At least twelve Nigerian banks recorded great profits in the first quarter of 2022, as they report a profit of N334 billion before tax.
This was an increase of 13.7per cent when compared to N293.5 billion reported in the first quarter of 2021.
The banks, however, paid N52.4 billion tax to the federal government account leaving them with a profit of N281.56 billion after tax.
This was made known open to the public through bank’s unaudited financial statement for Q1 submitted to the Nigerian Exchange.
The 12 banks are; Access Holdings Plc, United Bank for Africa (UBA) Plc, Zenith bank Plc, Ecobank Transnational Incorporated (ETI), Guaranty Trust Holding Plc (GTCO) Plc,
Others include; Union Bank for Nigeria Plc, Stanbic IBTC Holdings Plc, FCMB group Plc, Wema Bank Plc, Sterling Bank Plc, Fidelity Bank Plc and Jaiz Bank Plc.
Of all the 12 banks, only Union Bank of Nigeria reported a decline in profit before tax
The breakdown showed that Zenith bank grew profit before tax by 11 per cent to N67.99 billion in Q1 2022 from N61.92 billion reported in Q1 2021, as Access Bank grew profit before tax by 8.5 per cent to N65.12billion in Q1 2022 from N60.05billion in Q1 2021.
In the same vein, UBA reported about 10 per cent increase in profit before tax to N44.48 billion in Q1 2022 from N40.58 billion in Q1 2021.
GTCO reported a marginal increase of 1.12 per cent growth in profit before tax to N54.29 billion in Q1 2022 from N53.68 billion in Q1 2021.
However, Eco Bank’s profit before tax grew significantly by 29 per cent to N52.07billion in Q1 2022 from N40.58billion in Q1 2021.