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7 banks’ gross earnings hit N3.51trn in 2020

Despite a tough business environment occasioned by regulatory headwinds and the Covid-19 crisis, most Deposit Money Banks (DMBs) in the country recorded growth in gross earnings and profits in 2020, compared with 2019, according to audited financial statements released by the Nigerian Exchange (NGX) Ltd.


Sunday Telegraph’s analysis of seven banks’ audited FY’ 2020 financial statements, for instance, showed that they posted total gross earnings of N3.51trillion in 2020 compared with N3.31trillion in the previous year.


The banks are, Access Bank, Zenith Bank, United Bank for Africa (UBA), Guaranty Trust Bank (GTB), FBN Holdings, Stanbic IBTC Bank and Union Bank. Specifically, Access Bank reported gross earnings of N764.72 billion in 2020 compared with N666.75 billion in the comparative period of 2019. The bank’s profit before tax stood at N125.92 billion in 2020, from N111.93 billion in 2019, while its profit after tax rose to N106.01 billion from N94.06 billion in 2019.


Also, Zenith Bank reported gross earnings of N696.45 billion in 2020 as against N662.25 billion it recorded in 2019. The first tier lender posted profit before tax of N255.86 billion against N243.29 billion declared in 2019, while its profit after tax closed higher at N230.57 billion from N208.84 billion in 2019.


Similarly, an analysis of the performance of UBA) showed gross earnings of N620.38 billion from N559.81 billion declared in 2019. The profit before tax of the lender grew to N131.86 billion in contrast with N111.29 billion posted in 2019.

The bank’s profit after tax in the review period increased to N113.77 billion from N89.09 billion in 2019. Equally, audited results released by the NGX indicated that GTB posted gross earnings of N455.23 billion in 2020 from N435.31 billion in 2019.


The bank’s profit before tax increased to N238.09 billion from N231.71 billion recorded in 2019. Also, its profit after tax rose to N201.44 billion against N96.85 billion reported in 2019. FBN Holdings, however, recorded gross earnings of N579.42 billion in 2020 compared with N590.39 billion in 2019.


Still, its performance was impressive as it declared profit before tax of N83.70 billion in 2020 from N75.29 billion in 2019, while profit after tax rose to N89.75 billion against N73.67 billion in the corresponding period of 2019. Stanbic IBTC posted gross earnings of N234.45 billion in 2020 compared with N233.81 billion it recorded in 2019.


It also reported profit before tax of N94.71 billion as against N90.93 billion in 2019, while profit after tax stood at N83.21 billion from N75.09 billion in the comparative period.


Although Union Bank’s gross earnings slightly reduced to N156.9 billion in 2020 from N159.9 billion in 2019, the lender posted profit before tax of N25.4 billion compared with N24.7 billion in 2019, while its profit after tax increased to N24.7 billion from N24.4 billion in 2019.



Thus, in spite of the harsh business environment last year, the total gross earnings of the seven lenders rose to N3.51trillion from N3.31trillion in the previous year. Giving an insight on how FBN Holdings, for instance, was able to post impressive results last year, the company’s Group Managing Director, Mr. UK Eke, said the organisation engaged a portfolio optimisation strategy, deepened its foothold in the banking sector through increased investment in digitalisation, innovation, and expansion in financial services for the benefit of existing and new customers.


“Five years ago, we outlined our strategy to diversify our income stream by boosting non-interest income through a transactionled banking model.

“We believe this decision reduced the burden on our customers during the lockdown by providing seamless access to banking service, as well as, support the effort of the government and other donor agencies to reach Nigerians with the COVID-19 support programmes,” Eke said.


Also, commenting on his bank’s performance, the Group Managing Director/ Chief Executive Officer, UBA, Mr Kennedy Uzoka, said the year 2020 was important for the UBA Group, as it gained further market share in most of its countries of operation.


He said: “We ended a very challenging year on a reassuring note. The Bank recorded double-digit growth in both our top and bottom lines, as gross earnings and after-tax profit grew by 10.8 per cent and 27.7 per cent to N620.4 billion and N113.8 billon respectively.”


According to him, despite the tumultuous impact of the COVID-19 pandemic globally and across the 23 countries where the bank operates, UBA created N519.0 billion additional loans as it continued to support its customers and their businesses.




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