Unity Bank to Deliver N451 mln Profit in First Quarter of 2022

Unity Bank to Deliver N451 mln Profit in First Quarter of 2022

Unity Bank Plc has forecasted to rake in a total sum of N451 million as after-tax profit for the first quarter of 2022, according to its latest regulatory filing. The bank expects its gross earnings to settle at N12.896 billion, driven by interest income and other income lines.

Detail from the filling shows that Unity Bank is expecting interest income to print at N7.813 billion while management plans to pay funds providers more than 75% as funding costs.

Estimated interest payment to funds providers is expected to settle at N5.897 billion in the first three months next year. The bank’s earnings forecast shows net interest income will be N1.915 billion.

A sizeable income from other sources is expected in the period, keeping net operating income near N6 billion but for impairment on credit losses which drag performance lower, the estimate shows.

In the first three months in 2022, Unity Bank Plc would book more than N1 billion against its income statement as an impairment charge, detail from the regulatory filing shows.

This put both net operating income and expenses closer as steep inflation rate pepper total estimated operating expenses.

For the period, Unity Bank operating expenses (N5.495 billion) will be as large as its net operating income (N5.988 billion). Pre-tax profit is projected at N493 million. Tier 2 lender is projecting a profit after tax of N451 million after it considered about N42 million tax provision.

# Unity Bank to Deliver N451 mln Profit in First Quarter of 2022 …Read Also: Naira Gains as CBN Used $125 mln from External Reserves