2024: Unity Bank projects N5.2bn profit in third quarter 

Unity Bank Plc has projected a Profit After Tax of N5.2 billion in third quarter of 2024, according to its latest earning forecast released to the Nigerian Exchange Group.

The bank projects 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 second quarter, 2024 projection of N24.89 billion.

An essential part of the earnings forecast also shows that the bank 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.

The bank 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.