GT Bank Plc reported interest income of N228.23 billion in 2020 9M compared to N224.19 billion same period in 2019 – an increase of 1.80%.
Key highlights for 2020 9M
- Interest income increased to N228.23 billion +1.80% YoY
- Interest income on effective rate increased to N219.54 billion, +0.09% YoY
- Interest income on financial assets increased to N8.68 billion, +79.60% YoY
- Income from fees and commission income decreased to N37.40 billion, -22.69% YoY.
- Income from net gains on financial instruments increased to N18.99 billion, +96.89% YoY.
- Revenue from other income increased to N45.34 billion, +3.46% YoY.
- Net impairment charge increased to N3.11 billion, +2709.95% YoY.
- Loan impairment charges increased to N10.14 billion, + 267.35% YoY.
- Fees and commission expense increased to N4.67 billion, +148.45% YoY.
- Other operating expenses increased to N60.07 billion, +9.92% YoY.
- Depreciation and amortization increased to N21.57 billion, +39% YoY.
- Pre-tax profits decreased to N167.35 billion, -1.93% YoY.
- Earnings Per Share declined to N5.02, -3.28% YoY.
What they are saying
He further stated that, “As an organization, we will continue to build on our commitment to enriching lives by leveraging our digital-first customer-centric strategy to improve customer experience and maintain a high standard in service delivery, and going beyond banking to create and drive innovative financial solutions that add value to our customers in all aspects of their lives.”
GT Bank Plc recorded increased interest income in the period under consideration; although, fees and commission income declined. Even though the company recorded increased interest income, pre-tax profits and EPS declined in the period under consideration.
FCMB Group posts N48.3 billion revenue in Q3 2020
FCMB posted impressive growth across key financial metrics, with major income yielding components increasing over time.
FCMB Group plc has posted a revenue of N48.3 billion for the third quarter of 2020 (Q3, 2020), as Year-To-Date earnings appreciates by +7.8% to hit N146.43 billion as at September 2020.
This is according to the latest financials of the group sent to the Nigerian Stock Exchange Market today.
Key highlights of Q3 2020 results are:
- Gross earnings increased to N48.3billion, +4.8% Y-o-Y.
- Pre-tax profit increased to N4.8billion, +10.2% Y-o-Y.
- Profit After Tax (PAT) grew to N4.2billion, +16.4% Y-o-Y.
- Net interest income grew to N22.7billion, +30.03% Y-o-Y.
- Net fee and commission income increased to N5.2billion, +0.29% Y-o-Y.
- Net trading income grew to N1.82billion, +39.4% Y-o-Y.
- Personnel expenses declined to N6.9billion, -7.9% Y-o-Y.
- General and administrative expenses declined to N7.6billion, -7.52% Y-o-Y.
- Earning Per Share increased to N0.21, +16.7% Y-o-Y.
- Between December 2019 and September 2020, loans and advances to customers grew to N793.14 billion, +10.8%
- Total assets between the period under view also grew to N2.04 trillion, +22.12%
- Deposits from customers between December 2019 and September 2020 crossed the trillion mark, as it hits N1.2 trillion, indicating a gain of +26.7% within the period under view.
The bank posted impressive growth across key financial metrics, with major income yielding components increasing over time, coupled with a drastic reduction in expenditure items. This reflected in the growth recorded both in the pre and post tax profit levels.
Unity Bank Plc posts gross earnings of N11.04 billion in Q3 2020
Unity Bank’s profit was boosted by income components such as net fee and commission income and net trading income.
Unity Bank Plc has posted a gross earning of N11.04 billion in Q3 2020 -3% increase, according to its latest financials.
Some key highlights of the Q3 2020 financials of the bank are;
- Profit After Tax increased to N543.14 million, +6% Y-o-Y.
- Pre-tax profit increased to N590.4 million, +6% Y-o-Y.
- Total operating income increased to N5.8 billion, +4% Y-o-Y.
- Net interest income declined to N3.6 billion, -3% Y-o-Y
- Total operating expenses increased to N5.3 billion, +10% Y-o-Y
- Personnel expenses increased to N2.62 billion, +9% Y-o-Y.
- Between December 2019 and September 2020, net loans and advances to customers increased to N131.85 billion, +27% Y-o-Y.
- Total assets also grew to N420.9 billion, up by +44% in 2020 9M.
- Cash and balances with the Central Bank of Nigeria, also increased to N98.8billion, up by +596%, 2020 9M.
The increase in income components such as net fee and commission income and net trading income (which grew by 176%) boosted the profit of the firm within the period under view.
Zenith Bank posts PBT of N177.3 billion in 9M 2020
Zenith Bank performed well in most of its key financial metrics, recording an impressive figure across board.
Zenith Bank Plc has recorded an impressive Profit Before Tax of N177.3 billion for the period ended September 30, 2020.
This is according to its latest financials sent to the Nigerian Stock Exchange Market.
Key highlights of the 9M 2020 results are:
- Gross earnings increased to N508.97 billion, +3.6% Y-o-Y.
- Profit Before Tax grew to N177.3 billion, +0.6% Y-o-Y.
- Net interest income increased to N225.18 billion, +4.91% Y-o-Y.
- Impairment charges grew to N25.11 billion, +37.5% Y-o-Y.
- Personnel expenses increased to N59.93 billion, +5% Y-o-Y.
- Loans and advances to customers grew to N2.7 trillion, Up by +32.7% Y-o-Y.
- Total assets increased to N7.97 trillion, +33.4% Y-o-Y.
- Customers deposit grew to N5.2 trillion, +32.2% Y-o-Y.
- Earnings Per Share boosted to N5.07k, +5.6% Y-o-Y.
The firm performed well in most of its key financial metrics, recording an impressive figure across board. The impressive performance was reflected in its Cost-to-Income ratio which stood at 37.3%, far below the 50% threshold, indicating that the firm has been very efficient in its operations.