• General News
  • Health
  • Entertainment
  • Sports
  • Finance
  • Business
  • Tech Innovations
  • Pod News

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

MULTI CHOICE ANNOUNCES NEW PRICE FOR DSTV, GOTV SUBSCRIBERS

March 22, 2022By Damaris Dankaro

Anxiety as Armed Security Operatives Take Over Cross River Assembly

March 22, 2022By Damaris Dankaro

Kaduna imposes 24-hour curfew on two councils over death of many and burning of over70 homes

March 22, 2022By Damaris Dankaro
Facebook Twitter Instagram
Facebook Twitter Instagram
Buj News
Dark/Light Mode
  • General News
  • Health
  • Entertainment
  • Sports
  • Finance
  • Business
  • Tech Innovations
  • Pod News
Buj News
You are at:Home » Nigerian Banks with high Gross Profit.
Business

Nigerian Banks with high Gross Profit.

From afar, the Nigerian banking industry seems very competitive, but when the financial statements of each bank are examined, double figures running into millions separate them.
JamellaBy JamellaSeptember 11, 2021No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email
https://buj.com.ng/wp-content/uploads/2021/09/Nigerian-banks.mp3

From afar, the Nigerian banking industry seems very competitive, but when the financial statements of each bank are examined, double figures running into millions separate them.

 

In return for their heavy investments, banks and shareholders expect to make a profit. From the audited and reported financials, the profitability of Nigerian banks is not in doubt.

 

A major factor in banks’ performances was the Covid-19 pandemic, which impacted plans to roll out digital services earlier in the year. Nonetheless, the pandemic worked in their favour as Nigerians increasingly rely on mobile banking for transactions and avoid banking halls for fear of contracting Covid-19.

Methodology: Gross earnings of the company refer to the remaining amount after deducting the cost of goods sold during a given period from the total revenue generated by it from the sale of those goods, before subtracting other expenses, taxes, and adjustments incurred by it during that period.

 

Access Bank

Nigeria’s largest bank by asset and customer base achieved this amid a decent jump in gross earnings which increased by 13.6%, totalling N450.6 billion.

 

The company has also seen its net interest income after impairment increase by 56% to N171.4 billion, its customers’ deposits growing by N5.97 trillion.

 

A total of N10.7 billion has also been allocated by the Board of Directors of Access Bank Plc as dividends to shareholders for the period ended 30th of June, 2021.

 

It’s important to note, however, that PricewaterhouseCoopers’ independent auditors noted increased provisioning by the bank for loans that could prove unsustainable in the future, as this trend may limit the bank’s upside.

 

Zenith Bank

Its gross earnings for the half year of 2021 decreased by 0.15% from N346.09 billion in the first quarter of 2020.

 

In addition to its loan advances and customer deposits, Nigeria’s largest bank by shareholders funds reported growth in both areas.

 

Based on its audited interim report for the half-year ended June 2021, the bank’s net interest income for H1 2021 grew by 1.61% to N159.94 billion from N157.41 billion a year earlier.

 

UBA

The gross earnings of Nigeria’s third most profitable bank rose from N300.6 billion to N316 billion, while assets rose from N7.7 trillion to N8.3 trillion.

 

Deposits by customers crossed the N6 trillion mark as well, growing by 7.4% to N6.1 trillion in the period under review, compared to N5.7 trillion as of December 2020.

 

According to one of Nigeria’s oldest banks, gross earnings were N291.2 billion (-1.7% year over year). A 22% decline in Interest Income caused by a 56% drop in Investment Securities Income led to the earnings drop.

 

Operating expenses surged up by 9.6% y/y, as all major contributory lines spiked – personnel expenses (+3.4% y/y to N51.24 billion), AMCON levy (+35.4% y/y to N30.68 billion), and NDIC premium (+9.4% y/y to N6.81 billion).

 

GTCO

Nigeria’s most valuable bank by market value and second most profitable bank last year reported a 7.65% decline in gross earnings.

 

As published in the company’s audited half-year report, its gross earnings for H1 2021 fell from N225.14 billion in the corresponding period of 2020 to N207.91 billion.

Featured
Jamella

Related Posts

Finance

Nigeria’s Inflation rate drops according to NIBS

By JamellaSeptember 17, 2021
Business

Access Bank successfully launches million dollar Bond.

By JamellaSeptember 17, 2021
General News

Agritech start-up, Releaf raises over $2million from seed funding.

By JamellaSeptember 17, 2021
Health

Federal Government presently working on Nigerian Herbal Pharmacopoeia.

By JamellaSeptember 17, 2021
Add A Comment

Leave A Reply Cancel Reply

Subscribe to Updates

Get the latest sports news from SportsSite about soccer, football and tennis.

Advertisement
Demo
Don't Miss
General News

MULTI CHOICE ANNOUNCES NEW PRICE FOR DSTV, GOTV SUBSCRIBERS

By Damaris DankaroMarch 22, 20222 Mins Read

Multichoice  has Announced New Prices for all Packages Starting from April 1, 2022. Nigerians are…

Anxiety as Armed Security Operatives Take Over Cross River Assembly

March 22, 2022By Damaris Dankaro

Kaduna imposes 24-hour curfew on two councils over death of many and burning of over70 homes

March 22, 2022By Damaris Dankaro

Anambra Governor Announces New Appointments

March 21, 2022By Damaris Dankaro
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo

Subscribe to Updates

Get the latest creative news from SmartMag about art & design.

Demo
ABOUT
ABOUT

Looking for news on sports, health, business, entertainment, innovations and much more?
Get all your news in one place! Here at BUJ, entertainment meets information, keeping you up-to-date, on the go!

Facebook Twitter Instagram Pinterest YouTube
CATEGORIES
  • General News
  • Health
  • Entertainment
  • Sports
  • Finance
  • Business
  • Tech Innovations
  • Pod News
Our Picks

MULTI CHOICE ANNOUNCES NEW PRICE FOR DSTV, GOTV SUBSCRIBERS

March 22, 2022By Damaris Dankaro

Anxiety as Armed Security Operatives Take Over Cross River Assembly

March 22, 2022By Damaris Dankaro

Kaduna imposes 24-hour curfew on two councils over death of many and burning of over70 homes

March 22, 2022By Damaris Dankaro
Facebook Twitter Instagram Pinterest TikTok YouTube WhatsApp
  • Home
  • Sports
  • Health
© 2023 Copyright 2022 Buj News. All rights reserved. Privacy & Terms..

Type above and press Enter to search. Press Esc to cancel.