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Pan Asia Bank reports Rs. 2 bn PAT for 2020


Pan Asia Banking Corporation PLC reported the best-ever annual financial results during the year ended 31st December 2020 to report a Pre-Tax Profit of Rs. 2.84 billion and a Post-Tax Profit of Rs. 2.05 billion after recording impressive growth rates of 23% and 17% respectively, demonstrating resilience amidst challenging macro economic conditions.
Meanwhile, the Bank’s Operating Profit Before Taxes on Financial Services increased by 4%, reflecting excellence in core banking performance and the success of cost containment measures, despite the bank’s fee-based income declining sharply due to reduced business volumes resulting from disruptions caused by COVID-19 pandemic and waiver of fees and charges mandated by the regulator. ....

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How Nigeria's 5-Biggest Lenders Fared in 9M'2020


Despite the negative impact of the COVID-19 pandemic and other headwinds that
characterized the year 2020, the performance of Nigeria’s 5-biggest lenders – First Bank, UBA, Zenith, Guaranty and Access (a.k.a. FUZGA), on average is set to surpass that of 2019 given their average performance thus far in 2020.
Analysis of the recent 9-months earnings results of these lenders shows that the FUZGA combination grew their 9-months Gross Earnings for 2020 by 6.91% to N2.370 trillion, compared to N2.217 trillion reported in 9M’19, while Post-Tax Profit of the FUZGA combination grew by 3.95% to N535.385 billion compared to N515.025 billion in 9M’19.
On the other hand, the Total Deposits collected by the five lenders in 9M’2020 rose by 21.31% when compared to the corresponding period of 2019 to settle at N25.869 trillion, while Total Assets of the combination rose by 19.68% to N34.774 trillion from N29.056 trillion as at the end of December 2019. ....

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