By Babajide Komolafe

Unity Bank Plc has projected a Profit After Tax of N5.2 billion in Q3, 2024, according to its latest earning forecast released to the Nigerian Exchange Group.

The bank also projected a pre-tax profit of N5.7 billion while targeting a turnover of N26.93 billion during the quarter, representing   8.2% increase from the N24.89 billion projected for Q2’2024.

An essential part of the earnings forecast also shows that the bank expects to record  interest income of  N23 billion, with net revenue anticipated to hit N6.58 billion for the period. Operating income is expected to rise to N13.38 billion, while cash flow from financing activities is projected to rise to N353.6 billion.

Moreover, the improved projected cash from financing activities and the expected increase in cash and cash equivalents highlight the lender’s strong liquidity position, which is critical for sustaining current and future business operations.

The lender stated that it expects the projections to be achieved and surpassed, barring any unforeseen significant change in the operating macroeconomic environment under which assumptions underlying the forecast were made.

Analysts believe that the positive outlook of the bank’s  Q3, 2024 earnings forecast reflects strategic growth in key financial metrics, a focus on strengthening its income base, efficient financial management, and enhancing customer deposits geared towards maintaining a strong, stable, and profitable financial institution.