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- About 5 Nigerian banks person reported a combined nett aft taxation of N3.317 trillion successful the 2024 fiscal year
- Zenith Bank, GTCo, Fidelity Bank, UBA and Stanbic IBTC are among the apical Nigerian banks with robust net successful the reappraisal period
- Analysts person said the naira devaluation profited respective banks, starring to the juicy profits they declared successful 2024
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
Some of Nigeria’s biggest banks, specified arsenic Zenith Bank, Guaranty Trust Bank, UBA, Stanbic IBTC, and Fidelity Bank, reported grounds profits successful their 2024 fiscal twelvemonth contempt the pugnacious economy, inflation, naira depreciation, and reduced purchasing power.
The 5 banks posted a nett aft taxation of N3.317 trillion, with fiscal experts informing that successful dollar terms, these figures overgarment a antithetic script arsenic the naira has depreciated by astir 70% against the dollar.
Source: Getty Images
Top 5 Nigerian banks with the highest profit
UBA’s post-tax nett roseate 24.14% to N766.6 cardinal from N607.7 cardinal successful 2023, portion Zenith Bank recorded a nett aft taxation of N1.03 trillion, representing a 52.5% summation from the erstwhile year’s grounds of N676.9 billion.
Guaranty Trust Holding Company (GTCo) posted a nett aft taxation of N1,017 trillion successful profit, an 88.4% summation from N539.6 cardinal successful 2023.
Stanbic IBTC Holdings Plc recorded robust growth, posting a post-tax nett of 60.23% to N225.3 billion, portion Fidelity Bank recorded a nett of N278.1 billion, representing 79.63%.
The naira devaluation leads to economical downturn
Experts accidental the naira devaluation importantly impacted banks, with galore of them holding dollar-denominated assets, contributing to their reported gains erstwhile converted to the section currency.
Punch reports that portion banks gained from the naira’s devaluation, different sectors suffered losses, with galore companies packing up.
About 10 multinational companies person unopen down operations oregon relocated from Nigeria since 2023, citing currency depreciation, rising costs, and economical uncertainty.
Notably, GlaxoSmithKline, a pharmaceutical giant, an lipid firm, Equinor, and Unilever Nigeria are among the casualties of the naira devaluation.
The naira stabilises arsenic CBN intervenes
However, the Nigerian currency has remained comparatively unchangeable against the dollar since December past twelvemonth arsenic the Central Bank of Nigeria (CBN) embarked connected a bid of reforms to infuse liquidity and transparency successful the FX market.
Legit.ng reported that arsenic of Friday, March 28, 2025, the naira traded astatine N1,536 to the dollar successful the authoritative window.
Source: Twitter
The naira’s devaluation comes from a argumentation displacement by President Bola Tinubu’s government, including the scrapping of substance subsidies.
Experts accidental immoderate of these policies and reforms person resulted successful precocious ostentation but person attracted a sizeable overseas investment.
Wema Bank announces N433bn successful gross earnings
Legit.ng earlier reported that Wema Bank Plc reported an impressive fiscal performance for the twelvemonth ending December 31, 2024.
In its audited fiscal statements, the bank's gross net soared to N433.43 billion, portion Profit earlier taxation accrued by 141% to N102.5 billion.
The summation recorded was attributed to Wema Bank's involvement rates and its strengthened indebtedness and concern portfolio passim the year.
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Source: Legit.ng
