Despite the economic struggles, six banks in the Nigerian financial sector are reported to have gained profits by 214% to N2.06tn in the period that ended September 2023 when compared to the corresponding year, which settled at a total of N656.15bn in 2022.
According to reports on the financial statements filed with the NGX, the top bank's profits rose by N1.4 trillion within the period under review when compared year-on-year.
The six banks under review include Access Holdings Plc, Zenith Bank International, United Bank for Africa, Guaranty Trust Holding Company Plc, FBN Holdings, and Stanbic IBTC Holdings.
From the records, it's revealed that all the banks listed in the review saw a growth of triple-digit in their profit. An overview of the profit record for the period that ended September 2023 shows that Zenith Bank's profit rose by 412.55% to N647.74bn; UBA's profit rose by 287.18% to 109.25bn; GTCO's profit rose by 181.87% to N367.41bn; FBN Holdings rose by 159% to N236.50bn; Stanbic IBTC rose by 97.96% to N109.25; and Access Holdings rose by 82.92% to N250.44bn in Q3 2023.
Nigerian banks have been recording positive results ever since the harmonization of segments of the currency market by the CBN in mid-June.
The real sector reports have suffered from foreign exchange losses, increasing borrowing costs, and the apex bank instructing commercial banks to stop using the FX revaluation profits for dividends and operational expenditures.
Read more: https://www.investingport.com/six-nigerian-banks-profits-hit-n21tn-in-q3-report/