Unity Bank Nigeria Plc projects profit of N312 million in Q1 2021

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Tomi-Somefun

Unity Bank Nigeria Plc has projected a decline in its Profit After Tax (PAT) to N312 million for the first quarter of 2021 (Q1 2021), indicating a decline of 42.6% from the figure recorded in Q3, 2020.

This is according to the latest earnings forecast of the firm, sent to the Nigerian Stock Exchange market.

Key highlights of the earnings forecast for Q1 2021

  • Pre-tax profit is projected to decline to N341 million, -42.2% Q-o-Q.
  • Gross Earnings is projected to decline to N9.3 billion, -15.6% Q-o-Q.
  • Interest income is projected to decline to N6.2 billion,-29.8% Q-o-Q.
  • Interest Expense is projected to decline to N4.8 billion, -8.84% Q-o-Q.
  • Net operating income is projected to decline to N3.9 billion, -34.1% Q-o-Q.

Others include:

  • Operating Expenses is projected at N3.5 billion.
  • Cash payment to employees and suppliers is projected at N3.5 billion
  • Loans and advances are projected at N50 billion.
  • Long term borrowing is projected at N48 billion
  • Net cash used in financing activities is projected at N258.7 billion.

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