Analysis of the combined PBT of the banks show that the seven lenders’ PBT growth towered above the country’s Gross Domestic Product (GDP), which grew at 4.03 per cent between July and September. This performance according to analysts, was in tandem with the five per cent GDP growth rate in second half, but inflation at 17.75 per cent in HI’20 eventually put pressure on banks’ profit growth rate. Tier- 1 banks are First Bank Nigeria Plc, Zenith Bank Plc, Access Bank Plc, Guaranty Trust Holding Company (GTCO) Plc and United Bank for Africa (UBA) Plc while Tier-2 banks are Union Bank Nigeria Plc, Sterling Bank Plc, Stanbic IBTC Plc, First City Monument Bank (FCMB) Plc, Wema Bank Plc, Unity Bank Plc and Jaiz Bank Plc. This gives a significant under-performance against the 5.0 per cent recorded as the Gross Domestic Product, growth at 5.01 per cent. The DMBs are Zenith Bank, Access Bank, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), Union Bank, Stanbic IBTC, Wema Bank and Unity Bank.

Source: Nigerian Tribune November 22, 2021 13:58 UTC