Five Tier-1 banks recorded a cumulative N1.611 trillion gross profit in their half year audited results for the period ended June 30, Checkout Magazine learnt.
The top banks are Zenith Bank Plc, Access Bank Plc, First Bank of Nigeria (FBN) Holdings, United Bank for Africa (UBA) and GT Holding Company (GTCO).
Gross earning is the total amount of income earned by these banks from January 1, 2021 to June 30, 2021.
In a report: “Nigerian banks: Resilience built in”, analysts at Coronation Research said this year’s rates are heading back up again, with 1-year Nigerian Treasury Bill (T-bill) rates risen from 0.65 per cent in January to 9.77 per cent recently.
“The rate at which banks lend to each other, the inter-bank rate, has also gone up sharply, with 1-month Nigeria Interbank Offered Rate (NIBOR) rising from 0.54 per cent in January to 12.55 per cent recently.
“Financial institutions that depend on short-term funding in the marketplace, and that have relied excessively on duration trades for their asset yields, could be facing problems this year.”
