Unity Bank projects gross profit of N20.86 billion in Q1 2023


Unity Bank Plc It said it aims to achieve N20.86 billion in gross profit during the first quarter of 2023.

This projection is contained in its Q1 2023 earnings forecast published via the Nigerian Exchange (NGX) and viewed by Naijaonpoint.

the projections: The lender also projected to raise 17.04 billion naira in interest income. Pre-tax and post-tax profit targets were set at Naira 367.61 million and Naira 336.37 million respectively.

The provision for tax for the period was set at 31.25 million naira, even as interest expense was projected at 6.630 million naira.

latest earnings: Unity Bank posted a profit of Naira 2.2bn for the nine months ending 30 September 2022, with gross profit growing 17% to Naira 42.2bn from Naira 36.2bn in the corresponding period of 2021.

The bank explained that the increase in profit was due to new products that focus on deep penetration and driving volume in the retail market space.

  • The unaudited nine-month results also showed pre-tax profit rose 5% to close at N2.206 billion.
  • The Bank also recorded equal marginal growth in its after-tax profit, which increased to N2.029 billion, representing a 5% increase from N1.9 billion recorded in the same period of 2021.
  • Unity Bank Plc maintained the growth momentum as total loans and advances as of September 30, 2022 reported N284.2 billion, an increase of 6% over N269.3 billion recorded in the corresponding period of 2021 .
  • Commenting on the result, Unity Bank Plc Managing Director/CEO Ms Tomi Somefun noted that the bank’s recorded revenue growth trajectory was a testament to the positive sentiment in the market, especially at a time when the market is experiencing a recession. with a high inflationary trend and volatility that negatively impacts the operating environment.

… Unity Bank Projects N20.86 Billion Gross Profits In Q1 2023 Read More On … Naijaonpoint.




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