Gross earnings of Nigeria’s biggest banks decline marginally in 2018

2018 has proven to be a tough year for banks in Nigeria as the gross earnings of Nigeria’s top five banks, FBN, UBA, GTB, Access Bank and Zenith declined marginally in 2018 financial year.

The top five banks under the acronyms of FUGAZ banks made a total of N2.63 trillion as gross earnings for the 2018 financial year which was a slight decline from the N2.67 trillion made by the banks in 2017.

Zenith Bank led the pack with gross earnings of N630 billion. FBN Holdings took a distant second with N583 billion while Access Bank took third place with N528 billion.

UBA took the fourth position with N464 billion in earnings, while Guaranty Trust Bank rounds up the top 5 with N434 billion in earnings.

ALSO READ: Why INEC stayed action on North senatorial election

The five banks made a total of N720 billion as profit before tax for the 2018 financial year. Zenith Bank again took first place with N231 billion as profit before tax. Guaranty Trust Bank took second place with N215 billion as profit after tax. UBA took third place with N106.7 billion made as profit before tax.

Access Bank made N103 billion as profit before tax. FBN Holdings rounds up the top 5 with N65.2 billion as profit before tax, for the 2018 financial year.

Year on year, this marks an increase as the five banks made a total of N606.1 billion as profit before tax for the 2017 financial year.

FUGAZ Banks made a total of N610 billion as profit after tax for the 2018 financial year. Zenith Bank again led the pack with a profit after tax of N193 billion. Guaranty Trust Bank followed closely with N184 billion. Access Bank takes a distant third place with N94.9 billion.

UBA takes fourth place with a profit after tax of N78.6 billion. FBN Holdings rounds up the top five with a profit after tax of N59.7 billion.

Guaranty Trust Bank had the highest earnings per share of the five banks with an EPS N6.54. Zenith Bank follows closely with an earnings per share of N6.15 per share. Access Bank takes a distant third with an earnings per share of N3.31.

UBA takes the fourth place with an earnings per share of N2.20, while FBN Holdings rounds up the top 5 with an earnings per share of N1.65.

Zenith Bank paid the highest dividend of the 5 banks, with a total dividend payout of N2.80. Guaranty Trust Bank was next with a N2.70 payout. UBA takes a distant third with a total dividend payout of N0.65 per share.

Access Bank takes fourth place with a total dividend payout of N0.50 per share. FBN Holdings rounds up the list with a N0.26 dividend.