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11 banks post N662.8bn profit in nine months

Despite the advent of Coronavirus (COVID- 19) pandemic and regulatory headwinds, which made the operating environment difficult, Deposit Money Banks (DMBs)  in the county still recorded a generally improved performance across key financial metrics, according to the 9M 2020 results so far released by lenders.

 

New Telegraph’s analysis of the 9M 2020 results of 11 DMBs, for instance, shows that their total Profit After Tax (PAT) increased to N662.8 billion from N622.5 billion in the corresponding period of  last year.

 

This means that the banks’ total PAT rose by N40.3 billion (6.5 per cent) in the period under review. The lenders are Access Bank, Zenith Bank, United Bank for Africa (UBA), Guaranty Trust Bank (GTbank), FBN Holdings, Stanbic IBTC and Fidelity Bank.

 

The others are Union Bank, Sterling Bank, Wema Bank and Unity Bank. A breakdown of the results shows that Zenith Bank reported the biggest profit as the Tier 1 lender’s unaudited results indicate that it posted a PAT of N159.3 billion in the first nine months of 2020 compared with N150.7 billion reported in the corresponding period of 2019.

 

It was followed by GTBank with a PAT of N142.3 billion in 9M 2020 compared with the N146.9 billion the lender reported in the same period of last year. Access Bank’s PAT increased by 15.68 per cent to N102.3 billion in the first nine months of the year from N88.4 billion in the same period of 2019.

 

UBA’s 9M 2020 results show that it reported PAT of N77.1 billion, as against the N81.6 billion the lender posted in the corresponding period of last year. FBN Holdings Plc’s PAT jumped by 31.71 per cent to N68.2 billion in the first nine months of the year from N51.7 billion in the corresponding period of last year.

 

Similarly, Stanbic IBTC’s 9M 2020 results show that PAT increased by 19.1 per cent to N66.1 billion, from N55.6 billion for the same period of 2019. Leading Tier 2 lender, Fidelity Bank, recorded a 7.0 per cent increase in PAT to N20.4 billion in the  first nine months of 2020 from N19 billion in the corresponding period of last year.

 

Union Bank reported PAT of N15.5 billion in its 9M 2020 results compared with N15.3 billion for the corresponding period of 2019. Sterling Bank’s PAT for the first nine months of the year stood at N7.4 billion as against the N7.6 billion the lender reported for the same period of last year.

 

For Wema Bank, the lender’s 9M 2020 results indicate that it posted a PAT of N2.6 billion, compared with N4.1 billion in the corresponding period of last year. Unity Bank posted a six per cent increase in PAT to N1.6 billion in the first nine months of the year compared with the N1.5 billion the lender reported for the same period last year.

 

Analysts note that although some lenders posted a drop in PAT, the 9M 2020 results so far released still show a generally good performance by the industry, especially when the impact of lockdown restrictions imposed by the government during the period to curb the pandemic, as well as the over N5 trillion that the Central Bank of Nigeria (CBN) sequestered from DMBs that did not comply with its Loan to Deposit Ratio (LDR) and Cash Reserve Requirements (CRR) policies, is taken into consideration

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