Nigerian Banks Rake N400bn Half-Year Pre-Tax Profit Despite Economic Downturn

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Nigerian banks and holding company (Holdco) financial institutions listed on raked-in pre-tax profit of N403billion in the first-half (H1) of 2015, despite economic downturn, reports Footprint to Africa.

This record represents about 17 per cent or N58.5billion rise when compared to a total of N344.46billion pre-tax profit posted in half-year 2014 by the listed banks and their Holdcos.

According to analysts, despite the economic downturns and regulatory variation that impacted the financial industry, most banks maintained a stable growth as they implemented initiatives to grow their core banking segments.

Access Bank

Access Bank plc posted N39.113billion in first quarter of 2015, an increase from N27.118billion in the related period of 2014. The bank’s gross earnings rose to N168.64billion as against N117.932billion in H1 of 2014.

Sterling Bank

Sterling Bank plc posted N6.055billion in pre-tax profit as against N5.970billion in first half of 2014. The bank’s gross earning in H1 of 2015 was N55.042billion as against N49.38billion in H1 of 2014.

Zenith Bank

Zenith Bank plc pre-tax profit increased from N57.859billion in H1 in 2014 to N72.201billion in H1 of 2015. The bank grossed N229.082billion in H1 of 2015 earnings from N184.435billion in H1 of 2014.

Union Bank

Union Bank pre-tax profit rose from N6.468billion in H1 of 2014 to N6.614billion in H1of 2015. The bank reported N55.95billion gross earnings, as against N52.883billion in H1 of 2014.

Guaranty Trust Bank

Guaranty Trust Bank plc pre-tax profit in H1 of 2015 increased to N63.11billion from a bottom N53.396billion in H1of 2014.

Diamond Bank

Diamond Bank plc pre-tax profit for the half-year under review witnessed a decline to N14.193billion from N16.072billion in H1 of 2014.

United Bank for Africa

United Bank for Africa plc recorded N39.046billion in profit before income tax for H1 of 2015 period representing an increase from N28.893billion in H1 of 2014.

Ecobank

Ecobank Transnational Incorporated plc rose in its half-year profit before tax (PBT) to N61.414billion from N41.664billion in H1 of 2014.

Unity Bank

Unity Bank plc posted N8.774billion in H1 of 2015 PBT from N7.898billion in H1 of 2014.

Fidelity Bank

Others are Fidelity Bank plc which recorded N9.664billion in H1 of 2015 PBT from a somewhat lower level of N9.432billion in H1 of 2014.

Skye Bank

Skye Bank plc increased its half-year pre-tax profit to N10.712billion from N7.266billion in H1 of 2014.

Wema Bank

Wema Bank plc declined to N1.173billion from N3.093billion in H1 of 2014.

FBN Holdings

FBN Holdings plc witnessed an upward growth of  its H1 of 2015 pre-tax profit to N52.086billion from N48.252billion in H1 of 2014.

FCMB Group

FCMB Group plc recorded N9.565billion in pre-tax profit for the review half-year to June 30 2015 as against N11.140billion in H1’14.

Stanbic IBTC

Stanbic IBTC Holdings plc reported N9.537billion in half year profit before income tax as against N19.946billion in H1 of 2014.

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