On the heels of severe operating environment, five leading banks in Nigeria have reported a marginal increase of eight per cent in Profit Before Tax (PBT) for half year (H1) ended June 30, 2021.
The five banks reported a total of N413.43billion profit before tax in H1 2021 from N383.9billion reported in H1 2020.
The five are Access Bank Plc, United Bank for Africa Plc (UBA), Guaranty Trust Bank Plc (GTBank), FBN Holdings Plc, and Zenith Bank Plc.
Westernpost findings revealed that Zenith Bank is currently leading the banking sector in terms of profit before tax by value, while UBA reported an impressive increase in its profit before tax in the period under review.
Also, GTBank is the only bank with drop in profit before tax in H1 2021 as the management struggled to grow top-line performance.
Specifically, Zenith bank for H1 2021 reported N117.06billion, about three per cent increase from N114.12billion reported in H1 2020, while UBA’s profit before tax grew by 36 per cent to N60.58billion in H1 2021 from N44.43billion reported in H1 2020.
GTBank’s profit before tax dropped by 15.2 per cent to N93.06billion in H1 2021 from N109.7billion reported in H1 2020.
Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje in a statement said: “The results reflect our commitment to building on our track record of solid financial performance, and our capability to constantly innovate will ensure we stay ahead of the curve at all times.
“We are counting on the enduring support of our loyal customers and the hard work of our dedicated staff to continually make end-to-end financial services easily accessible to everyone and to create the best outcomes for all our customers and the communities in which we operate.”
He further stated that; “Looking forward, we are focused on bringing to bear the full benefits of our new corporate structure by consolidating our leading position in all the economies where our franchise operates.
“We will also diversify our earnings from core banking, continue to empower businesses across Africa and beyond, and generate long-term returns for our shareholders.”
For the period under review, Access Bank reported 31.2 per cent increase in profit before tax to N97.5billion in H1 2021 from N74.31billion reported in H1 2020 as FBN Holdings’s profit before tax hits N45.24billion in H1 2021, about 9.2 per cent increase from N41.42billion reported in H1 2020.
Chief Executive Officer, Access Bank, Herbert Wigwe in a statement said the bank recorded a very strong performance in H1 2021, through its unique business model that supports the corporate and retail value chains throughout the African continent and beyond.
He said: “With improving profitability, resilient capital position and a robust, diversified balance sheet, the Group is on track to deliver on its vision to be the World’s Most Respected African Bank.”