Top five banks post N417b profit in six months
Nigeria’s five topmost banks recorded a total profit of N416.55 billion in the first half of this year as a result of improved technology and an enhanced efficiency
The top five banks, by market capitalisation, otherwise known as Tier-1 banks, are Guaranty Trust Bank Plc, Zenith Bank International Plc, Stanbic IBTC Holdings Plc, Access Bank Plc and United Bank for Africa Plc. The top-five banks’ gross earnings rose by 9.79 per cent from N1.17 trillion in the first half of last year to N1.29 trillion in the first half of this year. Their total pre-tax profit grew by 12.08 per cent to N416.55 billion in first half 2019 compared with N371.66 billion in comparable period of 2018. Total net profit increased by 13.22 per cent from N303.8 billion to N343.96 billion.
Stanbic IBTC’s pre-tax profit margin dropped from 44.42 per cent to 38.04 per cent, depressing the actual pre-tax profit from N50.73 billion to N44.65 per cent. After taxes, net profit declined from N50.73 billion to N43.08. However, Stanbic IBTC will be paying the highest interim dividend of N10.24 billion, representing interim dividend per share of N1. GTB and Zenith Bank will pay interim dividend per share of 30 kobo each, while Access Bank will pay 25 kobo and UBA paying 20 kobo.
UBA’s profit before tax rose by 21 per cent, while profit after tax increased by 29.6 per cent. The gross earnings grew by 14 per cent and the profit before tax rose to N70.3 billion in first half of 2019 as against N58.1 billion in the corresponding period of 2018.
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