UBA, Access Holdings, Others Gross Earnings Up 25% in Q1 to N1.54trn

Despite the challenging operating environment, a total of 13 Nigerian banks grew their gross earnings by 25 per cent in the first quarter (Q1) ended March 31, 2022, THISDAY findings revealed.

The 13 that is made up of 5 Tier-1 and 8 Tier-2 banks reported N1.54 trillion gross earnings in Q1 2022, representing an increase of 25 per cent over the N1.23 trillion reported in Q1 2021.

With the increase in gross earnings among improved financial parameters, the PBT of the 13 banks reached N370.25 billion in Q1 2022, representing an increase of 19 per cent over N312.5billion earned in Q1 2021.

The 13 banks are; Ecobank Transnational Incorporated (ETI), Access Holdings Plc, Zenith Bank Plc, United Bank for Africa Plc (UBA). FBN Holdings Plc, and Guaranty Trust Holding Company Plc.

Others are; Fidelity Bank Plc, Stanbic IBTC Holdings, FCMB Group Plc, Union Bank for Nigeria

Plc, Sterling Bank Plc, Wema Bank Plc and Unity Bank Plc.

Operating as a pan-African bank, ETI and Access Holdings expanded gross earnings in the period under review as the year commenced with great expectations for growth globally on the back of the recovery achieved in 2021.

ETI’s reported 14.5 per cent increase in gross earnings to N246.4billion in Q1 2022 from N215.28billion reported in Q1 2021, while its PBT grew by 29 per cent to N52.07billion in Q1 2022 from N40.34billion reported in Q1 2021.

Also, Access Holdings reported n Access Holdings N295.7billion gross earnings in Q1 2022, representing an increase of 33.13 per cent from

N222.14billion in Q1 2021 that impacted on PBT that gained 8.5 per cent to N65.13billion in Q1 2022 from N60.05billion reported in Q1 2021.

Other Tier-1 banks with stronger gross earnings growth include Zenith Bank with 21.7 per cent increase in