Banks’ Earnings Hit N2.64trn In Nine Months

Nine banks made a gross earning of N2.64tn in the first nine months of 2021 according to data collated from the third quarter earnings of the banks.

This is N132.64bn increase from what the banks made in the corresponding period of 2020. In 2020, the banks had a gross earning of N2.50tn.

The nine banks under review are Zenith Bank Plc, Access Bank Plc, Guaranty Trust Bank Plc, Stanbic IBTC Bank, Sterling Bank Plc, Wema Bank Plc, United Bank for Africa Plc, Union Bank of Nigeria, and Fidelity Bank Plc.

Of the banks, Access had the highest gross earning (N693.1bn), and Wema had the lowest gross earning (N63.08bn).

Access Bank also witnessed the most growth in its gross earnings. The bank’s gross earnings increased by N100.3bn from N592.8bn in September 2020 to N693.1bn in September 2021.

Stanbic IBTC witnessed the most drop in gross earnings, with the bank’s earnings dropping by N36.7bn from N183.3bn in 2020 to N146.6bn in 2021.

In the period under review, Zenith had a gross earning of N518.67bn, an increase of N9.69bn from the N508.98bn it had in 2020.

GTB had a gross earning of N318.51bn in 2021, N11.45bn lower than the N329.96bn it had in 2020.

Stanbic IBTC witnessed a N36.7bn reduction in gross earning year-on-year as its earning fell from N183.3bn in 2020 to N146.6bn in 2021.

Sterling witnessed a N7.32bn increase in gross earning as its gross earnings rose from N101.85bn in 2020 to N109.16bn in 2021.

Wema witnessed a N5.25bn increase. Its gross earning rose from N57.83bn in 2020 to N63.08bn in 2021.

UBA had a gross earning of N490.3bn in 2021, an increase of N35.9bn from the N454.4bn it had in 2020. Union bank had a gross earning of N121.8bn in 2021, an increase of N3bn from the N118.8bn it had in 2020. Fidelity had a gross earning of N174.35bn in 2021, an increase of N19.32bn from the N155.03bn it had in 2020.

In Access ‘Group unaudited results for the nine months ended 30 September 2021’, Chief Executive Officer, Herbert Wigwe, attributed the growth in the company’s gross earnings to an increase in net interest income.

He said, “The group achieved a 17 per cent y/y growth in gross earnings to N693.1bn (9M 2020: N592.8bn), leading to an improvement in the profit after tax y/y to N121.9bn (9M 2020: N102.3bn).

“This is largely on the strength of a 36 per cent y/y growth in net interest income. We continue to grow our diversified revenue lines through the optimisation of our channels and electronic banking platforms which grew by 19 per cent y/y to N46bn.”