The five top tier lenders in Nigeria made a total of N339.4 billion in Profit After Tax (PAT) in the first half of 2019 as seen in their H1 2019 results released to the Nigerian Stock Exchange (NSE). The H1 2019 results also revealed a 15% increase in the banks’ PAT compared to the H1 2018 results.
The five banks namely Firstbank, United Bank for Africa (UBA), Guarantee Trust Bank (GTBank), Access Bank and Zenith Bank also refereed to as FUGAZ bank held 70% of the total customers deposit in Nigerian banks in 2018.
Of the top tier banks, GTBank came out top with N99 billion in PAT as at end of June 2019. The bank that was also adjudged by Nigerian Banker as the most profitable bank in Nigeria in 2018 has continued to display respectable financial performance in the Nigerian banking space. GTBank grew it H1 profit by 4% from a total of N96 billion made in the same period in 2018.
Zenith Bank made N89 billion in PAT as at half year of 2019. The bank is Nigeria’s second largest bank in Asset base after Access Bank. Zenith bank grew its PAT by 9% from N81.7 billion in same period in 2018. The H1 2019 profit of the bank was achieved on its strong strength in Trading business and a 34% growth in Fee and Commission income. Zenith bank is one of the most revolutionary bank in Nigeria, using technology and excellent customer service to achieve it strength and stability.
Access Bank, the most disruptive financial institution in Nigeria in terms of size and growth made N63 billion in PAT in H1 2019. The bank is the biggest bank in Nigeria today in Asset base, Customer Deposit and Loan to Customer and has achieve the feat through acquisition de merger with other smaller bank. The latest being the defunct Diamond bank. Access Bank grew its H1 PAT by 59% from N39.6 billion in same period in 2018
UBA made PAT of N57 billion, the forth most PAT among the 5 biggest banks in Nigeria in H1 2019. The Pan-African bank has maintained steady and consistent growth on the strength of it business presence in a larger number of African countries than any other bank in Nigeria. UBA grew its H1 2019 PAT by 30% from N43.8 billion in same period in 2018.
FirstBank, the oldest banking franchise in Nigeria that have been the pioneer of many banking innovations in the Nigeria’s financial land space. The bank has remained one of the most relevant banking