The audited results of 2016 for 14 banks quoted on the Nigerian Stock Exchange (NSE) have shown a 22 per cent increase in total loans and advances to their customers from N13.315 trillion in 2015, to N16.372 trillion in the year under review.
The financial results of the banks showed deliberate efforts by the banks, mostly to support operators in the real sector of the economy.
Similarly, the total profit after tax (PAT) of the 14 banks rose marginally to N452 billion in 2016, up from the N442.451 billion recorded the previous year; just as their total gross earnings climbed to N4.007 trillion in the reviewed year, as against the N3.441 trillion recorded in 2015.
The banks’ results reviewed were Zenith Bank Plc, Access Bank, FBN Holdings, United Bank for Africa Plc (UBA), Guaranty Trust Bank Plc, First City Monument Bank, Unity Bank, Wema Bank and Union Bank.
Others included Fidelity Bank, Sterling Bank, Stanbic IBTC Holdings, Diamond Bank and Ecobank Transnational Incorporated (ETI).
This is definitely a sign that 2017 would be the year Nigeria breaks free from economic recession.
The International Monetary Fund (IMF) had recently affirmed that Nigeria will this year recover from economic recession, projecting that the nation’s economy will grow by 0.8 per cent in 2017.
Citing increased crude oil production due to security improvement, the IMF stated that Nigeria’s Gross Domestic Product (GDP) will grow by 0.8 per cent in 2017 and 2.3 per cent in 2018.
Did you find this article informative? Kindly like, comment and share!