Nigerian Big Banks Report 15% Profit Drop in 9 Months Amid Fading Revaluation Gains
Nigeria's major banks, including First Bank Nigeria, Access Bank, Zenith Bank, and UBA, reported a 15% decline in profits over nine months as revaluation gains diminished. First Bank Nigeria's profit fell by 13%, Access Bank's profit decreased by 2.2%, and Zenith Bank saw an 8% slip in earnings.
The overall decline in profits is attributed to weaker loan growth and fee income, signaling challenges in sustaining returns amidst inflation and market pressures.
Plus234Feed summary based on reporting from Business Day. Read the original report below.
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