₦airaland Forum

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Nigerians aren't groaning because 11 million idiots are wasting money, voting for BBN nitwit contestants

If truly Nigeria bank recoup big profit has reported, why the downsizing and right sizing exercise with closing down of branches done at regular interval lately?

BarometerNG:
Nigerian banks prosper as United Bank for Africa (UBA), Access Bank and Zenith Bank have all registered big increases in revenues and profits, while the national economy continues to struggle. UBA’s financial report, which was released on 27 March, revealed a 22% increase in gross earnings from N315bn ($991m) in 2015 to N384bn ($1.2bn) last year. The bank’s pre-tax profits jumped 32% to N91bn ($286m).
The bank has successfully expanded outside of its domestic market, with operations in 19 African countries, plus the UK, US and France, all contributing to the positive financial results. UBA has 11m customers worldwide.

A spokesperson said: “UBA’s subsidiaries outside Nigeria are increasingly gaining market share, reinforcing the strong and impressive subsidiary contribution to the Group, estimated at one-third of profit in 2016, from a quarter in 2015 financial year.”

The contribution of UBA’s non-Nigerian operations have contributed to the 20% rise in the company’s share price in the twelve weeks between 1 January and the announcement of its financial results. Nigerian banks are now beginning to join those from South Africa, Kenya, Morocco, the UK and France in establishing operations in many different African markets. None as yet, however, can genuinely claim to be Pan-African banks.

http://africanbusinessmagazine.com/african-banker/nigerian-banks-prosper-economy-stalls/

All businesses that deal on dollar sales and oil multinationals are making excess profit. However their management keep lying and using Nigerians as slaves for foreign investors. These foreign investors can't casualise American or European citizens, so they use Nigerians to enslave Nigeria. Labour laws are dead.

segzie2012:
BarometerNG:
Nigerian banks prosper as United Bank for Africa (UBA), Access Bank and Zenith Bank have all registered big increases in revenues and profits, while the national economy continues to struggle. UBA’s financial report, which was released on 27 March, revealed a 22% increase in gross earnings from N315bn ($991m) in 2015 to N384bn ($1.2bn) last year. The bank’s pre-tax profits jumped 32% to N91bn ($286m).
The bank has successfully expanded outside of its domestic market, with operations in 19 African countries, plus the UK, US and France, all contributing to the positive financial results. UBA has 11m customers worldwide.

A spokesperson said: “UBA’s subsidiaries outside Nigeria are increasingly gaining market share, reinforcing the strong and impressive subsidiary contribution to the Group, estimated at one-third of profit in 2016, from a quarter in 2015 financial year.”

The contribution of UBA’s non-Nigerian operations have contributed to the 20% rise in the company’s share price in the twelve weeks between 1 January and the announcement of its financial results. Nigerian banks are now beginning to join those from South Africa, Kenya, Morocco, the UK and France in establishing operations in many different African markets. None as yet, however, can genuinely claim to be Pan-African banks.



How do you mean "it is called depreciation"?

Common-sense economics my brainless nigeria. If naira depreciates from 300 to 1$ to 500 to 1$ and they deal in oil dollars.of cause profits will be huge. Outside nigeria where currency are stable they will be making losses. Once naira appreciates against the dollar and inflation falls under single digit then the talk will be: we made less profit than last year/ or maybe non.

This is what you get when your CBN Governor is a stooge. Only in Nigeria, Depositors pay to lodge funds with banks, only for the banks to invest the money and keep the profits. What a shame!

BarometerNG:
Nigerian banks prosper as United Bank for Africa (UBA), Access Bank and Zenith Bank have all registered big increases in revenues and profits, while the national economy continues to struggle. UBA’s financial report, which was released on 27 March, revealed a 22% increase in gross earnings from N315bn ($991m) in 2015 to N384bn ($1.2bn) last year. The bank’s pre-tax profits jumped 32% to N91bn ($286m).
The bank has successfully expanded outside of its domestic market, with operations in 19 African countries, plus the UK, US and France, all contributing to the positive financial results. UBA has 11m customers worldwide.

A spokesperson said: “UBA’s subsidiaries outside Nigeria are increasingly gaining market share, reinforcing the strong and impressive subsidiary contribution to the Group, estimated at one-third of profit in 2016, from a quarter in 2015 financial year.”

The contribution of UBA’s non-Nigerian operations have contributed to the 20% rise in the company’s share price in the twelve weeks between 1 January and the announcement of its financial results. Nigerian banks are now beginning to join those from South Africa, Kenya, Morocco, the UK and France in establishing operations in many different African markets. None as yet, however, can genuinely claim to be Pan-African banks.

http://africanbusinessmagazine.com/african-banker/nigerian-banks-prosper-economy-stalls/

Those banks need to be audited.

wizzywisdom:
Nigeria was designed this way.... nothing will change

everything can change if we want it to

Primusinterpares:
everything can change if we want it to

Yes u used the word "want it to" do u think our politician would allow that? Don't u know some Rich men will become middle class if everything worked perfect in this country? Tell me why can't we have steady power supply since the birth of Nigeria? .....and they claim to be fighting corruption!!!

wizzywisdom:
Yes u used the word "want it to" do u think our politician would allow that? Don't u know some Rich men will become middle class if everything worked perfect in this country? Tell me why can't we have steady power supply since the birth of Nigeria? .....and they claim to be fighting corruption!!!

you are absolutely correct... Our politicians have done more harm than good....
All will be well bro

Primusinterpares:
Nigerians Raping Nigeria
I pray God delivers this Country

was he there when you were selling your birthright

datola:
That is one of the many abnormalities of the Nigerian econony.

Banks are making jumbo profits through round tripping of foreign exchange and various illegal charges on their poor custimers accounts.

Banks and the telecoms operators are partners in crime.

is it by force to bank with them