2022: Unity Bank targets N12.003bn gross earnings in fourth quarter 




Unity Bank Plc has said it is targeting  N12.003 billion gross earnings for the fourth quarter of 2022 financial year.

In its earnings forecast for the fourth quarters released by the Nigerian Exchange Limited showed that, the bank projected  interest income of N9.398 billion and interest expenses of N5.895 billion while net revenue from funds  projected at N3.503 billion.

The bank also set a target that it’s net operating income will stand at N4.545 billion while operating expenses will go to N4.220 billion.

The lender projected that pre tax profit will rise to N325.152 million while tax will take N27.637 million to bring profit before tax to N297.514 million.

The bank in its half year financial result ended June 30 2022, it  posted gross earnings of N27.6 billion , representing a growth of 17 percent year-on-year.

According to the result summited to the NGX,  the bank made significant improvements across key performance indicators,  as its profit before tax (PBT) rise  by 23 percent to N1.8 billion from N1.5 billion in the corresponding period of 2021. Profit After Tax (PAT) for the period equally increased by 23 percent to close at N1.6 billion from N1.382 billion in H1’21.

The key highlights of the financial statements showed growth in interest and similar income, which rose 18 percent to N23.938 billion from N20.273 billion in the corresponding period of 2021, an indication of sustained growth in the loan book as well as improved earnings from the lender’s robust digital channels, arising from sustained investment in its digital payment infrastructure.

Commenting on the bank’s financial on Half year result, Managing Director /Chief Executive Officer of Unity Bank Plc,Tomi Somefun, noted that while the key performance indicators continue on an upward trajectory; PBT grew  23 per cent YoY, Total Assets  up 7 per cent YoY and gross earnings 17 per cent YoY,  the outlook for our financial position has now moderated significantly looking at other fees and income lines which performance was hitherto characterised by volatilities in the operating environment.

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