Dipo Olowookere
By Aduragbemi Omiyale
All things being equal, the third quarter of 2024 should produce a post-tax profit of N5.2 billion, Unity Bank Plc, a leading retail financial institution, has projected.
In its earnings forecast filed with the Nigerian Exchange (NGX) Limited, the lender also projected to post a pre-tax profit of N5.7 billion.
In the document obtained by Business Post, the company said it should generate N26.93 billion as revenue, higher than the N24.89 billion projection in Q1 2024 by 8.2 per cent.
An essential part of the earnings forecast also shows that Unity Bank anticipates an interest income of N23 billion in the period under review, with net revenue at N6.58 billion.
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.
Analysts believe that the positive outlook of the lender’s Q3, 2024 earnings forecast reflects strategic growth in key financial metrics, a focus on strengthening its income base, efficient financial management, and enhancing customer deposits geared towards maintaining a strong, stable, and profitable financial institution.
