hehehehe........The
economic recession which further impoverished Nigerians appears to have
exempted commercial banks which recorded massive profits in the last
financial year.
Nigerian banks prosper as United Bank for Africa (UBA), Access Bank
and Zenith Bank have all registered big increases in revenues and
profits, while the national economy continues to struggle. UBA’s
financial report, which was released on 27 March, revealed a 22%
increase in gross earnings from N315bn ($991m) in 2015 to N384bn
($1.2bn) last year.
The bank’s pre-tax profits jumped 32% to N91bn ($286m). The bank
has successfully expanded outside of its domestic market, with
operations in 19 African countries, plus the UK, US and France, all
contributing to the positive financial results. UBA has 11m customers
worldwide.
A spokesperson said: “UBA’s subsidiaries outside Nigeria are
increasingly gaining market share, reinforcing the strong and impressive
subsidiary contribution to the Group, estimated at one-third of profit
in 2016, from a quarter in 2015 financial year.”
The contribution of UBA’s non-Nigerian operations have contributed
to the 20% rise in the company’s share price in the twelve weeks between
1 January and the announcement of its financial results.
Nigerian banks are now beginning to join those from South Africa,
Kenya, Morocco, the UK and France in establishing operations in many
different African markets. None as yet, however, can genuinely claim to
be Pan-African banks.
Source: African Business Magazine
No comments:
Post a Comment