How seven banks’ Q3 profit surpassed GDP growth rate


DESPITE a sluggish economy, difficult operating environment, increased competitive intensity, currency devaluation and other macroeconomic challenges that continue to place roadblocks to businesses, seven Deposit Money Banks (DMBs) recorded impressive 15 per cent growth in Profit Before Tax (PBT) for third quarter (Q3) 2021. 

Analysis of the combined PBT of the banks show that the seven lenders’ PBT growth towered above the country’s Gross Domestic Product (GDP), which grew at 4.03 per cent between July and September. 

The banks that announced their unaudited results for the nine months period ended 30 September 2021 grew PBT to N495.772 billion from N431.347 billion recorded in the…

Source: Nigerian Tribune

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