These 3 Nigerian banks, Access Bank, GTBank and Zenith Bank made an impressive profit of $389.5 million in 3 months

Financial institutions in Nigeria have continued in the line of profitability in 2019 as three tier-1 banks posted impressive profit growth of $389.5 million (N140.6 billion in local currency) in the last three months.

The bank’s profit after tax (PAT) also rose 10.37% from N44.67 billion in 2018 to N49.302 billion in 2019.

Based on Business analysis, GTBank recorded a profit before tax of N56.9 billion for the first quarter (Q1) March 31, 2019, representing 8.3% increase compared with the N52.6 billion recorded in the corresponding period of 2018.

For Zenith Bank, its profit before tax grew by 6.1% to N57.3 billion while interest income also grew by 4.9% to N122.5 billion for the period.

The net assets for the period under review also increased by 6.2% to N780.8 billion but gross earnings declined by 6.5% to N158.1 billion from N169.2 recorded in Q1 2018.

Access Bank Plc which combined business with Diamond Bank Plc recently also grew profit before tax to N45.1 billion in 2019 from N27.4 billion in 2018. The bank’s interest income also increased from N87.2 billion in 2018 to N95.1 billion in 2019.

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