Access Bank, Zenith, Bank, UBA among top e-business earners

Analysis of financial data collated from the first half audited reports of commercial banks quoted on the floors of the Nigerian Stock Exchange reveals that UBA, Access Bank, First Bank, GT Bank, and Zenith Bank, dominated e-business income in the first half of 2023, Instinct Newspaper gathered.

United Bank for Africa Plc (UBA) and Access Holdings Plc emerged as the frontrunners in e-business income, with UBA netting N51.076 billion and Access Holdings amassing N43.948 billion.

UBA recorded a sum of N51.076 billion as e-business income during the first half of the year 2023, an increase of 40.61 per cent compared to N36.324 billion recorded in the first half of 2022.

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The bank accounted for 26.60 per cent of the total e-business income realized by the eleven banks.

Access Holdings Plc, which is the largest commercial bank in the country, generated N43.948 billion from its electronic business, accounting for 22.88 per cent of the total amount generated by the eleven banks under consideration.

Its e-business income grew by 13.09 per cent during the first of 2023, from N38.861 in 2022.

According to the Group, the substantial surge was driven by a combination of a 63.0 percent growth in interest income and a 51.9 percent increase in non-interest income, Instinct Newspaper gathered. 

Access Holdings also witnessed a significant 35 per cent year-to-date growth in customer deposits, concluding the half-year at a commendable N12.5 trillion.

The Group experienced a 39.0 per cent y/y increase in total assets and a 40.6% year-on-year rise in shareholders’ funds. As of the mid-year point in 2023, total assets and shareholders’ funds stood at N20.9 trillion and N1.7 trillion, respectively.

First Bank’s e-business revenue grew by 33.19 per cent in the first half of 2023 to stand at N34.014 billion from N25.537 billion recorded in 2022.

The bank’s e-business income accounted for 17.71 percent of the e-business revenue captured.

FBN Holdings Plc declared N206.3 billion profit after tax for H1, 2023, representing a 213.8 per cent increase from N65.7 billion in H1, 2022.

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Profit after tax rose by 231.1 per cent to N187.2 billion as against N56.5 billion in H1, 2022, while earnings per share also rose by 234% to N5.19 higher than N1.55 in H1, 2022.

Zenith Bank Plc posted an e-business income of N22.270 billion during the first half of 2023, a decrease of 9.6 per cent compared to N24.635 billion recorded in the corresponding period of 2022.

The most capitalized bank on the NGX accounted for 11.59 per cent of the total e-business income of the eleven banks.

Zenith Bank Plc recorded a growth of 139 per cent in its gross earnings to N967.3 billion for the half year 2023 results from N404.8 billion recorded in the corresponding period of H1, 2022, Instinct Newspaper gathered.