Unity Bank eyes N10.890bn gross earnings in 3Q

Unity Bank has projected N10.890 billion gross earnings for the third quarter financial year ending September 30, 2021.

In its forecast for the third quarter 2021 submitted at the Nigerian Exchange, the bank said that its interest income and interest expenses expected to stand at N7.204 billion and N5.351 billion respectively.

The bank also planned to increase net revenue from fund to N1.852 billion while other income will grew to N3.686 billion.

According to the forecast report, net operating income and operating expense stand at N4.653 billion and N4.237 billion respectively while impairment for credit loss expected to grew to N885.662 million.

The bank’s pre tax profit/loss will close at N416.191 million while profit after tax stands at N380.818 million after making provision for tax of N35.376 million.

Meanwhile, the bank in its first quarter 2021 recorded good outing as its profit before tax grew by 43 per cent to N784.3 million from N550.1 million recorded in the corresponding period of 2020.

The profit after tax (PAT) for the period, which also grew by 43 per cent stood at N721.5 million compared to the N506.1 million recorded in Q1 2020.

As an outcome of increased focus on supporting local enterprises and industry, the asset portfolio also showed significant growth in loan book of 76 per cent as net loans and advances to customers increased to N223.2 billion, from N126.6 billion recorded in the corresponding period.

The total assets of the bank for the period showed an appreciable growth of 42 per cent to close at N521.5 billion, from N366.8 billion in the corresponding period of 2020.

The balance sheet of the bank had been considerably de-risked with the non-performing loan (NPL) ratio of near-zero per cent, which it has consistently maintained over time. With this, the bank ranks topmost in risk management assessment.