Unity Bank eyes N5.2bn profit in Q3

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Unity Bank logoUnity Bank Plc has projected a N5.2bn post-tax profit in the third quarter of 2024.

In a statement made available to The PUNCH on Monday, the bank planned to grow gross venue by 8.2 per cent to N26.93bn from N24.89bn in Q2 2024.

It aimed to raise N23bn as interest income and net revenue anticipated to reach N6.58bn for the period.

“Unity Bank Plc has projected a Profit After Tax of N5.2bn in Q3, 2024, according to its latest earning forecast released to the Nigerian Exchange Group.

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

“An essential part of the earnings forecast also shows that the lender expects to record its interest income at N23bn, with net revenue anticipated to hit N6.58bn for the period. Operating income is expected to rise to N13.38bn, while cash flow from financing activities is projected to

rise to N353.6 billion,” it stated.

It also projected cash flow from financing activities to rise to N353.6bn, noting this would enable it to navigate uncertainties for expansion and market penetration.

“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 added.

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