Nigeria In One Minute
Top banks struggle to grow earnings, profitability
AVERSION for credit risk may have begun to take more serious toll on top banks in Nigeria, otherwise referred to as tier-1 banks.
Consequently, despite massive assets deployed in the course of the year, their third quarter 2018, Q3’18, financial results indicate diminishing returns with paltry 1.3percent growth in gross earnings as against average 18 percent recorded in the past three years both Year-on-Year and Quarter-on-Quarter.
But analysts believe the development reflects the uncertainty in the business environment brought on by heightened political tension ahead of the 2019 general election.
Financial Vanguard analysis of primary market auctions of treasury bills (TBs) conducted by the Central Bank of Nigeria (CBN) showed that average yield on 91-Days and 182-Days TBs fell by 497 basis points (bpts) between September this year and September last year.
Vanguard, October 29, 2018
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