Banks loan to customers hit N16.372trn in 2016

0
244

By Odunewu Segun

The audited results of 2016 for 14 banks quoted on the Nigerian Stock Exchange (NSE) have shown a 22 per cent increase in total loans and advances to their customers from N13.315 trillion in 2015, to N16.372 trillion in the year under review.

National Daily analysis of the financial results showed that the total profit after tax (PAT) of the 14 banks rose marginally to N452 billion in 2016, up from the N442.451 billion recorded the previous year; just as their total gross earnings climbed to N4.007 trillion in the reviewed year, as against the N3.441 trillion recorded in 2015.

A breakdown of the figures, however, showed that while FBN Holdings’ loans and advances increased to N2.084 trillion in the reviewed year, up from N1.817 trillion the previous year; Zenith Bank Plc’s financial statement also showed the bank gave out N2.289 trillion as loans and advances to its customers, compared with the N1.989 trillion recorded the previous year.

ALSO SEE: Oando wants approval to refurbish refineries

Similarly, while UBA loaned customers N1.505 trillion in 2016, up from N1.037 trillion the previous year; Access Bank recorded N1.809 trillion in 2016, from N1.368 trillion in 2015; GT Bank recorded N1.589 trillion in 2016, up from N1.372 trillion in 2015; ETI also posted N2.824 trillion in 2016, from N2.232 trillion in 2015; Diamond Bank Plc also posted N995.334 billion as customer loans and advances in 2016, up from N763.635 billion the previous year, while Fidelity Bank also posted customer loans and advances of N718 billion in 2016, higher than the N578 billion it gave out in the previous year.

In terms of profit after tax, the breakdown also showed that while GT Bank recorded N132.281 billion in 2016, higher than the N99.437 billion posted the previous year; Zenith Bank earned PAT of N129.652 billion in 2016, from N105.663 billion in the previous year; UBA’s PAT was N72.264 billion in 2016, from N59.654 billion the previous year; Access Bank’s PAT increased to N71.439 billion in 2016, from N65.869 billion; while FBN Holdings’ posted PAT of N17.141 billion, from N15.539 billion.

Commenting on the results, Managing Director, FBN Holdings, Mr. U.K Eke, described 2016 as a year characterized by significant uncertainty in the operating environment.

“We expect an improved economic environment through 2017 and are confident that the foundations we have put in place will drive improved financial performance and consequently enhance shareholders’ returns,” he said.

Herbert Wigwe, expressed optimism that developments in the macro economy would be positive.

Leave a Comment

Leave a comment

NO COMMENTS

LEAVE A REPLY