Despite the challenging economy, Nigerian financial institutions have recorded impressive numbers in the first half of 2024.
Analysis by TimesNow.com.ng showed that the total profit after tax (PAT) of the 11 banks listed on the Nigerian Exchange increased by 68.21% year-on-year, from N1.67 trillion in H1 2023 to N2.82 trillion in H1 2024.
Fitch Ratings explained that the strong performance of Nigerian banks is due to the sharp devaluation of the official exchange rate, which has led to significant FX revaluation gains.
It also noted foreign assets held by the banks have been inflated in naira terms.
Here is a breakdown of the 11 most profitable banks after the first half of 2024. The figures listed are profit after tax payments to the federal government.
Profit 2024 H1: N905.57 billion
Profit 2023 H1: N280.48 billion
GTCO leads the banking sector with a massive 223% increase in profits, solidifying its top position with N905.57 billion in 2024, the highest among the banks surveyed
Profit 2024 H1: N577.99 billion
Profit 2023 H1: N291.73 billion
Zenith Bank reported a strong 98.1% increase in profits, reaching N577.99 billion. Despite the significant growth, it remains in second place behind GTCO.
Profit 2024 H1: N443.51 billion
Profit 2023 H1: N150.31 billion
Ecobank profit surged to N443.51 billion in the first half of 2024. This represents a remarkable increase of approximately 195.5% when compared to N150.31 billion reported in the first half of 2023.
Profit 2024 H1: N316.36 billion
Profit 2023 H1: N378.23 billion
UBA also experienced a 16.3% decrease in profits, falling to N316.36 billion but still holding the fourth position. The decline marks a shift after its exceptional 2023 performance.
Profit 2023 H1: N135.44 billion
Profit 2024 H1: N281.33 billion
