Nigerian Big Banks Report 15% Profit Drop in 9 Months Amid Fading Revaluation Gains

Nigeria's major banks, including First Bank Nigeria, Access Bank (NGX: ACCESSCORP), Zenith Bank (NGX: ZENITHBANK), and UBA (NGX: 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.