Bank Profits Hit 2.64 Billion Naira In Nine Months – Reports
Nine banks made gross profit of 2.64 billion naira in the first nine months of 2021 according to data collected from banks’ third-quarter profits.
This is an increase of 132.64 billion naira from what banks achieved in the corresponding period of 2020. In 2020, banks had gross profit of 2.50 billion naira.
The nine banks examined are Zenith Bank Plc, Access Bank Plc, Guaranty Trust Bank Plc, Stanbic IBTC Bank, Sterling Bank Plc, Wema Bank Plc, United Bank for Africa Plc, Union Bank of Nigeria and Fidelity Bank Plc.
Among the banks, Access had the highest gross profit (N693.1bn), and Wema had the lowest gross profit (N63.08bn).
Access Bank also saw the strongest growth in gross profits. The bank’s gross profits increased by 100.3 billion naira, from 592.8 billion naira in September 2020 to 693.1 billion naira in September 2021.
Stanbic IBTC saw the largest decline in gross profits, as the bank’s profits fell by 36.7 billion naira, from 183.3 billion naira in 2020 to 146.6 billion naira in 2021.
During the period under review, Zenith made a gross profit of 518.67 billion Naira, an increase of 9.69 billion Naira from the 508.98 billion Naira it had in 2020.
GTB made a gross profit of 318.51 billion naira in 2021, which is 11.45 billion naira less than the 329.96 billion naira it had in 2020.
Stanbic IBTC saw a reduction of 36.7 billion naira in its gross revenues year over year, as its income fell from 183.3 billion naira in 2020 to 146.6 billion naira in 2021.
The pound sterling saw a gross revenue increase of 7.32 billion naira, with gross revenues rising from 101.85 billion naira in 2020 to 109.16 billion naira in 2021.
Wema saw an increase of 5.25 billion naira. Its gross income increased from 57.83 billion naira in 2020 to 63.08 billion naira in 2021.
UBA made a gross profit of 490.3 billion naira in 2021, an increase of 35.9 billion naira from the 454.4 billion naira it had in 2020. Union Bank made a gross profit of 121.8 billion naira in 2021, an increase of n3 billion from the 118.8 billion naira he had in 2020. Fidelity had gross income of N174.35bn in 2021, an increase of N19.32bn from N155.03bn he had in 2020.
In Access “Group Unaudited Results for the Nine Months Ended September 30, 2021,” Chief Executive Officer Herbert Wigwe attributed the growth in the company’s gross profits to an increase in net interest income.
He said: “The group recorded a 17% year-on-year growth in gross profit to N693.1 billion (9M 2020: N592.8 billion), leading to improved profit after tax year on year to N121.9 billion (9M 2020: N102.3 billion).
“This is largely due to the 36% year-over-year growth in net interest income. We continue to develop our diversified revenue lines through the optimization of our electronic banking channels and platforms, which grew 19% year-on-year to N 46 billion naira. ”
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