Unity Bank Projects N27 Billion Gross Earnings for Q4 2024
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 the lender’s earnings forecast released to the Nigerian Exchange Group. This represents a marginal increase in revenue from the N26 billion projected for Q3 2024.
The forecast suggests a pre-tax profit of N4.2 billion, driven by an expected rise in interest income from N23 billion to N24.5 billion. Net revenue is anticipated to grow by 1.0%, reaching N7.2 billion compared to N6.5 billion in Q3. Additionally, net operating income is projected at N12 billion.
The bank’s cash flow from financing activities is expected to increase to N481.4 billion, up from N353.6 billion, indicating a 1.3% quarter-on-quarter growth. This improvement reflects Unity Bank’s bolstered liquidity position, vital for ongoing operations.
Unity Bank attributed its optimistic outlook to its strategic focus on delivering innovative, customer-centric products, particularly in the digital lending space. The bank’s enhanced platforms are set to provide superior customer experiences, strengthening its competitive edge.
Analysts have lauded the bank’s forecast, noting its steady growth trajectory amid challenging market conditions, emphasizing its strategic repositioning.
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