Business
Access Bank, FBN, Zenith, others surpass profit margins for 2023
Based on financial reports for the first nine months of 2023, Access Bank, FBN, UBA, Zenith Bank, GTCo and most other banks listed in the NGX have achieved a net profit margin higher than their profit margins for the full year of 2022.
Already, Access Bank for the nine months ending September 2023, has achieved a net profit margin of 15.71 per cent, a 413 basis points increase from the 11.59 per cent profit margin achieved by the bank in the whole of 2022.
During the nine months, the bank recorded a gross earning of N1.59 trillion, a 15.26 per cent growth from the N1.38 trillion recorded in 2022.
Also, the bank recorded a net income of N250.4 billion which was 56.3 per cent higher than the N160.2 billion recorded in the whole of 2022.
GTCO, the holding company of GT Bank is also projected to exceed its profit margin expectations for 2023.
In just nine months of 2023, GTCO has recorded a gross earning of N850.33 billion, which is 57.69 per cent higher than the N539.24 billion gross earning recorded in the 2022 fiscal year.
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FBN Holdings, the holding company of First Bank Limited recorded a net profit margin of 21.86 per cent in the first nine months of 2023, which is a significant improvement from the 16.91 per cent recorded in FY 2022.
With a net income of N236.5 billion recorded in the nine months ending September 2023, the group has far exceeded the N136.2 billion posted as net income in the 2022 fiscal year.
Within the nine months ending September 2023, Zenith Bank has achieved a net profit margin of 32.67 per cent, a significant improvement from the 23.70 per cent achieved in FY 2022. In the first nine months of 2023, the bank posted a gross earning of N1.329 trillion, which is 40.56 per cent higher than the N945.6 billion achieved during the 2022 fiscal year.
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The bank also recorded a net income of N434.2 billion, which is 93.8 per cent higher than the N224 billion achieved in FY 2022.
UBA achieved a net income of N437.5 billion in the nine months ending September 2023, being the company with the highest net income in Nigeria this year.
The net income posted in 9M 2023 was 157 per cent greater than the N170.3 billion recorded in FY 2022.
For the nine months ending September 2023, the bank recorded a profit margin of 33.43 per cent, a significant improvement from the 19.96 per cent net profit margin recorded throughout 2022.
According to their financial reports, tier-1 banks in Nigeria, Access Bank, GT Bank, First Bank, Zenith Bank, and UBA recorded a cumulative interest income of N3.394 trillion in the nine months ending September 2023, representing a 70.9 per cent year-on-year growth from the same period in 2022.