Two of Nigeria’s biggest banks, GTB and Zenith Bank, have reported a profit of N99.1bn and N88.8bn respectively for the half fiscal year in 2019.
The two banks thus accounted for 55.8% of the profit made by the top five lenders.
Access Bank, Ecobank and UBA round up the top five with reported profits of N63bn, N59.5bn and N56.7bn respectively.
This means a total of N1.46 trillion as gross earnings for the half-year ended June 2019.
This marks an 8.14% increase from the N1.35 trillion earned in the corresponding period of 2018.
The banks were able to achieve this on the back of a rather slow economy, where most businesses struggled to grow top-line revenues.
Zenith leads in terms of gross
Zenith Bank led in terms of gross earnings, as the bank had N331 billion as gross earnings for the half-year ended June 2019.
Access Bank follows closely behind; it made N324 billion as gross earnings in the first half of 2019.
The two banks thus accounted for 44.7% of earnings made by the 5 banks.
Access also had the highest increase in gross earnings largely due to effects of its merger with Diamond Bank Plc. Access Bank made N253 billion as gross earnings in the first half of 2018. Year on year, this amounts to a 28% increase.
GTBank takes the lead profit-wise
Guaranty Trust Bank (GTB) led the way in terms of profit before tax, as the bank had a profit before tax of N115 billion. Zenith Bank follows next with a profit before tax of N111 billion.
The two banks thus accounted for 55.1% of the profit made by the 5 banks.
Access Bank again had the highest year on year increase. The bank’s profit before tax jumped from N45.8 billion in 2018 to N74.1 billion in 2019, up 61.7% year on year.
UBA was next with a 20.8% increase year on year. Profit before tax rose from N58.1 billion in 2018 to N70.2 billion in 2019.
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