These 3 tier-1 Nigerian banks made an impressive profit of $389.5 million in 3 months

In 2019, financial institutions in Nigeria continued in the line of profitability as three tier-1 banks posted impressive profit growth of $389.5 million (N140.6 billion in local currency) in the last three months.

Image captured a Nigerian bank on Victoria Island, Lagos (Shutterstock)

In their corporate disclosures for the three-month period ended March 31, 2019, Guaranty Trust Bank (GTB) Plc and Access Bank Plc posted profits below N50 billion while Zenith Bank Plc recorded profit above N50 billion.

Business Insider Sub-Saharan Africa by Pulse's analysis of the corporate filings show that GTBank recorded a profit before tax of N56.9 billion for the first quarter (Q1) March 31, 2019, representing 8.3% increase compared with the N52.6 billion recorded in the corresponding period of 2018.

The bank's profit after tax (PAT) also rose 10.37% from N44.67 billion in 2018 to N49.302 billion in 2019.

For Zenith Bank, its profit before tax grew by 6.1% to N57.3 billion while interest income also grew by 4.9% to N122.5 billion for the period.

The net assets for the period under review also increased by 6.2% to N780.8 billion but gross earnings declined by 6.5% to N158.1 billion from N169.2 recorded in Q1 2018.

Access Bank Plc which combined business with Diamond Bank Plc recently also grew profit before tax to N45.1 billion in 2019 from N27.4 billion in 2018. The bank's interest income also increased from N87.2 billion in 2018 to N95.1 billion in 2019.

More details below:

1. GTBank Plc

  • Profit - N49.3 billion
  • Net fee and commission income - N18 billion 

2. Zenith Bank Plc

  • Q1 Profit - N50.2 billion
  • Net fee and commission income – N17 billion

3. Access Bank

  • Q1 Profit - N41.1 billion
  • Net fee and commission income - N13.1 billion

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