Despite the country’s economic slump, ten banks in Nigeria made N900.92 billion in profit before taxes in the nine months that ended on September 30, 2022.
These banks’ financial records show a 21.40 percent increase from the N742.95 billion in profit before tax they reported during the same time in 2021.
The ten banks include Zenith Bank Plc, Guaranty Trust Holding Company Plc, Access Holdings Plc, First Bank of Nigeria Holdings Plc, and United Bank for Africa Plc.
These other financial institutions are Wema Bank Plc, Stanbic IBTC Holdings Plc, Union Bank of Nigeria Plc, Fidelity Bank Plc, and Unity Bank Plc.
The greatest PBT was reported during the time under review by Zenith Bank, followed by GTCO. In the first nine months of 2022, Zenith Bank’s PBT increased to N202.55 billion from N179.81 billion in the similar period of 2021. In the period under review, GTCO increased its PBT from N151.91 billion to N169.72 billion.
UBA reported that PBT increased from N123.35 billion to N138.49 billion in the periods under review; Access Holdings said that its PBT increased from N135.2 billion to N147.29 billion; and FBN Holdings reported that its nine-month PBT increased by 99.29% from N52.93 billion to N105.49 billion.
The Group Managing Director of FBN Holdings, Mr. Nnamdi Okonkwo, commented on this increase in profits by saying, “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.”
Stanbic IBTC reports that in the first nine months of 2021, its PBT increased from N45.31 billion to N68.95 billion. In comparison, the PBTs of Union Bank, Fidelity, Wema, and Unity Bank increased from N2.11 billion to N2.21 billion and N16.19 billion to N18.96 billion, respectively.