Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,079,554 members, 7,584,750 topics. Date: Thursday, 21 September 2023 at 05:32 PM

7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike (26505 Views)

Supermarket Owners Rake In Huge Profits Over Closure Of Shoprite In Akure / How Banks Rake In Billions Yearly - You Too Can. / How To Rake In Higher Income On Fiverr In 2018 (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by Islie: 9:06am On Nov 22, 2022
Despite the high-interest rate environment, some Nigerian banks recorded rapid growth as their profits grew to N700 billion in nine months (9M) of 2022, Daily Sun analysis revealed.

It was expected that financial institutions, especially banks, would struggle to post decent results for the period under review, but a combination of investments in alternative channels, growth in customer acquisitions as well as huge transaction volumes in retail growth changed the supposed narrative in the banking sector.

The banks include Access Holdings Plc, First Bank of Nigeria, Fidelity Bank, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), Union Bank and Zenith Bank Plc.

According to their financial results obtained from the Nigerian Exchange Limited (NGX)’s website, Access Bank’s PAT grew N137.01 billion, First Bank recorded N85.7 billion while Fidelity Bank’s profit rose to N34.96 billion.

GTCO followed with N130.35 billion, UBA recorded N116.04 billion, Union Bank’s profit rose to N17.3 billion while Zenith Bank recorded N174.33 billion.

This meant that the banks’ profit grew to N695.79 billion in 9 months.

Sustaining the momentum from the previous year, Access Holdings Plc gross earnings grew by 30.2 per cent from N716.48 billion in 2021 to N933.07 billion in 2022. The bank’s profit before tax (PBT) grew to N147.30 billion from N135.07 billion while profit after tax (PAT) rose to N137.01 billion from N121.89 billion recorded in 2021.

Similarly, FBN Holdings signaled its firm return to profitability growth and industry leadership as its gross earnings grew by 27.5 per cent to N512.9 billion

The bank’s PBT recorded another strong growth of 119.1 per cent to N96.4 billion, whilst PAT also grew impressively by 142.1 per cent to N85.7 billion as the bank continued to reap the benefits of the changes to its business model in addition to revamping of the bank’s risk management and control architecture.

Fidelity Bank on its part, grew its revenue by N241.89 billion from N174.35 billion in 2021 PBT came in N37.79 billion as against N28.05 billion while PAT stood at N34.96 billion in the period under review from N26.51 billion.

GTCO’s PBT was 11.7 per cent year-on-year (y/y) higher at N169.72 billion, while PAT grew by 0.7 per cent y/y to N130.35 billion owing to the 74.9 per cent y/y increase in the income tax expense to N39.38 billion.

The revenue of UBA grew by 14.8 per cent to N564 billion from N491.10 billion. Overall, PBT was 13.3 per cent y/y higher at N138.49 billion, while PAT grew by 10.9 per cent y/y to N116.04 billion following a higher income tax expense of N22.45 billion (+27.1 per cent y/y).

Union Bank’s financial report showed that the bank’s PBT for the period under review rose by 14 per cent to N18.2 billion compared to N15.9 billion in the same period last year.

In the same vein, PAT also rose by 14.2 per cent to N17.3 billion from N15.2 billion in 2021. The bank explained that the growth in profits was supported by additional net interest income while its gross earnings rose by 12.4 per cent to N140.6 billion compared to N125.2 billion in the first nine months of 2021.

Zenith Bank reported a +26.5 per cent y/y increase in interest income to N390.76 billion, supported by the higher income from investment securities (+30.0 per cent y/y to N122.97 billion) and loan and advances to customers (+26.3 per cent y/y to N261.25 billion).

The bank’s revenue grew by 19.5 per cent to N629.91 billion in 2022 from N527.06 billion, PBT grew 12.6 per cent from N179.81 billion in 2021 to N202.55 billion while PAT stood at N174.33 billion.

Commenting on Access Holdings Plc’s result, analysts at Cordros Research, said the group’s performance remains strong in their view, particularly given the expansion in its non-core income while adding that they expect the growth trajectory to be sustained following the commencement of operations of the HoldCo’s payments businesses (Hydrogen Card, Hydrogen Pay & Hydrogen Switch).

Access Corporation, which builds on Access Bank’s scale and ethical standards has portfolio companies with significant complementarities, allowing the ecosystem to walk with customers across their life cycle while delivering value to stakeholders.

The institution had set its sights on how to deliver ambitious plans to transform the African financial services sector over the last 20 years.

Its Group Chief Executive Officer (GCEO), Herbert Wigwe, said, “Looking ahead five years, Access Corporation is expected to be a leading financial and ecosystem player, with services spanning B2B and B2C marketplaces, B2B services, health, housing, digital, mobility content, mobility, core banking offerings, and other financial services such as insurance and wealth management”

https://www.sunnewsonline.com/7-banks-rake-in-n700bn-profit-in-9-months-amid-inflation-rate-hike/

2 Likes 3 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by PlayMaker14: 9:10am On Nov 22, 2022
All my ATM maintenance fee and SMS charges.... Don reach buy one Toyota Camry before oh... cry

177 Likes 12 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by Candidlady: 9:13am On Nov 22, 2022
PlayMaker14:
All my ATM maintenance fee and SMS charges.... Don reach buy one Toyota Camry before oh... cry


Lmao
So true

25 Likes 5 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by judatech: 10:50am On Nov 22, 2022
These guys are just legalized robbers

130 Likes 6 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by Nobody: 8:02pm On Nov 22, 2022
Charging atm fees when I am not using it cheesy cheesy grin grin

17 Likes 3 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by HoneyBee23(f): 8:02pm On Nov 22, 2022
If you have a sharp room or room and parlor self con around Jakande ,Lekki,please let me know.

Please no agent should disturb me,you guys are bunch of bloody thieves and greedy scammers.

PS: Posting for a person.

42 Likes 6 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by BATified2023: 8:02pm On Nov 22, 2022
Any time I see this picture I just dey laugh at igbos ehn


Tinubu is d next project for d next 8 years now

21 Likes 9 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by Dangrace01: 8:02pm On Nov 22, 2022
We are

1 Like

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by jamesversion: 8:03pm On Nov 22, 2022
Access Bank, dem go dey there.

7 Likes 2 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by Hezzyluv: 8:03pm On Nov 22, 2022
Even before I opened the thread, I had already knew Fidelity bank would be among.
Bank wey you get 1k u no fit touch. undecided

Just Imagine even Zenith bank wey dey frustrate person pass glo browsing network dey among.

25 Likes 3 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by WIZGUY69(m): 8:04pm On Nov 22, 2022
Money de this country cheesy

5 Likes 1 Share

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by Bayyajidda(m): 8:04pm On Nov 22, 2022
Trust me, UBA is the most fraudulent Bank in Africa. UBA does chargeback on successful web based transaction without the consent of the card owner and keeps the money to itself without any reason and won't respond to mails enquiring reason for the chargeback. They will either tell you they will give answer to your question in January 2023 or they will deny ever initiating any chargeback on your successful transaction.

They made me look like a scammer in front of an international platform that I purchased a product from. Till date are yet to respond to me since October. Run away from UBA, they are a fraudulent Bank, they steal no matter how small or big the money is.

32 Likes 4 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by temitope27(m): 8:05pm On Nov 22, 2022
Like for FCMB, share for others

18 Likes 2 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by remsonik(f): 8:06pm On Nov 22, 2022
Iro ni, they got it through scam, and defrauding the citizens that some of their top customers who are Yahoo plus guys, bandits, kidnappers, terrorists, thieves, politicians and other citizens who carry out evil

6 Likes 2 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by money121(m): 8:06pm On Nov 22, 2022
Ok

1 Like

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by Ckonnet: 8:07pm On Nov 22, 2022
After politicians na the banking sector corrupt pass.

23 Likes 3 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by slivertongue: 8:07pm On Nov 22, 2022
Some na round tripping, some na illegal deduction from customers deposit

14 Likes 1 Share

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by TheDemola: 8:08pm On Nov 22, 2022
Lot of the profit is from stolen money from customers

22 Likes 2 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by Rigging(m): 8:08pm On Nov 22, 2022
No wonder, that is why some of the players in the banking industry unveiled one recently called Signature Bank

2 Likes 1 Share

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by Munzy14(m): 8:08pm On Nov 22, 2022
judatech:
These guys are just legalized robbers
I swear..coded deductions from millions of Nigerians every day.. lipsrsealed

9 Likes 2 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by spartachico(m): 8:08pm On Nov 22, 2022
Criminals
go on twitter and check these banks pages ,alot of people are complaining of money being moved out of their account without their knowledge and yet they are claiming to make profit ...issokay...so many missing money are left unresolved ,dem don add ham to their profit

10 Likes 1 Share

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by Simsid: 8:09pm On Nov 22, 2022
These banks are racketeering forex. They collect dollars and other forex from CBN and sells directly to BDC ABOKI. Whereas pple cannot access official forex rate for these banks. That’s where their profits came from.

14 Likes 2 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by DeOTR: 8:09pm On Nov 22, 2022
This CBN Governor is the most clueless we've had since independence.
From illegal deductions from your account ( you won't know unless you get a detailed statement), to dubiously programming ATMs to dispense a maximum of 10k for cards from other banks.
May I inform you that it's these banks that made the values of our Naira to fall like Satan fell from heaven? In all of these, the CBN is MIA or playing blind, deaf and dumb.
Banking has never been so difficult.

18 Likes 5 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by Tyf007: 8:09pm On Nov 22, 2022
I go soon open my own bank.

2 Likes

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by seanwilliam(m): 8:10pm On Nov 22, 2022
Legal criminals

1 Like 1 Share

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by Simeon88(m): 8:10pm On Nov 22, 2022
The annoying thing is that this people know what they are doing. The day I got angry and mailed gt bank, they reduced their deduction for a while before resuming again. Na God go judge una

4 Likes 1 Share

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by murphyung(m): 8:11pm On Nov 22, 2022
Imagine charging ₦6 for Using USSD code.

Legal criminals

12 Likes 2 Shares

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by LUAN1: 8:11pm On Nov 22, 2022
Why Access bank and zenith Bank no go dey

7 Likes 1 Share

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by buckeyemedia: 8:12pm On Nov 22, 2022
Ckonnet:
After politicians na the banking sector corrupt pass.
A Peter Obi comes to mind?

1 Like

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by Primusinterpares(m): 8:12pm On Nov 22, 2022
Unnecessary deductions is what's giving them these profit.
Eco bank supposed dey the list

3 Likes 1 Share

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by Authoreety: 8:13pm On Nov 22, 2022
banks in Nigeria defraud their customers

Ecobank most especially!

Rogues

3 Likes 1 Share

Re: 7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike by buckeyemedia: 8:14pm On Nov 22, 2022
seanwilliam:
Legal criminals
Like ipobians turned Obidients, Political Criminals.

1 Like

(1) (2) (3) (Reply)

Naira Strengthens To N435/$ On CBN Dollar Glut / Whatsapp Banking Now Works on Mobile / 6 Types Of People You Meet In Nigerian Banks

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2023 Oluwaseun Osewa. All rights reserved. See How To Advertise. 88
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.