Company Results
FUGAZ Banks revenue hits N1.57 trillion in H1, 2020
The revenue increase of these banks is attributable to a number of factors.

Published
6 months agoon

Nigeria’s top 5 banks; First Bank, UBA, GT Bank, Access Bank and Zenith Bank, made a total revenue of N1.57 trillion for the first half of the year (H1 2020). This is according to the information contained in the financial statements of the banks, released on the Nigerian Stock Exchange (NSE).
Here is a comparative analysis of the performance of the aforementioned banks.
READ: Zenith Bank’s Profit After Tax in H1,2020 rises by 16.8% to N103.8 billion
Revenue
The FUGAZ banks made a total of N1.57 trillion as revenue. Access Bank led the chart with N396.76 billion, followed closely by Zenith Bank with N346.08 billion, UBA with N300.61 billion, First Bank with N300.14 billion and GT Bank with N225.14 billion.
In terms of changes in their total revenue, the FUGAZ all recorded increases in their total revenues, as Access Bank’s revenue increased by 22.31% from N324.38 billion to N396.76 billion, while UBA declared a 2.24% increase in revenue from N294.03 billion to N300.61 billion.
READ: United Capital Plc records 16% rise in profit to N1.9 billion in H1 2020
FBNH recorded a 1.11% increase in total revenue from N296.85 billion to N300.14 billion. GT Bank recorded 1.47% increase from N221.87 billion to N225.14 billion. To cap it, Zenith Bank also recorded an increase in revenue of 4.37% from its initial figures of N331.59 billion to N346.088 billion (June, 2020).
The revenue increase of these banks is attributable to the digitization of the banking system, as banks have digitized their payment and transaction platforms, adopting mobile apps, USSD codes, internet banking and social media as veritable tools.
READ: Dangote Sugar Refinery: Revenue soars amid rising cost of sales
Profit After Tax (PAT)
Zenith Bank Plc’s Profit After Tax increased from N88.88 billion to N103.83 billion, indicating a 16.8% increase. GT Bank’s PAT decreased by 4.8% from N99.1 billion to N94.3 billion, while UBA’s PAT declined by 21.7% from N56.74 billion to N44.43 billion. FBNH’s PAT increased by 56.32% from N31.64 billion to N49.46 billion, while Access Bank’s PAT decreased by 1.36% from N61.87 billion to N61.04 billion.
READ: 2020 Q2 Analysis: Conoil Plc, hanging by the thread
Return on Asset
The FUGAZ banks recorded a decline of their Return on Asset (ROA) with an aggregate ROA value of 1.05% lower than the H1 2019 value at 1.27%. In terms of ROA value for H1 2020, GT Bank led the chart, followed by Zenith Bank, Access Bank, FBN, then UBA.
In terms of Price-to-Earnings, it was a mixed result as the values of Access, FBNH and UBA appreciated, while GT Bank and Zenith recorded mild declines in terms of their historical records, or the measure of their share prices relative to their per-share earnings.
In summary, the table below depicts the key financial metrics of the top five banks for H1, 2020;
READ: Jaiz Bank reports 45.3% profit increase in H1 2020, involved in 21 litigations
Bank | Revenue (N) | Profit After Tax(N) | Return on Asset | Price to Earnings (PE) | Share Price (N) | EPS(k) | Market CAP(N) | Customer Deposits(N) |
Access | 396.76 billion | 61.04 billion | 0.78% | 3.79 | 6.55 | 173 | 241.7 billion | 4.67 trillion |
FBNH | 300.14 billion | 49.46 billion | 0.69% | 3.89 | 5.25 | 135 | 177.9 billion | 4.37 trillion |
GTB | 225.14 billion | 94.27 billion | 2.09% | 6.64 | 22.05 | 332 | 762.3 billion | 3 trillion |
UBA | 300.61 billion | 44.43 billion | 0.66% | 5.04 | 6.25 | 124 | 215.5 billion | 4.8 trillion |
Zenith | 346.1 billion | 103.83 billion | 1.37% | 4.88 | 16.1 | 330 | 543.2 billion | 4.9 trillion |
Source: Nairametrics Research
Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion


Company Results
Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results
Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

Published
3 weeks agoon
February 2, 2021
Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.
- Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
- The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
- It reported a loss per share of N1.11 in 2020 compared to N0.26 loss per share reported in 2019.
- No dividend announcement was made in their press release.
- The company share price of N0.30 unchanged YTD.
See link to results here
Company Results
Conoil posts 23% post-tax profit decline in 2020 FY results
Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

Published
3 weeks agoon
February 2, 2021
Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.
- Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. –20.9% YoY
- The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.
- It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. –22.89% YoY.
- No dividend announcement was made in their press release.
- The company share price of N20.85, up +0.72% YTD.
See link to results here
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