Article Summary
- The bank also projected to rake in N16.864 billion in interest income while targets for a profit before and after tax were put at N262.359 million and N240.059 million, respectively.
- Unity Bank Plc posted a Profit Before Tax of N1.1 billion for its full-year results that ended Dec 2022.
- Total comprehensive income rose by 262.1% to N1.2 billion from N744 million in the corresponding period of 2021.
Unity Bank Plc said it is targeting to achieve N19.864 billion in gross earnings during the third quarter of 2023.
This is contained in its Q3 2023 earnings forecast released via the Nigerian Exchange (NGX) and seen by Nairametrics.
The projections
The bank also projected raking in N16.407 billion in interest income. Targets for a profit before and after tax were put at N262.359 million and N240.059 million, respectively. While the projection for interest expenses stood at N11.342 billion, forecasted taxation for the period was put at N22.300 million.
FY’2022 earnings results
Unity Bank Plc posted a Profit Before Tax of N1.1 billion for its full-year results that ended Dec 2022, even as its gross earnings rose by 13.1% to N57 billion from N50.2 billion in the corresponding period of 2021.
The Bank in its audited full-year financial statement submitted to the Nigeria Exchange Group Limited recorded growth in key performance indicators as reflected in the interest income, loans and advances to customers, customer deposits, and profits.
A major highlight of the financial year is the growth in total comprehensive income, which rose by 262.1% to N1.2 billion from N744 million in the corresponding period of 2021. The Bank grew Profit Before Tax (PBT) by N1.1 billion, while Profit After Tax stood at N941.4 million.
With the loan book sustaining an expansion by 7.5% to N289.4 billion from N269.3 billion within the period under review, the interest and similar income consequently witnessed significant growth rising 7.5% to close at N48.9 billion compared to N43.2 billion in the corresponding period of 2021.
Similarly, income from fees and commissions recorded significant growth, rising by 25.7% to N7.68 billion from N6.1 billion within the period under review.
More so, deposits from customers saw marginal growth, increasing by 1.6% to N327.4 billion from N322.2 billion in the corresponding period of 2021 as the Bank pushes for deeper penetration of its retail footprint with the rollout of products targeting different segments of the market.