Banking

Unity bank projects N10.8bn gross earnings Q3 2022

Unity Bank Plc has announced that it aims to achieve N10.890 billion in gross earnings for the third quarter of 2022.

Nairametrics reports state that Unity bank, in its Q1 earnings forecast obtained from the Nigerian Exchange Limited (NGX), the bank also projects to rake in N7.204 billion in interest income.

The lender projected a pretax profit of N416.191 million and N380.815 million for profit after tax during the stipulated period.

The Central Bank of Nigeria (CBN) has denied planning to nationalize Unity Bank Plc, as alleged by an online news medium.

Reacting to the report, the Acting Director, Corporate Communications Department, CBN, Osita Nwanisobi, described it as “fake news” and should be discarded in its entirety.

He said: “The report is fake news. There is no iota of truth in it.” He added that the public should disregard such news.

The report had claimed that the apex bank’s target examination of Unity Bank showed that the Tier-2 lender is in ”grave financial condition,” with Capital Adequacy Ratio (CAR) and Non- Performing Loans (NPL) ratio that breached prudential standards.

However, analysts note that just last month, the CBN’s Monetary Policy Committee ( MPC) noted in the communiqué it issued at the end of its meeting that the banking industry is in good health.

According to the communique: “the Capital Adequacy Ratio (CAR) and the Liquidity Ratio (LR) both remained above their prudential limits at 15.8 and 38.9 per cent, respectively. The Non-Performing Loans (NPLs) at 5.89 per cent in April 2021, showed progressive improvement compared with 6.6 per cent in April 2020.”

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