Unity Bank projects N10.9bn earnings for 3Q’2022

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3 years ago

UNITY Bank Plc has projected N10.890 billion gross earnings for the third quarter of 2022.

In its Q1 earnings forecast, submitted to the Nigerian Exchange Limited (NGX), the bank also said it targets N7.204 billion in interest income.

The lender projected a pretax profit of N416.191 million and N380.815 million for profit after tax during the stipulated period.

Recall that Unity Bank in its audited Full Year 2021 results showed improved performance in key parameters, even as the bank’s gross loan portfolio increased by 92.9 per cent to N206.2 billion in 2020 from N106.9 billion in 2019.

The bank’s total assets rose by 67.90 per cent when compared with N293.05 billion achieved in the comparative period of 2019. Also, the lender posted gross earnings of N42.71 billion compared with N44.59 billion recorded in the comparative period of 2019, reflective of its business and economic realities of the time.

Its customer deposit portfolio grew by 34.4 per cent to N356.62 billion in 2020, up from N257.69 billion posted in the corresponding period of 2019. Profit after tax stood at N2.09 billion, while profit before tax was N2.22 billion during the year under review amidst the tough macroeconomic environment where it operated. Its net operating income rose to N25.46 billion from N23.21 billion in the corresponding period of 2019, representing a 9.71 per cent increase.

This is even as the net interest income recorded a significant jump, as it rose by 7.60 per cent to N17.75 billion from N16.49 billion in the corresponding period of 2019.

Furthermore, the bank sustained the growth momentum demonstrated in its 2020 full-year earnings as it recorded an impressive performance of 43 per cent in both profits before and after tax in Q1 2021.

The bank’s unaudited Q1 results show that the retail lender’s profit before tax (PBT) 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 N721.5million compared to the N506.1million recorded in Q1 2020.