Banking

Zenith, GTB, others record ₦500bn after tax profit

Zenith Bank takes the lead as the Nigeria Exchange posted N501.13 billion after tax profit of 13 banks in the first six month of 2021.

The record showed a 13.1 per cent increase compared to the N443.17 billion recorded in the corresponding period in 2021, according to Nairametrics.

 

Taking a cue from the financial statements, the 13 banks grew their bottom line in the period under review despite economic headwinds crippling business profits as a result of high operating costs.

 

In a bid to manage the rising operating costs amid upsurge in price of diesel, some banks were forced to reduce working hours in the second quarter of the year.

 

Despite these odds, Zenith Bank, Access, and GT Bank recorded the highest post-tax profit in the review period, while FCMB and Wema Bank recorded the highest year-on-year profit growth.

 

It is worth noting that the top five banks in terms of profit after tax during the period are the tier-one banks, typically referred to as the FUGAZ.

 

Below is a list of the top banks with the highest profit after tax in H1 2022:

 

10. Sterling Bank – N8.01 billion

 

9. Union Bank – N11.07 billion

 

8.FCMB – N13.66 billion

 

7. Fidelity Bank – N23.31 billion

 

6. Stanbic IBTC – N30.67 billion

 

5. First Bank – N56.6 billion

 

4. UBA – N70.33 billion

 

3. Guaranty Trust Holding – N77.58 billion

 

2. Access Bank – N88.74 billion

 

1. Zenith Bank – N111.41 billion

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