• Business - Companies
  • Updated: October 31, 2022

Q3 2022: Ten Banks Report N901 Billion Profit

Q3 2022: Ten Banks Report N901 Billion Profit

A total of N900.92 billion in profit before tax has been recorded by ten Nigerian banks in the third quarter of 2022.

The financial statements of these banks revealed that this is a 21.40 per cent increase from the N742.95 billion profit before tax the banks recorded in the corresponding period of 2021.

The ten banks are Zenith Bank Plc, Access Holdings Plc, Guaranty Trust Holding Company Plc, First Bank of Nigeria Holdings Plc, United Bank for Africa Plc, Wema Bank Plc, Stanbic IBTC Holdings Plc, Union Bank of Nigeria Plc, Fidelity Bank Plc, and Unity Bank Plc.

Zenith Bank recorded the highest PBT, which is N202.55 billion from N179.81 billion, followed by GTCO which grew its PBT to N169.72 billion in the period under review from N151.91 billion.

During the period under review, Access Holdings grew its PBT to N147.29 billion from N135.2 billion; UBA recorded PBT grew from N123.35 billion to N138.49 billion.

FBN Holdings stated that its nine-month PBT grew by 99.29 per cent from N52.93 billion to N105.49 billion.

Commenting on this growth in its results, Nnamdi Okonkwo, the Group Managing Director, FBN Holdings, 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.”

In the third quarter of 2022, Stanbic IBTC’s profit before tax grew from N45.31 billion to N68.95 billion; Union bank’s PBT grew from N16.19 billion to N18.96 billion.

 In the first nine months of 2021, Fidelity’s PBT grew from N28.05 billion to N37.79 billion; Wema’s PBT grew from N7.21 billiob to N9.46 billion; and Unity Bank’s PBT grew from N2.11 billion to N2.21 billion.

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