Nigeria: 14 Banks Gross N1.2 Trillion Revenue in 6 Months

Nigeria: 14 Banks Gross N1.2 Trillion Revenue in 6 Months

Lagos — Fourteen Deposit Money Banks (DMBs) listed on the Nigerian Stock Exchange have recorded N1.187 trillion gross revenue for the first six months of 2020.

They had earned N1.114tn in the corresponding period of 2019.

Despite the effects of the coronavirus, that trimmed physical banking activities for nearly three months, the banks still grew their revenue by an additional N72.5 billion, 6.5 percent growth.

They also grew profit after tax from N484.4bn in half-year 2019 to N495.5bn in half-year 2020, representing N11.1bn 2.3%profit growth.

Ecobank made the highest return with N405bn followed by Access Bank with N396bn and Zenith Bank with N331bn. UBA grossed N300bn, First bank N296bn and GTB N225bn.

Despite the cumulative growth in the revenue of the 14 banks, three banks had revenue drop: Zenith’s profit dropped from N346bn in 2019 to N331bn in 2020; Sterling dipped from N72bn to N70bn; Wema Bank also dipped from N40.8bn to N38.2bn in H1, 2020.

However, Zenith Bank recorded the highest net profit for the period amounting to N111.7bn higher than the N103.8bn it recorded in H1, 2019. GTB made N94.3bn, Access Bank N61bn, FBNH N49.5bn, Ecobank N48.5, Stanbic N45.2bn and UBA N44,3bn.

Of the 14 banks analysed, seven banks (Access, GTB, UBA, Ecobank, Sterling, Union, WEMA) saw their net profit dipped in 2020 compared to 2019.

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