Ten Nigerian banks recorded N900.92bn profit before tax in the nine months that ended September 30, 2022, despite an economic downturn in the nation.
Commenting on this growth in its results, the Group Managing Director, FBN Holdings, Mr Nnamdi Okonkwo, said, “FBN Holdings has again in Q3 2022 delivered a stellar performance, growing sustainable income from our core businesses.
“This is a testament to the success of our focus on carefully growing the business and driving profitability. Furthermore, during the period under review, in attestation of the progress made by the Group, Fitch upgraded the credit ratings of FBN Holdings and First Bank to ‘B’ with a Stable Outlook. “Value creation remains our overarching objective as we continue to leverage the strengths of our unique brand and heritage to optimise our diverse business portfolio.”
He added, “We are confident of making further progress, with the capacity to generate sustainable performance that delivers superior returns to all our stakeholders.” According to Stanbic IBTC, its nine-month PBT grew from N45.31bn to N68.95bn; Union bank’s PBT grew from N16.19bn to N18.96bn; Fidelity’s PBT grew from N28.05bn to N37.79bn; Wema’s PBT grew from N7.21 to N9.46bn; and Unity Bank’s PBT grew from N2.11bn to N2.21bn in the first nine months of 2021.All rights reserved.
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