Experts at Prudential Trust Company posit that the top three banks in Nigeria – First Bank, Guaranty Trust Bank (GTB) and Zenith Bank Plc – which “account for 54 per cent of profit in Nigerian banking sector,” will post a 300 billion naira ($1.9 billion) profit for 2012 financial year.
According to a THISDAY report, others in the banking industry will declare 550 billion naira ($3.49 billion).
Earlier in 2012, the financial advisory firm said that the three banks will declare a profit of 100 billion naira ($640 million), but by June the three banks had generated more profit than the amount.
“As at June 2012, Guaranty Trust Bank Plc has declared a profit of N53 billion, First of Nigeria Bank Plc N49 billion and Zenith Bank Plc N45 billion,” Prudential Trust said.
The firm added that two other leading banks in the economy Access Bank and United Bank for Africa had made 26 billion naira ($164 million) and 24 billion naira ($151 million) respectively at the time.
According to report, the analyst believe that given the continued growth of the Nigerian economy and a correlating performance from the banking sector, First Bank, GTB and Zenith could achieve the 300 billion naira projection.
Prudential Trust also projected a 53 percent jump in financial lending to the Nigerian economy, 15.4 percent growth in credit to the private sector and 51 percent jump in financing to the Federal and State Government in terms of bond purchase.
“After years of underperformance, followed by the 2008/09 global financial crisis, in turn followed by the corruption scandal, Nigeria’s powerful banking sector now seems to be better placed than ever before to help develop the country’s economy,” THISDAY quotes the experts as saying.
Recently, First Bank Plc was rated the leading bank in Nigeria by the Top 500 World Banking Brands Ranking just released by The Banker and Brand Finance in the United Kingdom.
Guaranty Trust Bank is listed on the Nigerian bourse and London Stock Exchange while Zenith Bank’s shareholders recently approved the bank’s listing on the London bourse.
