June 02, 2014 Daily Trust/Kayode Ogunwale

Fifteen banks listed on the Nigerian Stock Exchange (NSE) recorded gross earnings of N2.806 trillion at the end of 2013 financial year ended which December 31, 2013.

The banks’ turnovers surged by N301 billion, representing 12.02 per cent from N2.505 trillion in 2012.

Gross earnings is the amount of initial profit left over from total revenues for a specified time, once cost of goods sold have been deducted.

Daily Trust investigation revealed that Sterling Bank recorded the highest gain of 33.07 per cent (N22.772 billion) in terms of percentage change compared with N68.857 billion gross earnings it made in 2012 to end 2013 with N91.629 billion.

Diamond Bank followed with 27.39 per cent gain (N30.776 billion) from N112.352 billion in 2012 to N143.128 billion while Unity Bank came third with 26.58 per cent gain (N10.959 billion) from N41.237 billion in 2012 to N52.196 billion in 2013.

Others are Stanbic IBTC, fourth, with 21.061 per cent gain (N19.346 billion) from N91.880 billion to N111.226 billion in 2013, followed by United Bank for Africa increased by 20.24 per cent (N44.558 billion) from N220.129 billion in 2012 to N264.687 billion in 2013, Ecobank Transnational Incorporation with 14.88 per cent gain (N53.267 billion) from N357.917 billion to end 2013 year with N411.184 billion.

Zenith Bank appreciated by 14.45 per cent (44.388 billion) from N307.082 billion to N351.420 billion. Wema Bank increased its earnings by 13.91 per cent (N3.486 billion) from N25.056 billion in 2012 to N28.542 billion at the end of 2013.

Also, Guaranty Trust Bank moved up by 8.79 per cent (N19.600 billion) from N223.065 billion in 2012 to N242.665 billion in 2013, First Bank appreciated by 6.94 per cent (25.7 billion) from N370.2 billion in 2012 to N397.9 billion in 2013 and Fidelity Bank with 6.28 per cent gain (N7.500 billion) from N119.418 billion to N126.918 billion in 2013.

While Union Bank gained 3.57 per cent (N4.187 billion) from N117.212 billion to N121.399 billion and Access bank with 0.14 per cent (N288 million) from N206.498 billion to N206.786 billion in 2013.

Skye Bank was the only bank during the period that recorded decline in its gross earning, dropping 0.31 per cent (N39 million) from N127.730 billion recorded in 2012 to end 2013 financial year with N127.340 billion. The banks, however, made 16.7 per cent of their gross earnings as profit after tax at the end of 2013.

They retained N467.441 billion as profit after tax, but decline by N32.235 billion or 6.45 per cent when compared with N499.676 billion they made as profit after tax in 2012.  The decline in after tax profit was as a result of compulsory N125.6 billion sinking fund paid by the banks to AMCON and huge expenses incurred by many of them.