Two of Nigeria’s leading financial institutions, Access Bank Plc and Union Bank Nigeria Plc have both reported positive growths in their full-year 2019 audited results sent to the Nigerian Stock Exchange, NSE.
Access Bank Plc declared a Profit After Tax, PAT of N97.5bn in its 2019 audited results for the period ended December 31, 2019. This represents a growth of 2.7% and was contained in the notification sent to the Nigerian Stock Exchange (NSE) by the bank.
The bank’s Gross Earnings also grew by 26.1% to N666.8bn from N528.7bn in the previous quarter while Profit Before Tax, PBT grew by 11.8% to N115.4bn.
Also, the bank’s Net Assets grew by 24.4% to N610.2bn from N490.5bn.
On their part, one of the oldest financial institutions in Nigeria, Union Bank Nigeria Plc (UBN), in the company’s full-year result of 2019 also recorded impressive figures.
In the recently released audited financial statement for the full-year 2019 sent the NSE recorded a 10.3% growth in profit.
The profit before tax as of December 31, 2019, stood at N20.35 billion as against the N18.45 billion that was achieved for the corresponding period for 2018.
In the same vein, the profit after tax for 2019 stood at N19.87 billion which is against the N18.09 billion that was recorded for the corresponding period for 2018. This figure represents a 9.8% increase.
The gross earnings for full-year 2019 stood at N166.54 billion as against the N145.5 billion that was recorded for the corresponding period of 2018 representing a 14.45% increase.
The net fee and commission income for full-year 2019 stood at N11.3 billion as against the N10.9 billion that was recorded for the corresponding period for 2018 also recording a 3.8% growth.