Unity Bank Targets N9.32bn Gross Earnings In Q1

 

The bank in its Q1 earnings forecast obtained from the Nigerian Stock Exchange also projected to rake in N6.22bn in interest income.

The lender projected pretax profit of N341m and N312m for profit after tax during the stipulated period.

Unity Bank declared gross earnings of N33.91bn for the nine-month period ended September 30, 2020 and also recorded a 44 per cent asset growth during the period.

A review of the unaudited Q3 2020 results showed that the gross earnings of N33.91bn represents an eight per cent growth from N31.26bn recorded in the same period in 2019.

The lender’s total assets rose significantly to N420.87bn in the nine-month period ended September 30, 2020, from N293.05bn in the corresponding period of 2019.

This is even as the bank grew its bottom-line by six per cent as profit before tax moved up to close at N1.71bn from N1.61bn in 2019.

Profit after tax grew by six per cent to N1.57bn from N1.48bn recorded in the same period in 2019.

Unity 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 grew its customers’ deposit portfolio to N332.36bn from N257.69bn for the same period in 2019.

Unity Bank’s Managing Director/Chief Executive Officer, Mrs Tomi Somefun, said, “One of the areas that will define our strategic direction going forward is investment in alternative channels leveraging further deployment of resources in technology.

“COVID-19 gave us a chance to test the integrity and scalability of our technology, the IT infrastructure, and the electronic banking channels, and provided us an opportunity to see where we needed to improve and strengthen, knowing that the future of sustainable banking business is in alternative channels.”