System liquidity opened the trading session tight at c.N40bn positive, causing money market rates to open at 15.00% levels. However, inflows from monthly FAAC disbursements later in the day eased funding pressures. OBB and OVN rates consequently closed the week lower at 6.43% and 7.57% respectively.
UBA saw one of the banking sectors strongest top line growths in H1 2019 as gross earnings (GE) rose from N203.69bn in H1 2018 to N257.92bn in H1 2019, or what amounted to a Y-o-Y growth of +13.87% (see chart 1)
GT Bank, Nigeria's most profitable banking franchise by return on shareholders' equity (ROE), had a slow H1 2019. The bank saw its top line income dip -2.1% Y-0-Y