Unity Bank Plc has projected gross earnings of N27 billion and a Profit After Tax (PAT) of N4 billion for the fourth quarter of 2024, according to its latest earnings forecast released to the Nigerian Exchange Group on September 9, 2024.
This forecast represents a slight increase from the N26 billion in projected gross earnings for the third quarter of 2024. The bank’s outlook remains positive, with a pre-tax profit anticipated at N4.2 billion.
The forecast indicates a rise in interest income, with expectations moving from N23 billion to N24.5 billion. Additionally, net revenue is projected to increase by 1.0% to N7.2 billion, up from N6.5 billion in Q3 2024. Net operating income is forecasted to reach N12 billion.
Unity Bank also anticipates an increase in cash flow from financing activities, projecting it to rise to N481.4 billion from N353.6 billion, marking a 1.3% quarter-on-quarter growth. This growth reflects the bank’s improving liquidity position, which is crucial for sustaining its business operations.
In its earnings forecast, Unity Bank emphasized its commitment to maintaining an optimistic outlook and delivering high-quality, customer-centric products and services. The bank plans to enhance its digital lending platforms and channels to further improve customer experiences.
Analysts suggest that the bank’s Q4 forecast demonstrates a steady growth trajectory, supported by strong performance indicators and strategic adjustments aimed at navigating challenging market conditions.
The forecast indicates that Unity Bank is well-positioned to achieve its financial targets, provided there are no significant disruptions in the operating environment.