Sterling Bank plc
The bank’s statement of comprehensive income for the first-quarter (Q1) period ended March 31, 2014, shows its gross earnings rose by 24.07 percent, to N24.621 billion from N19.844 in the corresponding quarter of 2013.
Its interest income rose by 30.57 percent, to N18.659 billion from N14.290 billion in Q1’2013. Net Interest Income rose by 58.12 percent, to N10.262 billion from N6.490 billion. Operating expenses rose by 33.96 percent to N11.640 billion, from N8.689 billion.
Loan Loss Expenses was 211.61 percent high to N1.042 billion, from N334.496 million in the corresponding period of 2013. The bank’s profit before tax rose to N3.542 billion from N3.020 billion, up by 17.28 percent; while profit after tax increased by 15.20 percent to N3.137 billion, from N2.723 billion. The bank’s basic earnings per share dropped by 11.76 percent to 15 kobo from 17 kobo.
Stanbic IBTC Holdings plc
Unaudited interim consolidated financial statements of Stanbic IBTC Holdings plc for Q1 period ended March 31, 2014, showed gross earnings of N30.221 billion, from N26.586 billion in corresponding period of Q1’2013. Net interest income rose to N11.726 billion, from N8.255 billion in Q1’13. Non-interest revenue rose to N13.085 billion from N11.872 billion. Operating expenses was high at N14.647 billion from N13.503 billion in same period of 2013.
Profit before tax rose to N8.969 billion from N4.739 billion. Stanbic IBTC Holdings profit for the Q1 period was N6.897 billion from N3.573 billion. Earnings per share rose to 62 kobo from 32 kobo in Q1’13.
GTBank plc
In the Q1 to March 31, 2014, the bank’s gross earnings rose by 6 percent to N67.577 billion from N63.863 billion. Net Interest Income (NII) rose by 4 percent, to N34.738 billion from N33.442 billion. Operating expenses rose by 10 percent to N23.867 billion to N21.775 billion. The bank’s loan loss expenses declined by 14 percent to N1.275 billion, from N1.482 billion recorded in Q1’2013.
Profit/loss before tax was down by 2 percent to N28.006 billion from N28.491 billion. GTBank recorded profit after tax growth of 2 percent to N23.110 billion from N22.556 billion in Q1’2013. Basis earnings per share rose by 2 percent, to 0.81 kobo from 0.80 kobo.
Fidelity Bank plc
Fidelity Bank plc released its consolidated statement of comprehensive income for the Q1 ended March 31, 2014. In the period under review (Q1’2014) it reported gross earnings of N30.956 billion against N31.432 billion in the corresponding period of 2013. The bank’s net interest income rose to N12.901 billion in Q1’14 from N6.584 billion in Q1’13.
Also in the Q1’14 period under review, it reported operating profit of N4.458 billion, against N5.945 billion in corresponding Q1 period of 2013.
The bank’s profit after income tax from continuing operation in Q1’2014 stood at N3.789 billion against N4.750 billion in Q1’2013. Its earnings per share for profit attributable to owners of the parent dropped to 13.1kobo from 16.4 kobo in Q1’13.
Forte Oil plc
Forte Oil plc released its unaudited results for the three months (Q1) period ended March, 31 2014. In the Q1, Forte Oil revenue grew 31 percent to N34.8 billion compared with N26.6 billion same period in 2013.
Gross margin increased by 72 percent to N4.6 billion compared with N2.7 billion in the same period in 2013; profit before income tax increased 101 percent to N1.26 billion compared with N633 million recorded in 2013; profit after income tax increased 108 percent to N1.1 billion compared with N530 million same period in 2013.
Its operational highlights show the company achieved a year-to-date (ytd) growth of 37.67 percent in share price from N92.87 to N148.99.
United Bank for Africa (UBA) plc
The Q1 2014 unaudited results of UBA plc show the bank’s gross earnings rose by 8.2 percent to N68 billion in Q1, 2014, compared with N63 billion in the corresponding period of 2013.
Also, the bank grew its loan figures by 16 percent from N937.6 billion as of December 31, 2013, to N1.067 trillion as of March 31, 2014. Profit after tax recorded a significant 36.37 percent increase from N9.23 billion as of fourth quarter 2013, to N12.59 billion in the Q1 2014. The Q1 unaudited results also shows an operating income of N45.5 billion in the period, a marginal 2 percent increase on N44.6 billion in the first quarter of 2013.
UBA’s net interest margin (NIM), which shows the quality of the bank’s earning on its lending activities, remained at 5.9 percent Quarter-on-Quarter (QoQ).
Cost of funds also remained at 3.6 percent, QoQ, while return on assets remained stable at 1.9 percent QoQ, just as return on equity improved to 22.1 percent QoQ from 21.3 percent.
Iheanyi Nwachukwu
