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Nigeria’s 5 Biggest Banks Generate N2tr in 9Months, Post N418b Profit as Assets Hit N21tr



Nigeria’s 5 Biggest Banks Generate N2tr in 9Months, Post N418b Profit as Assets Hit N21tr

By Dipo Olowookere

The ‘big five’ banks in Nigeria; First Bank, UBA, GTBank, Access Bank and Zenith Bank under the nickname FUGAZ, generated nearly N2 trillion (precisely N1.979 trillion) as revenue in the first nine months of 2017 compared with N1.338 trillion they achieved in the corresponding period of 2016.

This is according to the Q3 financial statements released by the lenders last month to the Nigerian Stock Exchange (NSE) for the period ended September 30, 2017, which was analysed by Business Post Nigeria.

From the analysis, Zenith Bank raked the highest figure during the period under review, N531.226 billion versus N380.352 billion last year.

It was closely followed by First Bank, which earned N439.2 billion in 2017 against N417.4 billion in 2016, and Access Bank, which posted N365.055 billion as gross revenue in Q3 2017 in contrast to N275 billion in the same period of 2016.

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UBA came fourth with N333.905 billion generated as revenue in Q3 of 2017 versus N265.527 billion in 2016; and GTBank, which came last, suffered a drop in its revenue in the period under review; N310 billion in 2017 against N329.284 billion in 2016.

Further analysis by Business Post Nigeria showed that the five banks grew their profits during the period by 16.5 percent, posting a cumulative gain of N417.967 billion in 2017 in contrast to N358.677 billion in the same period of last year.

A breakdown showed GTBank recording the highest gain; N125.577 billion in Q3 of 2017 versus N117.081 billion in Q3 of 2016.

Zenith Bank came second with N129.235 billion posted as profit in Q3 of 2017 against N95.386 billion in Q3 of 2016; and UBA claimed the third position with N60.920 billion posted as profit in Q3 of 2017 compared with N49.512 billion a year ago.

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Access Bank recorded N56.396 billion profit in the period under review against N54.081 billion posted 12 months ago; while First Bank declared N45.839 billion as profit in Q3 of 2017 versus N42.617b in Q3 of 2016.

Also, the FUGAZ banks increased their total assets during the first nine months of this year, with the value of their assets closing at N20.520 trillion in the period under review against N19.581 trillion as at December 31, 2016.

Zenith Bank remains number one with N5.132 trillion total assets as at September 30, 2017 against N4.739 trillion as at December 31, 2016.

It was trailed by First Bank, which has N4.864 trillion as total assets as at September 30, 2017 versus N4.737 trillion as at December 31, 2016; and UBA, which has assets worth N3.771 trillion as at September 30, 2017 compared with N3.505 trillion as at December 31, 2016.

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Access Bank’s total assets stood at N3.541 trillion in the period under review compared with N3.484 trillion as at December 31, 2016; while GTBank recorded a total assets of N3.212 trillion as at September 30, 2017 in contrast to N3.116 trillion as at December 31, 2016.

Business Post Nigeria reports that as at the close of business on Thursday, shares of three of the FUGAZ banks were pointing north, while two were pointing south.

GTBank, which closed the day at N42.50k per share, rose by 0.95 percent; First Bank increased by 0.7 percent to end at N7.24k per share; and Access Bank improved by 0.2 percent to finish at N10.3k per share.

Zenith Bank went down by 1.88 percent to settle at N25.10k per share, while UBA depreciated by 1.02 percent to end at N9.70k per share.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

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Piggyvest Acquires Wealth Management App,



Piggyvest Acquires

By Adedapo Adesanya

Top savings startup, Piggyvest, has acquired, a wealth management app that allowed users to save via various features like automated savings, fixed deposits, joint savings and PAYE.

This means that all existing users will be automatically migrated to Piggyvest and will continue the good work team has started.

Explaining the build-up to the acquisition, Piggyvest revealed that it had spent the last six months preparing – laying foundations, building partnerships needed for the next phase of our growth.

“We have spent the last 6 months preparing —The first half of 2021 has been an intense building period for the entire Piggyvest team.

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“Earlier this year, we began discussions to acquire a savings and investment company, and all its assets and we are more than proud to announce today that the acquisition is now completed,” it disclosed.

The company noted that 2020 was an incredible year as it saw tremendous growth even in a pandemic year as it paid N90 billion to users in the course of the year.

The company noted that so far surpassed this number already in the first half of 2021 and this necessitated the need to expand with the acquirement of the savings and investment company.

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It noted, “We will continue to provide you with the best savings and investment options that we can, and you will continue to be part of a community of 3 million people (and counting!) in the Piggyvest family.

“All existing users will be automatically migrated to Piggyvest and we’ll continue the good work the team has started. Our vision remains the same: financial freedom for all, and with this acquisition, we are a step closer.

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“We believe in a connected ecosystem and our mission to give everyone the power to better manage and grow their finances remains ever strong.

“Our parent company, Piggytech Global Limited, continues to grow with a suite of consumer-focused finance products. We will continue to announce them as the year moves along.

“This announcement is one in a long line of announcements, improvements and updates that we will have for you as we continue in 2021.”

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Fitch Affirms AfDB’s AAA Credit Rating



AfDB Board

By Adedapo Adesanya

The global credit rating agency, Fitch Ratings, has affirmed the African Development Bank’s (AfDB) credit rating at “AAA”, with a stable outlook.

Fitch said the triple-A rating was driven by the extraordinary support of the bank’s shareholders.

Fitch said it views the bank’s risk-management policies as conservative and assesses them as excellent, in line with AAA-rated peers.

“Concentration risk is low, with the bank’s five largest exposures accounting for 32 per cent of total banking portfolio at end-2020,” Fitch said.

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The Vice President for Finance and Chief Finance Officer of the African Development Bank, Mr Bajabulile “Swazi” Tshabalala said, “the affirmation of the bank’s triple-A ratings by Fitch, recognizes the very strong shareholder support our institution benefits from, as well as its strong capitalisation and risk management capabilities.

“The affirmation also speaks to the importance of the Bank’s public policy mandate, particularly during these very challenging times.”

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The global rating agency assessed the bank’s overall exposure to risks as ‘Low,’ balancing ‘Moderate’ credit risk with ‘Excellent’ risk management policies, ‘Low’ concentration, and ‘Very Low’ equity and market risks.”

Commenting on the Fitch rating report, the AfDB President, Mr Akinwumi Adesina, said: “The African Development Bank welcomes the affirmation of the bank’s ‘AAA’ rating, with a stable outlook, despite enormous challenges posed by COVID-19.

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“The bank will continue to enhance its policy and fiscal relevance in support of regional member countries, as they contend with the global and regional repercussions of the pandemic.

“While helping African economies reposition their economies in a COVID-19 environment, we will also maintain our prudential ratios and adequate buffers.”

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15 Fidelity Bank Customers Share N39m in GAIM Promo



15 Fidelity Bank Customers

By Ashemiriogwa Emmanuel

No fewer than 15 Fidelity Bank customers have gone home with N39 million in the Get Alert in Millions (GAIM 4) Season 4 savings promo of the financial institutions.

Two of the 15 lucky winners received N10 million each at the 6th/final draw of the campaign held last Thursday in Lagos in the presence of representatives of the National Lottery Commission and Federal Competition and Consumer Protection Commission.

The two latest two-digit millionaires; Sunday Okeke of Matori Branch Lagos and Justine Nwaozor of Suleja Branch, Niger State, emerged as star prize winners of the promo.

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According to Fidelity Bank, the duo and other winners were picked through a randomised and transparent draw system observed by the lottery and federal competition officials as well as officials of the bank.

Some of them were the Divisional Head of Product Development, Fidelity Bank Plc, Richard Madiebo; the Head of Savings Group, Fidelity Bank Plc, Ukpai Ibe; the Executive Director, Lagos & Southwest, Fidelity Bank Plc, Dr Ken Opara; amongst others.

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The cash prizes were in the categories of N10 million, N3 million, N2 million and N1 million. In addition, 18 consolation prizes of television sets, fridges and generators were given out during the draws.

The GAIM savings promo is one of the bank’s many initiatives aimed at rewarding new and existing customers for their consistent loyalty and patronage and promoting the culture of saving among Nigerians.

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It would be recalled that the promotion was halted in 2020 due to the Coronavirus (COVID-19) pandemic and the resulting global lockdown.

However, the resumption of the savings promo, according to the organisers, was an opportunity to enrich the lives of its customers even in times of economic uncertainties.

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