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TOP NIGERIAN BANKS REPORT PROFIT GROWTH IN FIRST 9 MONTHS OF 2018

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Posted on October 22, 2018

Three of Nigeria’s largest banks Guaranty Trust Bank (GTBank), Zenith Bank and the United Bank for Africa (UBA) all recorded impressive first nine months of 2018.
GTBank reported a profit after tax of N142.2 billion as against the 125.58 billion reported for the same period last year. Net fee and commission income also increased to 37.8 billion from N32.07 billion a year earlier, while net interest income after loan impairment charge also rose to N168.9 billion from N125.58 billion during the same period last year.
Zenith Bank grew profit after tax to N144.18 billion from N129.24 billion during the same period in 2017, while net interest income after loan impairment charge grew 38.7 percent to N214.18 billion. Net fee and commission income, however dropped 1.5 percent to N69.97 billion in the first nine months of 2018.
UBA’s profit also grew in the period ended September 30, 2018. The Bank recorded a 1.3 percent profit growth to end the period at N61.7 billion. Net fee and commission income grew 9.2 percent to N51 billion, while net interest income after loan impairment charge ended at 150.7 billion, dropping 1.06 percent.
The banks recorded a drop in loans and advances to customer for the first nine months of 2018, while managing to grow deposits. Equity Sales Manager at Stanbic IBTC Stockbrokers Dele Akintola in a recent note said he does not expect loan growth this year. “With election closely approaching, banks and their clients are likely to sit this one out,” he stated.
Following the filing of its reports with the Nigerian Stock Exchange on Wednesday, UBA saw its shares trade lower on Thursday losing 0.62 percent of its value to end trading at N8.05. GTBank, which also filed its reports on Wednesday lost 0.54 percent of its value to close trading at N36.80 on Thursday, while Zenith Bank remained strong after filing its reports on Thursday to close the day at N22.55.
Source: https://thenerveafrica.com/23509/top-nigerian-banks-report-profit-growth-in-first-9-months-of-2018/


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