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FUGAZ banks maintain lead in the banking industry

@gtbank and @zenithbank continue to run neck to neck among the FUGAZ Banks in H1 2019.

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GTB, LDR, DMBs

Despite the slowdown in the financial services space, Nigeria’s 5 biggest banks by capitalization delivered an improved performance for the first half ended June 2019.
Here is a look at how the banks performed as a group, and the outliers in each category.

Gross Earnings

The 5 lenders FBN Holdings, UBA, Guaranty Trust Bank, Access Bank, and Zenith Bank made a total of N1.46 trillion as gross earnings for the half year ended June 2019. This marks an 8.14% increase from the N1.35 trillion earned in the corresponding period of 2018.

Zenith leads in terms of gross

Zenith Bank led in terms of gross earnings, as the bank had N331 billion as gross earnings for the half year ended June 2019.

Access Bank follows closely behind; it made N324 billion as gross earnings in the first half of 2019. The two banks thus accounted for 44.7% of earnings made by the 5 banks.

Access also had the highest increase in gross earnings largely due to effects of its merger with Diamond Bank Plc. Access Bank made N253 billion as gross earnings in the first half of 2018. Year on year, this amounts to a 28% increase.

GTBank 728 x 90

Profit before tax

Profit before tax for the five banks increased from N358 billion in 2018 to N410 billion in 2019, a 14.5% increase year on year.

GT Bank takes the lead profit-wise

Guaranty Trust Bank led the way in terms of profit before tax, as the bank had a profit before tax of N115 billion. Zenith Bank follows next with a profit before tax of N111 billion. The two banks thus accounted for 55.1% of the profit made by the 5 banks.

Access Bank again had the highest year on year increase. The bank’s profit before tax jumped from N45.8 billion in 2018 to N74.1 billion in 2019, up 61.7% year on year.

UBA was next with a 20.8% increase year on year. Profit before tax rose from N58.1 billion in 2018 to N70.2 billion in 2019.

Profit after tax

Compared to the larger industry, the tier one banks, have maintained the lion share of profit. The FUGAZ banks accounted for 70.3% of the N477 billion made by all listed banks in the country.Profit after tax by the 5 banks rose from N296.6 billion in 2018 to N336.3 billion in 2019. This amounts to a 13.3% increase year on year.

Guaranty Trust leads in terms of profit

Guaranty Trust Bank, also took the lead in terms of profit after tax, as the bank made N99.1 billion as profit after tax in the first half of 2019. Zenith Bank follows closely with a profit after tax of N88.8 billion.The two banks thus accounted for 55.8% of the profit made by the 5 lenders.

Access Bank takes the third place with a N63 billion profit after tax. UBA is fourth with a profit after tax of N46.7 billion. FBN Holdings takes the last spot with a N31.7 billion profit after tax.

How have the shares fared year to date?

In terms of capital appreciation, Access Bank is the best performing, as the stock is up 1.47% year to date. While the appreciation is marginal, the stock has outperformed the broader market index which is down 13.63%.

FBN Holdings is down 45.28% year to date, and is the worst performing stock among the tier one banks. Guaranty Trust Bank is down 24.09% year to date. UBA is down 20.78% year to date, while Zenith Bank is down 21.91% year to date.

GTBank 728 x 90
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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]

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Coronavirus

COVID-19 Update in Nigeria

On the 20th of September 2020, 97 new confirmed cases and 3 deaths were recorded in Nigeria.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 57,242 confirmed cases.

On the 20th of September 2020, 97 new confirmed cases and 3 deaths were recorded in Nigeria, having carried out a total daily test of 2,609 samples across the country.

To date, 57,242 cases have been confirmed, 48,569 cases have been discharged and 1,098 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 482,321  tests have been carried out as of September 20th, 2020 compared to 479,712 tests a day earlier.

COVID-19 Case Updates- 20th September 2020,

  • Total Number of Cases – 57,242
  • Total Number Discharged – 48,569
  • Total Deaths – 1,098
  • Total Tests Carried out – 482,321

According to the NCDC, the 97 new cases were reported from 12 states- Lagos (46), Kwara (12), Rivers (11), Adamawa (4), Niger (4), Ogun (4), Osun (4), Ekiti (3), Imo (3), Kaduna (3), Plateau (2), FCT (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 18,943, followed by Abuja (5,551), Oyo (3,231), Plateau (3,231), Edo (2,611), Kaduna (2,348), Rivers (2,243), Delta (1,799), Ogun (1,766), Kano (1,734), Ondo (1,597), Enugu (1,234), Ebonyi (1,038), Kwara (1,025), Abia (881), Katsina (848), Osun (817), Gombe (799), Borno (741), and Bauchi (689).

GTBank 728 x 90

Imo State has recorded 562 cases, Benue (473), Nasarawa (448), Bayelsa (394),  Jigawa (322), Ekiti (317), Akwa Ibom (288), Niger (254), Adamawa (234), Anambra (232), Sokoto (161), Taraba (95), Kebbi (93), Cross River (85), Zamfara (78), Yobe (75), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Economy & Politics

Godwin Obaseki wins Edo State governorship election

Incumbent governor, Godwin Obaseki emerged winner in the Edo State gubernatorial election.

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Oil theft gulped $1.35 billion in first six months - Obaseki 

Independent National Electoral Commission(INEC) has declared Godwin Obaseki the winner of the Edo State gubernatorial election today.

Mr. Obaseki will return as the Governor of the state for a second term.

The results were declared by INEC on Sunday afternoon after the results were counted from all LGA’s on Saturday.

Obaseki had 307,955 votes, which was enough to be declared a clear winner over Ize-Iyamu’s 223,619 votes.

Obaseki took to his Twitter handle to thank the people of Edo State for their votes. He stated,

GTBank 728 x 90

“Words fail me in saluting our teeming supporters who displayed immense courage in the face of threats, intimidation and brutalization. The collective will of Edo people made it possible for us to triumph over godfatherism. Congratulations to all Edo people. This is our victory!”

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Everyday Money Matters

The best thing to invest in right now in Nigeria, is yourself | Everyday Money Matters with Ugodre

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everyday money matters

 

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