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Earning Forecast: Unity Bank targets N341m profit in Q1 2021
Unity Bank targets N341m profit in Q1 2021
- Projects N9.32bn Gross Earnings; N312m PAT
Unity Bank Plc has disclosed that it is expecting to rake in N341 million as pretax profit at the end of its first quarter operations in 2021.
While the financial institution expects to fulfill tax obligations estimated at N28.99 million from the pretex gain, it has pegged profit after tax (PAT) for the period at N312 million.
In its Q1 earning forecast obtained from the Nigerian Stock Exchange (NSE), Unity Bank has also said it is targeting to achieve N9.320 billion gross earnings for the first quarter of 2021, while it expect to rake in N6.22 billion in interest income.
The lender declared gross earnings of N33.906 billion for the nine months’ period ended September 30, 2020 and also recorded a 44 per cent asset growth during the period
Unity Bank’s Head Office in Lagos
A review of the unaudited Q3/2020 results released to the Nigerian bourse on which it is listed, showed that the gross earnings of N33.906 billion represents a 8 per cent growth from N31.256 billion recorded in the same period in 2019.
The lender’s total assets rose significantly to N420.870 billion in the 9-month period ended September 30, 2020, from N293.052 billion in the corresponding period of 2019, representing a whooping growth of 44 per cent.
This is even as the bank grew its bottom-line by six per cent as profit before tax moved up to close at N1.710 billion from N1.611 billion in 2019. Profit after tax equally grew by six per cent to N1.573 billion compared to the N1.482 billion recorded in the same period in 2019.
The bank in a statement noted that the performance came on the heels of the unmitigated impact of the global pandemic on the economy, which lingered throughout the quarter with its attendant headwinds that slowed down economic activities.
The lender also substantially grew its customers’ deposit portfolio to N332.362 billion from N257.691 billion for the same period in 2019, creating a 29 per cent increase affirming the confidence reposed by its wide spectrum of the banking public.
The lender, it was gathered, rolled out massive customer-centric products to the public especially in the retail space which accelerated the banking patronage during the period.
