Zenith Bank leads in 2018 profit race

Zenith Bank Plc led other commercial banks in Nigeria in the 2018 profit race, accounting for N144bn of the total N648bn profits declared by all the banks in the nine months ended September 30, 2018.

This represents an N88.6 billion or 15.8% increase, as against the N559 billion recorded in the corresponding period of 2017.

Guaranty Trust Bank follows closely in second place, earning N142 billion as profit.

Ecobank Trans International (ETI) takes third place with a N75 billion profit after tax, as at the third quarter ended September 30, 2018.

The three banks thus accounted for 55.7% of profit made during the period under review.

Unity Bank made the least profit for the period under review. The bank made a profit after tax of N585 million, a 76% or N1.8 billion decrease compared to the N2.5 billion it made in 2017.

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Diamond Bank was next with N1.6 billion made as profit for the nine months ended September 30, 2018.

Wema Bank takes third place with N2.6 billion made as profit for the period under review.

The three banks thus accounted for 0.7% of profits made within the period.

FCMB had the largest increase year on year with its profit after tax rising by 107% to N11.3 billion in 2018.

Wema Bank was next with a 72% increase in profit after tax year on year. The bank made a profit after tax of N2.6 billion for the nine months ended September 30, 2018.

Stanbic IBTC takes third place with a 58.6% increase year on year. The bank made a profit after tax of N59.7 billion as at September 30, 2018.

Unity Bank was the worst performing for the period under review. The bank’s profit declined by 76% from N2.4 billion in 2017 to N585 million in 2018.

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Diamond Bank was next with a 57.6% decline year on year. The bank made a profit after tax of N1.6 billion in 2018, as against a profit after tax of N3.9 billion in the corresponding period of 2017.

UBA takes third place with a 1.2% increase year on year. The bank made a profit after tax of N61.6 billion in 2018, as against a profit after tax of N60.9 billion made in the corresponding period of 2017.