It’s that time of the year when banks are announcing their annual financial results. So far, CABS, POSB, EcoBank, Metbank, Stanbic, NMB, Agribank, BancABC and FBC have all reported profits.
The only bank that didn’t make a profit is NBS, understandably because the bank is new. Agribank apparently made the first profit in 7 years (2009 was the last time). This was a very good year for the banks.
Here’s a list of the banks and the profits they made in 2016. More banks will be announcing results in the coming weeks, and we’ll be updating this article as the results come.
1. CABS: $39.2 million profit
2. FBC Holdings: $21.9 million profit
2. Stanbic Holdings: $21.2 million profit
3. Ecobank: $9.9 million profit
4. POSB: $9.68 million profit
5. Steward Bank $8.4 million profit
6. NMB Bank $5.1 million profit
7. Agribank $4.8 million profit
8. BancABC: $1.8 million profit
9. Metbank: $660k profit
10. National Building Society (NBS): $3 million loss
it’s very possible for these banks to make profits when the whole economy is struggling,look instead of being charged once to withdraw my $400 salary,i am being charged for every $50 i withdraw daily ,so who is gaining there,just as an example of how these banks make money
well you used to give 50 a day at 2.50/per withdrawal for an average salary of 400. so each branch assuming 200 a day that’s about 10000 a month in just that income for over 4 months so yea. just waiting for next quarter to see what it looks like
The lines explain the profits!!
The banks with long queues were the biggest beneficiaries of the cash crisis. CABS as always
That’s why I prefer to use plastic money. These banks are getting easy money from the cash withdrawals. It’s ridiculous to be unable to withdrawal all your money in a month if you have >$1500 in your account with a daily limit of $50..
The longer the queue, the more the profit
These banks are so full of fraud….why would you charge $2.5 per withdrawal, That’s totally insane. In my view it should vary on the amount you withdraw maybe $1.20 per $50 up to $4 for $1000 if that is to be ever possible .
The figure for Metbank of $660m can’t be true. Probably it is supposed to be $660k
yaaa i also got shocked ne$660 million
typo. fixed. thanks a mil.
What about Steward Bank?
results not out yet.