FUGAZ banks earn N1.1 trillion at half year 2018
Nigeria’s tier one banks (known by the acronym, FUGAZ) made a total of N1.22 trillion as income for the six months ended June 2018. This marks a slight decrease, compared to N1.21 trillion made in the comparative period of 2017.
Profit before tax however rose from N338.2 billion in 2017 to N359 billion in 2018. Profit after tax showed minute growth moving from N281.9 billion in 2017 to N282.1 billion in 2018.
FUGAZ stands for FBN Holdings, UBA Plc, Guaranty Trust Bank, Access Bank and Zenith Bank. These are the five biggest banks by capitalization in the country.
The bank with the biggest turnover
Zenith Bank Plc had the largest turnover, as the bank made N322 billion as gross turnover. This amounts to 28.4% of the gross turnover made by the 5 banks.
Next was Access Bank which made N253 billion as turnover, as at June 2018, amounting to 22% of the total turnover. GT Bank rounds up the top three banks with N226 billion as turnover for the six months ended June 2018.
Which bank had the highest profit before tax?
Guaranty Trust Bank had the highest profit before tax. The bank made a profit before tax of N109 billion. This amounts to 30.3% of profit before tax made by the 5 banks. Zenith Bank follows closely with a profit before tax of N107.3 billion made as at June 2018 or 29.8% of the total turnover. UBA Plc rounds up the top 3 with a profit before tax of N58.1 billion or 16.1% of the profit made by the 5 banks.
The leading bank in profit after tax
GT Bank also leads in profit after tax. The bank made a profit after tax of N83.6 billion. This amounts to 29.6% of the profit after tax made by the five banks.Closely following is Zenith which made N81.7 billion as profit after tax in H1 2018 or 28.9% of profit after tax made by the FUGAZ banks.UBA Plc rounds up the top three, with a profit after tax of N43.7 billion. This amounts to 15.4% of the FUGAZ profits. Which bank paid the most as dividends? Zenith Bank and Guaranty Trust Bank both declared an interim dividend of N0.30 per share. Access Bank takes up the second spot with an interim dividend of N0.25 per share. FBN Holdings did not declare an interim dividend. […]