Business - Banking & Finance
Updated: September 22, 2020

Unity Bank Releases Forecast For Q4, To Record NGN1.8bn Loss

By Olalekan Fakoyejo
September 22, 2020
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Unity Bank has released its fourth-quarter earnings projection for this year. The Unity Bank projected that the company will generate NGN4.9 billion in Q4 2020 while projecting that its Interest Income will hit N3.3 billion during the period under review, the statement seen by AllNews disclosed.

The fourth quarter falls between October to December 2020 - during this period, Unity Bank estimated that its Interest Expense will reach NGN3.8 billion, while Operating Expenses will climb NGN1.9 billion. Net Revenue From Funds will hit NGN462.1 million and Net Operating Income will peg at NGN324.5 million.

Meanwhile, Pre-Tax Loss for the three months in the fourth quarter 2020 was put at NGN1.6 billion, and Loss After Tax will be NGN1.8 billion, with projected Tax Provision placed at NGN141 million.

Note that in the three months of Q4 this year, Unity Bank estimated that NGN3.5 billion will be issued as Loans and Advances.