Nigeria’s tier one banks (known by the acronym, FUGAZ)
posted a total of N1.28 trillion as gross earnings for the six months ended
June 2018. This marks a slight decrease, compared to N1.29 trillion posted in the
comparative period of 2017.
Profit before tax howe, however, from N338.2 billion in 2017
to N359 billion in 2018. Profit after tax showed minute growth moving from
N281.9 billion in 2017 to N282.1 billion in 2018.
FUGAZ stands for FBN Holdings, UBA Plc, Guaranty Trust Bank,
Access Bank and Zenith Bank. These are the five biggest banks by capitalization
in the country.
The bank with the
biggest turnover
Zenith Bank Plc had the largest turnover, as the bank made
N322 billion as gross turnover. This amounts to 28.4% of the gross turnover
made by the 5 banks.
UBA Plc was next with gross earnings of N258 billion.
Access Bank rounds up the top 3 with gross earnings of N253
billion.
Which bank had the highest profit before tax?
Guaranty Trust Bank had the highest profit before tax. The
bank made a profit before tax of N109 billion.
These amounts to 30.3% of profit before tax made by the 5
banks. Zenith Bank follows closely with a profit before tax of N107.3 billion
made as at June 2018 or 29.8% of the total turnover.
UBA Plc rounds up the top 3 with a profit before tax of
N58.1 billion or 16.1% of the profit made by the 5 banks.
The leading bank in
profit after tax
Guaranty Trust Bank also leads in profit after tax. The bank
made a profit after tax of N95.5 billion. These amounts to 32.4% of the profit
after tax made by the five banks.
Closely following is Zenith which made N81.7 billion as
profit after tax in H1 2018 or 27.7% of profit after tax made by the FUGAZ
banks.
UBA Plc rounds up the top three, with a profit after tax of
N43.7 billion. This amounts to 14.8% of the FUGAZ profits.
Which bank paid the
most as dividends?
Zenith Bank and Guaranty Trust Bank both declared an interim
dividend of N0.30 per share.
Access Bank takes up the second spot with an interim
dividend of N0.25 per share. FBN Holdings did not declare an interim dividend.
Zenith was the only bank that increased its dividend payout.
Best performing in
price appreciation
Year to date performance in terms of capital appreciation
has been poor. FBN Holdings is the best performing with a 0.57% gain year to
date.
The rest of the banks are currently in negative territory.
UBA Plc is down 23.30% year to date. Guaranty Trust Bank is
down 10.43%. Access Bank is down 10.05% year to date, and Zenith Bank 16.73%
year to date.
