow from financing activities is projected to rise to N353.6 billion for the projected quarter.

Meanwhile, the bank’s improved projected cash from financing activities and the expected increase in cash and cash equivalents highlight the lender’s strong liquidity position, critical for sustaining current and future business operations.

The bank stated that it expected to achieve the result and surpass the projection, barring any unforeseen significant changes in the operating macroeconomic environment under which assumptions underlying the forecast were made.