Not fewer than 5 Nigerian banks have defied the recession as they continued to post huge profits in their third quarter results despite the economy in recession.
Ten out of 15 quoted banks on the Nigerian Stock Exchange have submitted their unaudited results as of September 2016 where five out of them recorded increases in both their profit before tax and after tax.
The huge profits was said to be as a major boost from the foreign exchange (FX) revaluation gains.The banks are:
1. GTBank Plc recorded the highest gain of N140.84bn PBT from N92.06 in Q3 2015, an increase of 53 percent.
2. Zenith Bank Plc follows with N121.3bn PBT from 104.1 in Q3 2015, an increase of 16.6 percent.
3. Access Bank Plc also showed a boost in its PBT from N60bn in Q3 2015 to N72bn in Q3 2016
4. UBA Plc also recorded increase in PBT from N57.3bn in Q3 2015 to N61.5bn in 2016 an increase of 7.3 percent.
5. Union Bank of Nigeria Plc also boost profit from N9.8bn in Q3 2016 to N12.4bn in the same period 2016.