Ten Nigerian banks recorded N900.92bn profit before tax in the nine months that ended September 30, 2022, despite an economic downturn in the nation.
According to the financial statements of these banks, this is a 21.40 percent increase from the N742.95bn profit before tax the banks recorded in the corresponding period of 2021.
The ten banks are Zenith Bank Plc, Access Holdings Plc, Guaranty Trust Holding Company Plc, First Bank of Nigeria Holdings Plc, and United Bank for Africa Plc. Others are Wema Bank Plc, Stanbic IBTC Holdings Plc, Union Bank of Nigeria Plc, Fidelity Bank Plc, and Unity Bank Plc.
In the period under review, Zenith Bank recorded the highest PBT, followed by GTCO. Zenith Bank grew its PBT to N202.55bn in the first nine months of 2022 from N179.81bn in the corresponding period of 2021. GTCO grew its PBT to N169.72bn in the period under review from N151.91bn.
Access Holdings grew its PBT to N147.29bn in the period under review from N135.2bn; UBA recorded PBT grew from N123.35bn to N138.49bn in the periods under review; FBN Holdings stated that its nine-month PBT grew by 99.29 percent from N52.93bn to N105.49bn. Commenting on this growth in its results, the Group Managing Director, FBN Holdings, Mr. Nnamdi Okonkwo, said, “FBN Holdings has again in Q3 2022 delivered a stellar performance, growing sustainable income from our core businesses.
“This is a testament to the success of our focus on carefully growing the business and driving profitability. Furthermore, during the period under review, in attestation of the progress made by the Group, Fitch upgraded the credit ratings of FBN Holdings and First Bank to ‘B’ with a Stable Outlook.
“Value creation remains our overarching objective as we continue to leverage the strengths of our unique brand and heritage to optimize our diverse business portfolio.”
He added, “We are confident of making further progress, with the capacity to generate sustainable performance that delivers superior returns to all our stakeholders.”
According to Stanbic IBTC, its nine-month PBT grew from N45.31bn to N68.95bn; Union bank’s PBT grew from N16.19bn to N18.96bn; Fidelity’s PBT grew from N28.05bn to N37.79bn; Wema’s PBT grew from N7.21 to N9.46bn, and Unity Bank’s PBT grew from N2.11bn to N2.21bn in the first nine months of 2021.
SOURCE: Punch news