UBA, Access Bank, others rake in N307.472bn as e-business income

United Bank for Africa (UBA) recorded N78.946 billion as e-business income during the full year of 2022, representing 25 per cent of the N307.472 billion e-business income realized by eleven banks listed on the Nigerian Stock exchange for the full year 2022.

E-business income encompasses revenue generated through electronic channels, card products, mobile applications, USSD channels, automated teller machines (ATMs), agency banking, internet banking, and point of sale (POS) payments.

An analysis of the financial statements of UBA shows that N78.946 billion is an increase of 22.21 per cent compared to the N64.595 billion recorded in the full year 2021.

Access Holdings trailed UBA, generating N59.653 billion from its electronic business, accounting for 19.40 per cent of the total amount generated by the banks under review.

The bank’s e-business income dropped by 9.99 per cent year-on-year compared to N66.280 billion recorded in the previous year.

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According to the results presented on the floor of the Nigerian Exchange Limited (NGX), the Group’s gross earnings rose by 43 per cent to hit N1.388 trillion, as against the N971.9 billion it recorded the previous year, while interest income was up by 19 per cent to N359.4 billion from N301.5 billion recorded in 2021.

First Bank’s e-business revenue declined by 2.26 per cent in the full year of 2022 to stand at N55.099 billion from N56.375 billion recorded in 2021.

The Group’s Gross Earnings were up 6.32 per cent to N805.128 billion from N757.296 billion posted in 2021, driven by strong growth in interest income.

Profit before Tax dropped by 5.26 per cent to N157.902 billion as against N166.662 billion posted in 2021.

Zenith Bank Plc posted an e-business income of N45.739 billion during the full year of 2022, an increase of 30.07 per cent compared to N37.470 billion recorded in the corresponding period of 2021.

The bank, which is the most capitalized bank on the NGX, accounted for 14.88 per cent of the total e-business income of the eleven banks.

According to the audited financial results for the 2022 financial year, Zenith Bank Plc grew its gross earnings by 24 per cent from N765.6 billion as of the end of the 2021 financial period to N945.5 billion in the corresponding period of 2022.

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GTCO Holdings reported an e-business income of N23.201 billion, representing an increase of 10.04 per cent, compared to N21.083 billion generated in the equivalent period the previous year.

GTCO reported a profit before tax of N214.2 billion during its 2022 financial year, representing a 3.3 per cent dip from N221.5 billion posted in the corresponding year ended December 2021.

According to the financial institution, the Group reported a net interest income of 30 billion for the year 2022 as against N220.61 billion posted in 2021 representing a growth of 17.54 per cent.