Nigerian banks record over N3trn income in nine months

Nigerian banks have posted a gross earning of N3.06 trillion in the first nine months of 2021, according to data collated from the third-quarter earnings of the banks from the Nigerian Exchange.

This is a N130 billion or 4.93% increase from the N2.93 trillion the banks made in the corresponding period of 2020

The banks reviewed included Zenith Bank Plc, Access Bank Plc, Guaranty Trust Bank Plc, Stanbic IBTC Bank, Sterling Bank Plc, Wema Bank Plc, United Bank for Africa Plc, Union Bank of Nigeria, First Bank and Fidelity Bank Plc.

Access had the highest gross earning (N693.1bn), and Wema had the lowest gross earning (N63.08bn).

Stanbic IBTC saw the greatest reduction in gross earnings, the bank’s earnings fell by N36.7 billion from N183.3 billion in 2020 to N146.6 billion in 2021.

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Zenith earned N518.67 billion in gross earnings in nine months of 2021, an increase of N9.69 billion from N508.98 billion in the same period of 2020.

First Bank came in next with N427.03 billion gross earnings in 2021, but this was lesser to the N439.3 billion reported in the first nine months of 2020.

GTB’s gross earnings in 2021 were N318.51 billion, N11.45 billion less than the N329.96 billion it earned in 2020.

Stanbic IBTC’s gross earnings declined by N36.7 billion year on year, from N183.3 billion in 2020 to N146.6 billion in 2021. Sterling witnessed a N7.32bn increase in gross earnings as its gross earnings rose from N101.85bn in 2020 to N109.16bn in 2021.

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Wema witnessed an N5.25bn increase. Its gross earnings rose from N57.83bn in 2020 to N63.08bn in 2021.

UBA had a gross earning of N490.3bn in 2021, an increase of N35.9bn from the N454.4bn it had in 2020. Union bank had a gross earning of N121.8bn in 2021, an increase of N3bn from the N118.8bn it had in 2020.

While Fidelity had a gross earning of N174.35bn in 2021, an increase of N19.32bn from the N155.03bn it had in 2020.