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- About Nigerian banks person emerged arsenic the astir profitable successful the archetypal 4th of 2025, earning a whopping N1.83 trillion successful nett earlier tax
- The banks were led by Zenith Bank and Guaranty Trust Bank, which raked successful implicit N1 trillion each during the period
- Also, the banks emerged arsenic the earners of interests, commissions, and fees during the reappraisal period
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
About 10 Nigerian banks started 2025 connected a affirmative note, generating astir N1.83 trillion successful nett aft taxation successful the archetypal 4th of the year.
An investigation of the banks' unaudited financials reveals that Zenith Bank, Ecobank, First Bank, Access Bank, Guaranty Trust Bank, UBA, Wema Bank, Fidelity Bank, FCMB and Stanbic IBTC are the apical performers during the play nether review.
Source: Getty Images
Zenith Bank leads the apical earners
The study showed that the nett earlier taxation grew by 3.5 % compared to N1.77 trillion reported successful Q1 2024.
The banks’ nett aft taxation closed the 4th astatine N1.54 trillion, an summation of 41% from N1.48 trillion successful the aforesaid play past year.
Findings showed that the 10 banks leveraged involvement income earned from investing successful high-yield authorities securities, involvement income from loans and advances to customers, and overseas currency trading to thrust the profit.
GTBank makes a beardown showing
ThisDay reports that successful the reappraisal period, the banks look a scope of challenges caused by interior and outer economical factors and planetary fiscal headwinds.
According to reports, Zenith Bank led the pack, maintaining its presumption arsenic Nigeria’s astir profitable bank.
GTBank and First Bank were the lone banks which recorded a diminution successful nett earlier tax, portion Wema Bank experienced a nett earlier taxation growth.
Leading banks
- Zenith Bank - 1.33 trillion
- GTBank - N1.27 trillion
- Ecobank - N267.3 billion
- Access Bank - N222.78 billion
- UBA - N24.3 billion
- Stanbic IBTC - N116.42 billion
- Fidelity Bank - N105.77 billion
- Wema Bank - N41.2 billion
- FCMB Group - N35.02 billion
Banks gain from relationship maintenance
Meanwhile, 9 Nigerian banks earned astir N2.59 trillion successful fees and commissions gross successful 2024.
Reports from the banks’ fiscal statements for 2024 released by the Nigerian Exchange Limited showed that they see Stanbic IBTC Holdings, FCMB Group, Wema Bank, UBA, Fidelity Bank, Guaranty Trust Holding Company, Zenith Bank, Access Holdings, and First Holdco.
Fees and committee income are gross earned from assorted fees and commissions charged for services to customers.
They see charges for relationship maintenance, transaction fees, and fees regarding recognition paper purchases, integer banking, and different fiscal services.
UBA led the battalion among the 9 banks with N589 cardinal generated from fees and commissions successful 2024 alone. The net correspond a 91.8% emergence from N307.3 cardinal successful 2023.
The bank’s net were driven by higher overseas currency transaction fees, an summation successful credit-related income, and integer services crossed its operations successful Africa.
The banks with the largest fees and committee income
Access Holdings generated N514.1 cardinal successful 2024, an 85.4% summation from N277.5 cardinal successful the erstwhile year.
The summation was owed to the bank’s enlargement successful integer banking services, particularly credit-related fees and commissions.
First Bank recorded a 38.2% maturation arsenic fees and commissions deed N304.5 cardinal successful 2024 from N220.3 cardinal the erstwhile year, driven mostly by the bank’s integer maturation and overseas exchange-related transactions.
Guaranty Trust Bank recorded a robust 78.3% rise, with fees and commissions, hitting N221.2 cardinal past twelvemonth from N124.2 cardinal the erstwhile year.
Zenith Bank saw a beardown 89.4% maturation successful interest and committee income, hitting N206.9 cardinal successful 2024, from N109.3 cardinal successful 2023.
Stanbic IBTC recorded a 54.5% emergence successful fees and commissions astatine N170.4 cardinal successful 2024, up from N110.3 cardinal the erstwhile year.
Source: Getty Images
Wema Bank experienced a robust increase, with commissions and fees rising by 123.7% to N55.6 cardinal successful 2024, from N24.96 billion.
Fidelity Bank reported a 30.6% emergence successful interest and committee income to N73.3 cardinal successful 2024 from N56.1 cardinal successful 2023.
CBN records N13.9 trillion loss
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) recorded a N13.9 trillion loss, astir $9 billion, arsenic it tries to settee overdue contracts and prune FX liabilities connected its equilibrium expanse and prevention the naira successful 2024.
The nonaccomplishment much than doubled from N6.3 trillion successful 2023 arsenic the apex slope redeemed bequest transactions to trim outstanding forex liabilities, lowering FX vulnerability and boosting reserves.
In 2023, the slope published its finances to boost capitalist assurance and heighten transparency successful its affairs and overseas speech management.
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Source: Legit.ng
