Unity Bank Projects N680.206 Million Profit After Tax for Q3 2022

Unity Bank Plc, one of Nigeria’s leading tier II banks, estimated its gross earnings for the third quarter of 2022 to be N12.667 billion.

Interest income was projected to hit N9.909 billion while interest expense was forecast at N6.221 billion. Net revenue from funds was put at N3.689 billion, the bank disclosed in a statement obtained by Investors King.

Unity Bank estimated other income for the third quarter to be N2.757 billion. Impairment for credit loss was projected at N1.590 billion.

The lender expected to realise N4.856 billion in net operating income. Operating expenses was calculated at N4.113 billion.

In the third quarter of 2022, Unity Bank is expected to generate a pre-tax profit of N743.395 million and N63.189 million in income tax.

Bringing the bank’s profit for the quarter to N680.206 million.

Other Key Estimates

Net cash provided by operating activities – N41.119 billion
Net cash flow provided by/(used) in investing activities – N214.200 billion
Net cash flow from operating and investing activities – N255.319 billion
Net cash used in financing activities – N256.000 billion
Net increase in cash and cash equivalents – N680.206 million
Cash and cash equivalents, beginning of period – N110.715 billion
Cash and cash equivalents, end of period – N111.395 billion