Nigerian banks listed on the Nigerian Exchange generated an amount of N77.01 billion from electronic business in the first quarter of 2022, an 11.7% increase in the top line compared to N68.92 billion recorded in the same period last year.
This is as per the analysis of data collected by Nairalytics from the financial statements of the cited banks.
Notably, Access Bank, UBA and Zenith Bank led the list of banks with the highest e-business income in Q1 2022. It is worth noting that banks posted a total profit after tax of N276.31 billion in the review period, which is 14.8% higher than the N240.78 billion posted in the first quarter of 2021.
The list was dominated by Tier-1 banks in the country, commonly referred to as FUGAZ, an acronym used to describe First Bank, UBA, GT Bank, Access and Zenith Bank. . Basically, e-business income includes revenue from electronic channels, card products and related services.
Specifically, revenue is generated through transactions such as mobile applications, USSD channels, Automated Teller Machines (ATMs), agency banking, internet banking and point of sales (POS) payments.
Nairametrics presents a ranking of the top banks in the country that generated the most revenue from electronic businesses in the first quarter of the year. It is worth noting that this analysis does not include the cost of earning income, and it would have been different if the expenses incurred in earning income were net.
#5: GT Bank – N4.05 billion (Maintenance Condition)
GT Bank maintained the same position with e-business income of N4.05 billion, representing an increase of 5% as compared to N3.85 billion generated in the previous year.
The newly reorganized holding company accounted for 5.3% of the total income generated by the thirteen banks from electronic banking.
On the other hand, GT Bank’s profit after tax declined 5.1% to N43.21 billion from N45.55 billion posted in the same period of 2021.
#4: First Bank – N12.19 billion (down two places)
First Bank dropped two places down the ranking to stand at the fourth position after its e-business revenue declined 15.4% in the first quarter of 2022 from N14.41 billion recorded in Q1 2021 to N12.19. was billion.
However, the e-business income of the bank accounted for 15.8% of the total revenue. Meanwhile, First Bank reported a significant increase in profit after tax during the period under review.
FBN Holding’s profit after tax grew 107.7% to N32.4 billion in Q1 2022 from N15.59 billion recorded in the same period of 2021.
#3: Zenith Bank – N14.78 billion (up one spot)
Zenith Bank ranks third on the list with e-business revenue of N14.78 billion in the first quarter of 2022, a growth of 32.8% compared to N11.13 billion recorded in the same period of 2021.
The second largest bank in Nigeria by asset value and the most capitalized bank on NGX, with thirteen banks accounting for 19.2% of total e-business income, is moving up one spot.
In addition, Zenith Bank posted a profit after tax of N58.19 billion, the highest posted by any bank, after expanding its bottom line by 9.7% from the N53.1 billion recorded in Q1 2021.
#2: UBA – N15.11 billion (up one spot)
The All African Bank recorded an amount of N15.11 billion as e-business income in Q1 2022, an increase of 21% compared to N12.48 billion recorded in Q1 2021…
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