GTBank, Zenith Bank, UBA report N348.1 bn profit in 9 months

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Stories by  Kayode Tokede

The three most profitable commercial banks in Nigeria, Guaranty Trust Bank Plc (GTBank), Zenith Bank Plc and United Bank for Africa (UBA) Plc reported N348.1 billion profit for nine months ended September 30, 2018.

The above banks had reported N315.7 billion profit in prior nine months results of 2017.

The above commercial banks continued on an impressive performance this year on the heels of improved macroeconomic conditions, lower concerns on asset quality & capital adequacy ratio and relative improvement in system liquidity.

Findings by our correspondent revealed that banking operating in the country, special the above three reduced provision for bad loans on the heels of improved global oil prices that had led to bad loans recovery.

The breakdown revealed that GTBank’s profit grew by 13.3 per cent to N142 billion in nine months ended September 30, 2018 from N125.6 billion reported in nine months of 2017.

Zenith Bank’s profit also grew by 11.56 per cent to N144.2 billion from N129 billion reported in nine months of 2017 while UBA reported N61.6 billion profit, ‘1.3 per cent increase over N60.9 billion reported in nine months of 2017.

While reacting on the group audited half year ended June 30, 2018 results, the GMD/CEO, Mr. Kennedy Uzoka, said “Our performance demonstrates the success of our digital banking initiatives and broader Customer-First strategies.

“We are integrating banking into our customers’ lifestyle, simplifying processes for routine transactions and driving financial inclusion by making banking services accessible and affordable.

“We are creating opportunities for wealth creation and economic progress, as we empower our customers, through innovative platforms and solutions that support their personal and business growth.

“Our commitment to delivering excellent service is paying-off, as we increasingly win a bigger share of customers’ wallet across our chosen markets.

“Our network provides earnings diversification and an increasing ability to benefit from group synergies, driving our capability to leverage the scale and scope economies – the rapid rollout of the Leo digital banker in eighteen markets, is just one example of how we can implement new products and services across Africa.

“We are re-engineering our global offices in New York, London and Paris, as the recent upgrade of our London presence brings significant new opportunities to serve global and African businesses.”

It will be recalled that the three mentioned banks declared interim dividend in the half year ended June 30, 2018 audited results.

The likes of GTBank and Zenith Bank declared interim dividend of 30k per share respectively, while the Board of Directors of UBA proposed an interim dividend of N0.20 per share for the period under review.

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