GTCO Records 42% Profit Margin, Highest Among Banks

Analysis of the financial statements of banks listed on the Nigerian Exchange Limited showed that Guaranty Trust Holding Company Plc recorded the highest net profit margin in the first half of 2021.

In total, the 13 commercial banks listed on the NGX generated revenues of 1.76 billion Naira in the first half of 2021. The banks also recorded a total of 460.41 billion Naira in net income during the period.

Unlike other listed companies, banks do not categorically show their income at the top of the income statement, but rather disclose gross margin, net interest income, among others.

The addition of net interest income and non-interest income gives the total income generated by a bank during a given period.

From there, our correspondent reports that GTCO recorded the highest profit margin or bottom line as a percentage of sales.

The 13 banks analyzed in this report were Access Bank Plc, Ecobank Transnational Incorporated, FBN Holdings Plc, FCMB Group Plc, Fidelity Bank Plc, Guaranty Trust Holding Company plc and Stanbic IBTC Plc.

Additionally, Sterling Bank Plc, United Bank for Africa Plc, Union Bank of Nigeria Plc, Unity Bank plc, Wema Bank Plc and Zenith Bank Plc have been included.

ETI generated the most first-half revenue of 334.88 billion naira in all its activities, followed by Zenith Bank with 286.71 billion naira, Access Bank with 258.79 billion naira, UBA with 193.84 billion naira naira and GTCO with 187.45 billion naira.

By net income margin, GTCO was first at 42.36 percent as it recorded a net income of 79.41 billion naira. Zenith Bank recorded 37.01% with its profit of 106.12 billion naira; UBA (N60.58 billion) at 31.25%, Stanbic IBTC (N 22.54 billion) at 28.61% and Fidelity Bank (N 19.31 billion) at 27.52% of revenue.

The others were UBN (N 9.84 billion) at 20.37%, ETI (N 62.55 billion) at 0.19%, Access (N 258.79 billion) at 16.87%, Wema ( N25.94 billion) at 14.34%, FCMB (N.55 billion) at 13.52 per cent, the pound sterling at 12.54 per cent and the unit at 10.66 per cent.

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