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NIGERIA: Banks’ 2018 Financial Report Reveals Minimal Decrease in Gross Earnings

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The recent release of First Bank’s 2018 gross earnings result marked the total release of the first tier banks in Nigeria, FUGAZ (First Bank Holdings, UBA, Guarantee Trust Bank, Access Bank, and Zenith Bank).

The total earnings(N2.63trillion) though at a profit, had a borderline decrease compared to the 2017year(2.67trillion). Zenith was in the lead with the highest gross earning of N630billion, FBN with N583billion, Access Bank with N528 billion, UBA with N464billion, and GT bank with N431billion.

Zenith bank did not lose its lead in the 2018 profits before tax for the financial year, as the bank made a gain of N231billion, followed closely by Guarantee Trust Bank with N215billion, UBA with N106.7billion, Access bank with N103billion, and rounding up is FBNH with a low 65.2billion.

These all amount to a year on year FUGAZ total of N720billion a significant increase in the 2017 total of N606.1billion. After tax deduction, Zenith bank also maintained its position with the highest surplus of N193billion with GTB following the lead with 184billion, Access bank with a far third with 94.9billion, UBA followed suit with 78.6 billion, and FBNH brought it all to a close with 59.7 after task profit.

In total the first tier bank made an after-tax yield of N610billion for the financial year. The earning per share (EPS) had Zenith Bank losing its ace position for the second place at N6.15EPS while Guarantee Trust bank earned the first place with N6.54 EPS.

Access Bank maintained a third place at N3.31EPS, UBA followed with N2.20 EPS and FBN, with the lowest, at N1.65EPS. Also, Zenith Bank was at its peak with the highest dividend pay of N2.80, Guarantee Trust was not far behind with pay of N2.70, UBA followed but at a low of N0.65 pay, Access came in fourth place with of a N0.50 pay while once again FBNH rounded up with a payout of N0.26.

PE ratio comparison shows that Guarantee Trust Bank is trading at the highest multiple at a PE ratio of 5.3 times earnings, FBNH, the second highest, trades at a PE ratio of 4.3 times earnings, while Zenith Bank is trading at a PE ratio of 3.3times earnings, UBA also follows with trading at 2.8 times earnings, finally, Access Bank appears fifth with lowest trading multiple at 2.7 times earnings.

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