Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,162,624 members, 7,851,104 topics. Date: Wednesday, 05 June 2024 at 01:29 PM

Banks’ Profits Rise Despite Recession - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Banks’ Profits Rise Despite Recession (14497 Views)

Despite Recession, Shoprite Profit Rises: Turnover Hits N3.86 Trillion / World Bank Says Nigeria Will Soon Recover From Economic Recession / Despite Recession, Business Is Good In Nigeria, Says US Firm (2) (3) (4)

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

Banks’ Profits Rise Despite Recession by dre11(m): 8:11am On Oct 31, 2016
Banks have defied the recession as they continued to post huge profits in their third quarter results.

Ten out of 15 quoted banks on the Nigerian Stock Exchange have submitted their unaudited results as of September 2016 where five out of them recorded increases in both their profit before tax and after tax.

Within the last quarter under review, the National Bureau of Statistics (NBS) had declared that the Nigerian economy had entered into recession. However some banks have gained huge profits following a major boost from the foreign exchange (FX) revaluation gains.

Five out of the 10 banks that declared results so far reported significant gains while the remaining five recorded decline in profits.

Collectively, the 10 banks recorded N488.96 billion pre-tax profit as of September 30, from N433.7 billion within the same period in 2015. This shows a N55.26 billion increase.

The after tax profit recorded within the period was N484.13bn compared to N357.59bn same period in 2015, showing an increase of N126.54 billion.

GTBank Plc recorded the highest gain of N140.84bn PBT from N92.06 in Q3 2015, an increase of 53 percent. Zenith Bank follows with N121.3bn PBT from 104.1 in Q3 2015, an increase of 16.6 percent.

Access Bank also showed a boost in its PBT from N60bn in Q3 2015 to N72bn in Q3 2016, while UBA also recorded increase in PBT from N57.3bn in Q3 2015 to N61.5bn in 2016 an increase of 7.3 percent. Union Bank also boost profit from N9.8bn in Q3 2016 to N12.4bn in the same period 2016.

Other banks however recorded declining returns. They are Diamond Bank with N3.8bn of PBT in Q3 2016 from N18.5bn in same period of 2015 and FBN Holdings with N57.45bn against N59.56bn in Q3 2015.

Others are Sterling Bank N6.07bn PBT down from N8.3bn, Unity Bank from N10.3bn in Q3 2015 to N3.8bn in 2016 and Fidelity Bank N9.8bn PBT down from N13.78bn in Q3 2015.

Five banks are yet to submit their reports at the exchange. They are Skye Bank, Stanbic IBTC, FCMB, Ecobank and Wema Bank.

http://www.dailytrust.com.ng/news/general/banks-profits-rise-despite-recession/169346.html

1 Like 1 Share

Re: Banks’ Profits Rise Despite Recession by kingphilip(m): 9:00am On Oct 31, 2016
I just hope it's not padded sha.. Because anybody can pad anything in Nigeria in order to portray what it is not

May they continue to soar high sha if it's the truth

9 Likes

Re: Banks’ Profits Rise Despite Recession by veekid(m): 12:30pm On Oct 31, 2016
Praise the Lord
Re: Banks’ Profits Rise Despite Recession by Tytylion(m): 12:31pm On Oct 31, 2016
This recession thing is really plauging on us,I pray its comes to an end soonest

1 Like

Re: Banks’ Profits Rise Despite Recession by Opistorincos(m): 12:31pm On Oct 31, 2016
Why won't it increase when Gtbank charged me almost 1k for alerts shocked

47 Likes

Re: Banks’ Profits Rise Despite Recession by Nobody: 12:32pm On Oct 31, 2016
Dem don the think properly now. Shegiya recession
Resetting brains since American recession
Re: Banks’ Profits Rise Despite Recession by gabazin080(m): 12:32pm On Oct 31, 2016
some will praise buhari for this now

3 Likes 1 Share

Re: Banks’ Profits Rise Despite Recession by soberdrunk(m): 12:33pm On Oct 31, 2016
Why not??! With all their hidden charges and 'slave labour' angry angry

8 Likes

Re: Banks’ Profits Rise Despite Recession by Goke7: 12:34pm On Oct 31, 2016
why not, they make huge gains from forex to our detriment

9 Likes 1 Share

Re: Banks’ Profits Rise Despite Recession by sweetkev(m): 12:34pm On Oct 31, 2016
Of course they will make more profits with their ridiculous ATM charges. Nigerian banks are the biggest scam ever.

8 Likes

Re: Banks’ Profits Rise Despite Recession by Nobody: 12:35pm On Oct 31, 2016
When Diamond and Fidelity (banks of the east) merge with GTB and Skye Bank grin

1 Like

Re: Banks’ Profits Rise Despite Recession by Nobody: 12:35pm On Oct 31, 2016
It won't pass forex as their source of profits, retail banking, Corporate Banking and other forms of banking won't make much definitely.

12 Likes

Re: Banks’ Profits Rise Despite Recession by falconey(m): 12:36pm On Oct 31, 2016
most will say forex yeah true but what of their ridiculous charges - sms, maintenance etc?

3 Likes

Re: Banks’ Profits Rise Despite Recession by Nobody: 12:36pm On Oct 31, 2016
grin grin grin grin

For the banks, the politicians and the Oloshos...this recession is nothing but a word.

2 Likes

Re: Banks’ Profits Rise Despite Recession by me69: 12:37pm On Oct 31, 2016
Most of this increase in profit comes from the banks charging high margins for FX while the government does nothing to protect customers. There are the ones profiting from naira scarcity.

16 Likes 3 Shares

Re: Banks’ Profits Rise Despite Recession by emymeeky: 12:38pm On Oct 31, 2016
The profits were from the extraneous bank charges and illegal resale of foreign currencies to the bureau d change dealers

5 Likes

Re: Banks’ Profits Rise Despite Recession by Revolva(m): 12:38pm On Oct 31, 2016
Nigeria n banks are the biggest rippers

mmm all d way

6 Likes

Re: Banks’ Profits Rise Despite Recession by AXYZ: 12:39pm On Oct 31, 2016
Opistorincos:
Why won't it increase when Gtbank charged me almost 1k for alerts shocked

I have cancelled my sms alerts 2 days ago. I will make do with email alerts.

5 Likes

Re: Banks’ Profits Rise Despite Recession by Obijulius: 12:39pm On Oct 31, 2016
.
Re: Banks’ Profits Rise Despite Recession by berrystunn(m): 12:41pm On Oct 31, 2016
Revolva:
Nigeria n banks are the biggest rippers


mmm all d way

There making profit from mmm transactions.

Long live MMM.

14 Likes

Re: Banks’ Profits Rise Despite Recession by osahonmk(m): 12:41pm On Oct 31, 2016
GTBank my favourite bank, but wait ooo as a customer wouldnt i recieve my own share of the profit.....
Re: Banks’ Profits Rise Despite Recession by eph12(m): 12:42pm On Oct 31, 2016
Why won't profit rise? Those benefiting from this dollar issue know themselves

1 Like

Re: Banks’ Profits Rise Despite Recession by eph12(m): 12:44pm On Oct 31, 2016
falconey:
most will say forex yeah true but what of their ridiculous charges - sms, maintenance etc?
It's the same charges with last year and 2 years ago. So what is the game changer? Forex of course

1 Like

Re: Banks’ Profits Rise Despite Recession by Pavore9: 12:44pm On Oct 31, 2016
The profit they make from sms alerts on its own is huge! Not to talk of round-tripping FOREX!

1 Like

Re: Banks’ Profits Rise Despite Recession by aloziedaya(m): 12:46pm On Oct 31, 2016
But do we really have banks in Nigeria? I believe the main role of a bank in an economy is to propel growth. What we see in Nigeria are institutions that milk their customers in order to declare profits. You deposit, they take commission. You withdraw, they take commission. You come for loan for business that will bring profit and growth to the economy, they tell you to wake your dead grandpa as collateral.

Why won't they post profits in any condition.

6 Likes

Re: Banks’ Profits Rise Despite Recession by NaijaEfcc: 12:46pm On Oct 31, 2016
story!! the profits are from illegal and dubious deductions from people's accounts angry

1 Like 1 Share

Re: Banks’ Profits Rise Despite Recession by obibanks: 12:46pm On Oct 31, 2016
MMM transactions be blessing banks

7 Likes

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

FG Vows To Clampdown On Traders Inflating Commodity Prices / Bitcoin Breaks $60K For First Time Since November 2021 / Dhgate vs Alibaba... Which is better?

(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 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 24
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.