GTB, Zenith, Others Tagged Most Profitable Tier 1 Banks

Guaranty Trust Bank Plc, Zenith Bank Plc, FBN Holdings Plc, United Bank for Africa, and Access Bank Plc, have emerged the most profitable Tier 1 banks in Nigeria in the 2012 financial year, a report by Agusto & Co., a credit rating agency, has revealed.

For the first time since 2009, no bank posted a pre-tax loss which shows that the Nigerian banking industry’s profitability has returned to pre-crisis levels.

An analysis of the report showed that the Nigerian banking industry’s net earnings grew remarkably by 75% in 2012. The industry’s pre-tax return on assets and equity improved to 2.5% and 21% respectively; compared with the 0.3% and 3.4% recorded in 2011.