Unity Bank records N2.2bn profit in nine months, projects N20.86bn gross earnings in Q1 2023

Unity Bank has recorded an N2.2 billion profit for the nine months ended September 30, 2022, with a 17% growth in gross earnings to N42.2 billion as against N36.2 billion in the corresponding period of 2021.

This is the bank said it is targeting to achieve N20.86 billion in gross earnings during in the first quarter of 2023.

This projection is contained in its Q1 2023 earnings forecast released via the Nigerian Exchange (NGX).

The bank also projected to rake in N17.04 billion in interest income. Targets for profits before and after tax were put at N367.61 million and N336.37 million, respectively.

Provision for taxation for the period was put at N31.25 million, even as interest expense was projected at N6.63 billion.

Meanwhile, bank explained that the increase in earnings for the nine months period was due to new products that are focused on deep penetration and driving volume in the retail market space.

The unaudited nine-month results also showed that the profit before tax rose by 5% to close at N2.206 billion.

The Bank also recorded an equal marginal growth in its profit after tax which increased to N2.029 billion, representing a 5% rise from N1.9 billion recorded in the same period of 2021.

Unity Bank Plc maintained growth momentum as total loans and advances as of September 30, 2022, reported N284.2 billion, which represents a 6% increase from the N269.3 billion recorded in the corresponding period of 2021.

Commenting on the result, the Managing Director/CEO of Unity Bank Plc, Mrs Tomi Somefun, noted that the growth trajectory recorded in the Bank’s revenue was a testament to the positive sentiment in the market, especially at a time the market is experiencing a downturn with high inflationary trend and volatility which impacts negatively on the operating environment.