Access Bank, UBA lead list of banks with highest e-business income

Access Bank, UBA and Zenith bank led the list of 13 banks quoted on the Nigerian Stock Exchange with the highest income from electronic business in the first quarter of 2022.

The revenue is generated through transactions like mobile applications, USSD channels, Automated Teller Machines (ATM), agency banking, internet banking and Point of Sales (PoS) payments.

According to the financial statements of the banks, Access Bank led with N20.13bn generated from electronic business, accounting for 26.1 per cent of the total amount generated by the thirteen banks quoted on the stock exchange.

Access Bank e-business income increased by 12.3 per cent year-on-year compared to the N17.92 billion it generated in 2021.

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The bank grew its bottom line by 9.2 per cent in the first quarter of 2022 to N57.39 billion from N52.55 billion it generated as profit after tax in the first quarter of 2021.

UBA moved a spot up from its previous third position, coming second with an income of N15.11 billion from electronic business in the first quarter of 2022, an increase of 21 per cent compared to the N12.48 recorded in the first quarter of 2021.

Zenith Bank, Nigeria’s second largest bank by asset value and the most capitalized bank on the NGX generated N14.78 billion in the first quarter of 2022 as against the N11.13 billion generated in the first quarter of 2021.

The bank which recently retained its position as Nigeria’s number one bank for the thirteenth time in a row in the 2022 top 1000 World Banks Ranking published by The Banker Magazine, accounted for 19.2 per cent of the total e-business income by the thirteen banks, moving one position up the leader.

It also posted a profit after tax of N58.19 billion, the highest by any bank, from N53.1 billion declared in the first quarter of 2021.

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First Bank dropped down the ranking by two places after its e-business income declined by 15.4 per cent in the first quarter of 2022 to stand at N12.19 billion from N14.41 billion recorded in the first quarter of 2021.

Meanwhile, the bank recorded a massive boost in its profit after tax in the period under review as FBN Holding recorded 107.7 per cent in the first quarter of 2022 to N32.4 billion from the N15.59 billion in the first quarter of 2021.

GT Bank maintained the fifth position among the five biggest banks with an e-business income of N4.05 billion, representing an increase of 5 per cent compared to N3.85 billion generated in the first quarter of 2021.

On the other hand, the profit after tax of the bank declined by 5.1 per cent to N43.21 billion from N45.55 billion generated in the first quarter of 2021.