So the Q1 results has started pouring in and as expected banks have been bragging about surpassing prior year results or gloating about beating expectations etc. Since each of the banks will rather gloat about their individual results I have decided to match them all up to see who actually did better.
From the above it is plain to see First Bank Plc returned the most Profits for the First Quater, Zenith Bank came a distant second and Access Bank last. It easy to assume First Bank achieved this feat with the help of a robust revenue of N74b about 1.9times that of UBA. However, in terms of efficiency they come second to last with cost eating up about 61% of Operating Income. Access Bank is also dealing with a high cost of operations with PBT as a percentage of Operating Income being 32.8%. Access Bank has however showed strong growth when you consider just same time last year they made N11.68b in revenue. Its easy to believe the impact of the merger with Intercontinental is beginning to evolve.
UBA also shows strong earnings following its dismal Financial Year showing in 2011 (which was a loss). They bounced back with an impressive turnover of N39b, Profit after tax of N13.7b and a PBT Turnover of 40.9%, an obvious company to watch this year for strong performance. Zenith Bank also continues to maintain strong earnings growth and impressive Profit after Tax and is obviously showing a strong desire to reign in on cost which was their achilles heel in the Financial Year 2011. GTB has continued to rely strongly on cost cutting to grow profits which is evidently seen in their percentage of PBT to Turnover of 57%. By far the strongest in the quintet.