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UBA, Access Bank, 10 others make over N334bn profit in Q1 2022, pay N53bn tax

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BUSINESS REVIEW: All that noise by commercial banks on financial inclusion; in whose interest?

Nigerian banks recorded an impressive first quarter of 2022, with 12 reporting a profit before tax of N334 billion.

This was an increase of 13.7per cent when compared to N293.5 billion reported in the first quarter of 2021.

However, out of the profit recorded the banks paid a combined N52.4 billion tax to the federal government account leaving a profit after tax of N281.56 billion.

The figures are according to the bank’s unaudited financial statement for Q1 submitted to the Nigerian Exchange.

The 12 banks are; Access Holdings Plc, United Bank for Africa (UBA) Plc, Zenith bank Plc Ecobank Transnational Incorporated (ETI), Guaranty Trust Holding Plc (GTCO) Plc,

Others include; Union Bank for Nigeria Plc, Stanbic IBTC Holdings Plc, FCMB group Plc, Wema Bank Plc, Sterling Bank Plc, Fidelity Bank Plc and Jaiz Bank Plc.

Of all the 12 banks, only Union Bank of Nigeria reported a decline in profit before tax.

Read also: UBA, Access Bank lead trading as Nigeria’s stock market rebounds from bearish run

The breakdown showed that Zenith bank grew profit before tax by 11 per cent to N67.99 billion in Q1 2022 from N61.92 billion reported in Q1 2021, as Access Bank grew profit before tax by 8.5 per cent to N65.12billion in Q1 2022 from N60.05billion in Q1 2021.

In the same vein, UBA reported about 10 per cent increase in profit before tax to N44.48 billion in Q1 2022 from N40.58 billion in Q1 2021.

GTCO reported a marginal increase of 1.12 per cent growth in profit before tax to N54.29 billion in Q1 2022 from N53.68 billion in Q1 2021.

However, Eco Bank’s profit before tax grew significantly by 29 per cent to N52.07billion in Q1 2022 from N40.58billion in Q1 2021.

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