UBA – United Bank for Africa (UBA)’s gross earnings increased by 18.39% YoY to NGN183.91bn in Q1:2022. This
performance resulted from an increase in both the funded and non-funded income streams. Funded income grew by
15.10% YoY to NGN124.86bn in the period under review, while fee-based income advanced significantly by 25.55% to NGN58.83bn.
ACCESSCORP – Access Holdings Plc (ACCESSCORP)’s gross earnings grew 33.13% YoY to NGN295.74bn in Q1:2022FY. Interest income grew by 20.79% YoY to NGN173.69bn, and non-funded income jumped by 55.79% to NGN122.05bn greatly bolstered by FX gains.
ZENITHBANK – Zenith Bank Plc (ZENITHBANK)’s gross earnings grew by 21.75% YoY in Q1:2022 to NGN191.52bn as both funded and nonfunded income edged up. Interest customer loans (which increased by 35.75% YoY) was the major driver of interest income growth.
GTCO – Guaranty Trust Holding Company Plc (GTCO)’s gross earnings improved by 12.65% YoY in Q1:2022 to
NGN119.59bn as both interest and non-interest income increased. The group’s interest income grew by 17.14% YoY
to NGN70.64bn on the back of increase in loans and advances to customers (+14.80% YoY) and investment
securities (+17.51% YoY).
ETI – Ecobank Transnational Incorporated (ETI) recorded a 14.82% YoY increase in gross earnings to NGN245.41bn in Q1:2022. Substantial funded and non-funded income drove the impressive performance. In the review period, funded income grew by 12.24% YoY to NGN156.13bn, while non-funded income expanded by 18.68% YoY to NGN82.23bn.
FCMB – In Q1:2022, First City Monument Bank Plc (FCMB) attained an impressive topline growth of 33.91% YoY to
NGN58.31bn, which is the highest in five years. This performance was spurred by growth in both interest and noninterest income. Interest on customer loans (which contributes c. 81% to total interest income) was the major driver of growth in funded income.
FIDELITYBK – In Q1:2022, Fidelity Bank Plc. (FIDELITYBK)’s gross earnings grew by 29.41% YoY to NGN71.33bn buoyed by an improvement in the bank’s interest income. Interest on loans and advances to customers – which contributes c.78% to total interest income – was the major driver of the growth in interest income.
STANBIC – In Q1:2022, Stanbic IBTC Holdings Plc (STANBIC)’s gross earnings advanced by 47.72% YoY to
NGN67.23bn as both interest and non-interest income improved. The group’s interest income surged by 57.02%
YoY to NGN32.99bn on the back of increase in loans and advances to customers (+54.26% YoY) and investment
securities (+70.82% YoY).
STERLNBANK – Sterling Bank Plc (STERLNBANK) gross earnings grew 22.68% YoY to NGN38.05bn in Q1:2022FY. Interest income grew 18.90% YoY to NGN30.05bn in Q1:2022FY. Whereas non-funded income grew 39.32% to NGN8.00bn as fee income expanded 40.50% YoY to NGN5.13bn in Q1:2022.
WEMABANK – Wema Bank Plc (WEMABANK) gross earnings grew 57.34% YoY to NGN30.63bn in Q1:2022. Interest income grew 52.42% YoY to NGN25.03bn in Q1:2022. Whereas non-funded income grew by 83.82% YoY to NGN5.61bn (vs NGN3.05bn in Q1:2021) propelled by a 58.57% YoY increase in fee income to NGN4.05bn in Q1:2022 (vs NGN2.56bn in Q1:2021).
