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Jul 18

The 2018 top banks in Nigeria by earnings

  • July 18, 2018
  • StartCredits
  • Bank Loans in Nigeria

Gross earnings are income before taxes or adjustments, it is calculated as revenues minus expenses. Bank’s gross earnings is one measure among many of how well it uses its resources to produce a profit. In this educational article, we list the 2018 top banks in Nigeria by earnings.

A company’s gross earnings are reported periodically on its income statement. The first line of the income statement reports a company’s total sales and revenues for a given time period, while the COGS and gross earnings often appear on the second and third lines of many income statements. The difference between revenue and the COGS is a company’s gross earnings. The COGS includes costs directly related to the company’s product such as materials for manufacturing, inventory for shops and labor costs. Indirect costs are not included in the COGS.

Once a business has calculated its gross earnings, it may then subtract the rest of its business expenses including costs such as utilities, loan repayments, office supplies, contractor fees and many other expenses. The difference between the business’s gross earnings and its operating and capital expenses is its profit.

The 2018 top banks in Nigeria by earnings

nigeria banks 2018 gross earnings           

From the table and figure above, year 2016 and 2017 record the same banks with highest and lowest gross earnings. Banks with highest gross earnings are; Zenith Bank Plc (#454,808,000,000 (2016), #673,636,000,000 (2017)), Access Bank Plc (#331,095,406,000 (2016), #430,994,240,000 (2017)) and Guaranty Trust Bank Plc (#365,916,859,000 (2016), #360,236,308,000 (2017)).

 Banks with lowest gross earnings are; Suntrust Bank Limited (#1,372,201,000 (2016), #2,418,654,000 (2017)), First Bank Nigeria Limited (#12,727,000,000 (2016), #13,714,000,000 (2017)), Wema Bank PLC (#54,246,809,000 (2016), 64,858,369,000 (2017))

NameGross Earnings
2016 (‘000 Naira)2017 (‘000 Naira)
Suntrust Bank Nigeria Limited1,372,2012,418,654
First Bank Nigeria Limited12,727,00013,714,000
Wema Bank Plc54,246,80964,858,369
Sterling Bank Plc111,237,607133,022,000
Diamond Bank Plc131,474,851142,901,279
Union Bank of Nigeria Plc126,471,000157,566,000
Stanbic IBTC Bank Ltd.156,425,000212,434,000
United Bank for Africa Plc269,895,000316,263,000
Guaranty Trust Bank Plc365,916,859360,236,308
Access Bank Plc331,095,406430,994,240
Zenith Bank Plc454,808,000673,636,000
Total2,015,669,7332,508,043,850

 

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  • The 2019 top banks in Nigeria by earningsMarch 16, 2019

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