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AfricaAFRICA NEWSBanking, Finance & InvestmentGTCOZenith Bank

Zenith bank and nine others report N901bn profit in nine months

by Radarr Africa
written by Radarr Africa

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

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Banking, Finance & InvestmentBusinessNigeriaWestern Africa

Fidelity Bank posts N25.1b H1 profit, proposes 10k interim dividend

by Radarr Africa
written by Radarr Africa

Fidelity Bank Plc has posted Profit Before Tax (PBT) of N25.1 billion for its half-year (H1) 2022 operations, against N20.6 billion achieved in the corresponding period in 2021.

Specifically, an analysis of the bank’s half year performance showed that PBT rose by 21.6 per cent, from N20.6 billion to N25.1 billion, while gross earnings increased by 37.9 per cent from N154.8 billion on account of 52.9 per cent growth in interest income.

According to the bank, the rise in interest income was driven by improved yield on earnings assets and 14.9 per cent YTD expansion in earnings base to N2.54 trillion.

Similarly, the bank’s net interest margin improved to 6.4 per cent from 4.7 per cent in 2021, due to a combination of improved yields on average earning assets and a decline in average funding cost.

Furthermore, the bank’s average yields on earning assets increased by 211bps to 11.5 per cent, while average funding cost declined by 84bps to 4.0 per cent, resulting in 50.4 per cent growth in net interest income to N75.6 billion.

ALSO READ: Fidelity Bank witnesses a mid-year profit increase by 21%

The bank grew total deposits by 13.1 per cent to N2.29 trillion driven by double-digit growth in low-cost deposits.

Based on the improved performance, the directors of the bank, in pursuant to the powers vested in it by Section 426 of the Companies and Allied Matters Act (CAMA 2020), are proposing an interim dividend of 10 kobo per share making it the first time the bank will pay an interim dividend in its 34 years history.

This will be presented for ratification by shareholders at the next AGM. Payment of the interim dividend is subject to withholding tax at the applicable rate of 10 per cent, which will be deducted before payment.

Commenting on the performance, the bank’s Chief Executive Officer, Mrs. Nneka Onyeali-Ikpe, said: “We are delighted with our H1, 2022 performance which showed strong growth across key performance indices.

According to her, with improved efficiency and customer experience around its network, customer transactions have grown considerably as the bank optimises its balance sheet and builds up a large stock of stable low-cost deposits.

On the proposed acquisition, Onyeali-Ikpe said: “We recently executed a binding agreement for the acquisition of 100.0% equity stake in Union Bank UK Plc in line with our strategic objectives and business expansion drive.

“Union Bank UK offers a compelling synergy we hope to build on, to create a scalable and more sustaining service franchise that will support the wider ecosystem of our trade businesses and diaspora banking services.”

Source: Guardian

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Access BankAfricaBanking, Finance & InvestmentBusinessGhanaNewsNigeriaWestern Africa

Access Bank Ghana posts 43% growth in Profit Before Tax

by Radarr Africa
written by Radarr Africa

Access Bank (Ghana) Plc, one of Ghana’s largest retail banks, has posted a growth of 43 percent in its Profit Before Tax (PBT) as compared to the same period in 2021, from GH¢ 216.13 million to GH¢ 310.84 million.

Other results posted by Access include a 30.4 per cent growth in Total Operating Income (GH¢332,786 million to GH¢434,058 million) and 28 per cent growth in Total Risk Assets (GH¢6,904,322 to GH¢ 8,728,117), underscoring its financial soundness and increased ability to support key sectors of growth within the Ghanaian economy.

Commenting on the bank’s performance, Managing Director of Access Bank Ghana, Olumide Olatunji, attributed the bank’s performance to the continuous confidence reposed in the Access Bank franchise by its customers and other key stakeholders. 

“The market conditions in recent times have been quite volatile, however, we have continued to diversify our business models to meet our customer needs and at the same time, maintain a disciplined approach with our expansion drive and business practices to ensure that we create value for players in key sectors to help drive economic growth.”

According to Mr Olatunji, Access Bank’s retail banking drive will constitute a significant part of its strategic growth plan as it rolls out innovative solutions such as Agency banking to achieve its aspiration of becoming the Most Respected Bank in Ghana.

ALSO READ: Gold Coast Refinery becomes JRC certified

Providing additional insights into the bank’s performance, the Chief Finance Officer for Access Bank (Ghana) Plc, Michael Gyabaah noted that the results posted was consistent with its five-year strategic growth plan.

According to Mr Gyabaah, Access Bank continues to make significant investments across key areas of the Bank to improve efficiency, enhance service delivery and deliver sustainable value to shareholders and other stakeholders.

Operating from 54 business locations across the country, Access Bank Ghana has one of the largest branch networks across the country, serving thousands of customers in more than 10 regions of Ghana with its variety of flexible and innovative banking options.

Source: Business Ghana

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