Access, Zenith Lead as Nine Nigerian Banks declare massive Income in nine months of over N3 trillion
- Nine Nigerian banks on the Nigerian Exchange have declared a massive increase in their profits in the first nine months of 2021
- However, it was not all sweet ride as Union and Stanic Bank declared a billion naira drop in profit
- On the flip side, Access and Zenith Banks are leading the charge earnings far exceeding what was made in 2020
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Nine Nigerian banks have posted a gross earning of N3.67 trillion in the first nine months of 2021 according to data collated from the third-quarter earnings of the banks from the Nigerian Exchange.
This is a N132.64bn increase from the N2.93 trillion the banks made in the corresponding period of 2020.
The banks reviewed include 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, First Bank and Fidelity Bank Plc.
Breakdown of what the banks reported
Economics confidential reports that of the banks, Access had the highest gross earning (N693.1bn), and Wema had the lowest gross earning (N63.08bn).
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Access Bank gross earnings climbed by N100.3 billion between September 2020 and September 2021, rising from N592.8 billion in September 2020 to N693.1 billion in September 2021.
While Stanbic IBTC saw the greatest reduction in gross earnings, the bank's earnings fell by N36.7 billion from N183.3 billion in 2020 to N146.6 billion in 2021.
Zenith earned N518.67 billion in gross earnings in 9 months of 2021, an increase of N9.69 billion from N508.98 billion in the same period of 2020.
First Bank came in next with N427.03 billion gross earnings in 2021, but this lesser to the N439.3 billion reported in the first nine months of 2021.
GTB's gross earnings in 2021 were N318.51 billion, N11.45 billion less than the N329.96 billion it earned in 2020.
Stanbic IBTC's gross earnings declined by N36.7 billion year on year, from N183.3 billion in 2020 to N146.6 billion in 2021.
Sterling witnessed a N7.32bn increase in gross earning as its gross earnings rose from N101.85bn in 2020 to N109.16bn in 2021.
Wema witnessed a N5.25bn increase. Its gross earning rose from N57.83bn in 2020 to N63.08bn in 2021.
UBA had a gross earning of N490.3bn in 2021, an increase of N35.9bn from the N454.4bn it had in 2020.
Union bank had a gross earning of N121.8bn in 2021, an increase of N3bn from the N118.8bn it had in 2020.
Fidelity had a gross earning of N174.35bn in 2021, an increase of N19.32bn from the N155.03bn it had in 2020.
Nigeria largest banks by customer deposits, as UBA, Zenith, GT bank Lead
In a related story, Legit.ng had earlier reported that the total customer deposits in nine Nigerian banks climbed to N30.81 trillion at the end of the first quarter of this year, up from N29.73 trillion in December 2020.
The report revealed that United Bank for Africa Plc was the top bank in terms of customer deposits as of March 31, 2021, with deposits growing to N5.79 trillion from N5.68 trillion in December.
While Access Bank Plc came in second, boosting client deposits to N5.68 trillion in March from N5.59 trillion at the end of last year.
Source: Legit.ng
