Fast Market Research recommends "Nigeria Commercial Banking Report Q1 2013" from Business Monitor International, now available

Boston, MA -- (SBWire) -- 01/24/2013 --BMI View: The Nigerian banking sector has outperformed much of the rest of the country's economy, bucking the trend of a broad slowdown in economic activity by posting strong earnings for H112. We believe that given Nigeria's strong long-term economic outlook and our expectation for rapidly expanding demand for financial services, the outlook for the banking sector will continue to brighten in the years ahead. Nigerian banks, recovering strongly from the uncertainty that surrounded the sector throughout 2011, have reported rising earnings and look poised for further growth. Given a sluggish global economy and rising domestic unrest, particularly in the northern states, we recently revised downward our forecast for real GDP growth in Nigeria in 2012 to 7.1% from 7.6% previously. However, banks are notably bucking the trend for slowing growth. Following recently-released data from a number of banks showing robust expansion, we have made some upward revisions to our forecasts. We now believe that total assets will surpass NGN14.0trn by the end of 2012 (growth of 14.0%), with client loans reaching NGN9.1trn (also growth of 14.0%). While the end of 2011 met with rather lacklustre performances among a wide range of banks, in Q112 net profits before taxes were among the highest in recent memory. United Bank for Africa (UBA), Stanbic IBTC Bank (the local subsidiary of South Africa's Standard Bank), Access Bank, and Diamond Bank all saw net profits before taxes more than double compared to Q111 figures. Diamond and UBA, two of the handful of banks which had reported Q212 earnings at the time of writing, proved that higher earnings were not a one-quarter fluke, with both banks maintaining roughly the same performance from April through June.

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