Zenith, GT Lead as Seven Banks Declare N592bn Profit After Tax in the First 9 Months of 2021

Zenith, GT Lead as Seven Banks Declare N592bn Profit After Tax in the First 9 Months of 2021

  • Seven banks on the Nigerian Exchange have so far declared their profit and loss from January to September
  • While some of the banks declared a massive profit, Union Bank declared a N2 billion profit drop
  • On the flip side, Zenith Bank is leading the charge with a massive N160 billion profit after tax followed by GT bank

Seven Nigerian banks listed on the Nigerian exchange (NGX) have declared a profit of N592 billion in the first nine months of 2021 ending Thursday, September 30, 2021

The banks surveyed by legit.ng that have so far submitted their audited financials include Zenith Bank, Access Bank, Guaranty Trust Holding Company Plc, Union Bank, Unity Bank, Sterling Bank, Wema Bank,

With a profit of N160 billion, Zenith Bank Plc recorded the biggest profit from January to September as its profit jumped by 1% when compared to the N159 billion it recorded in the corresponding period of 2020.

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Zenith, GT Lead as seven Banks Declare massive profit
Trading at the Nigeria Stock Exchange Credit: George Osodi
Source: Getty Images

Breakdown

Guaranty Trust Holding Company Plc (GTCO), the holding company of Guaranty Trust Bank came in second with a declared profit of N129.40 billion for the nine months ended September in contrast to N142.283 billion posted in 2020.

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In third place is Access Bank, the biggest lender in terms of branches declared a profit after tax of N121.890 billion against the N102.300 billion posted in 2020.

While United Bank for Africa Plc (UBA), one of Nigeria’s Tier 1 posted a profit-for-the-period of N104.9 billion in the first 9 months of 2021 in contrast to N77.1 billion in 2020 taking the fourth position.

In the fifth position is Union Bank with a profit of N13.44 however, this represents a loss when compared to the N15 billion profit from last year.

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Sterling followed behind with 9.46 billion profit, just as Wema bank’s declared an impressive 9.1% increase in its profit to N6.23billion from N2.64billion reported in nine months of 2020.

Sterling banks made N9.46 billion from N7.36 recorded in 2020 and Unity Bank Plc followed with a profit of N2.1billion.

Nigeria largest banks by customer deposits, as UBA, Zenith, GT bank Lead

In a related story, Legit.ng had earlier reported that the total customer deposits in nine Nigerian banks climbed to N30.81 trillion at the end of the first quarter of this year, up from N29.73 trillion in December 2020.

The report revealed that United Bank for Africa Plc was the top bank in terms of customer deposits as of March 31, 2021, with deposits growing to N5.79 trillion from N5.68 trillion in December.

While Access Bank Plc came in second, boosting client deposits to N5.68 trillion in March from N5.59 trillion at the end of last year.

Source: Legit.ng

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