Not fewer than 5 Nigerian banks have returned decline in their third quarter results as recession hits harders.
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 while five recorded loss.
Here are the 5 banks that recorded declining returns.
– Diamond Bank with N3.8bn of PBT in Q3 2016 from N18.5bn in same period of 2015
– FBN Holdings with N57.45bn against N59.56bn in Q3 2015.
– Sterling Bank N6.07bn PBT down from N8.3bn
– Unity Bank from N10.3bn in Q3 2015 to N3.8bn in 2016
– Fidelity Bank N9.8bn PBT down from N13.78bn in Q3 2015.
Five banks are yet to submit their reports at the exchange. They are Skye Bank, Stanbic IBTC, FCMB, Ecobank and Wema Bank.