Top five Nigerian banks’ earnings up by 170%, hit N12.7tr in nine months
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The top five banks in Nigeria have posted combined gross earnings of N12.7 trillion in nine months.
The top five banks – FBN Holdings, United Bank for Africa (UBA), GTCO, Access Holdings and Zenith Bank – achieved gross earnings of N12.7 trillion, a 170 per cent growth compared to N4.7 trillion posted within the same period in 2023.
Operators lauded the resilience of the banks that culminated in the stellar performance.
The nine-month performance of the top banks for 2023 and 2024 exceeded the full-year result posted by these banks in 2022.
However, operators stressed the need for the government to articulate policies that would spur activities in the real sector and improve the current poor state of the economy to enable the banks to consolidate their performances.
The operators argued that the banking sector benefits from the performance of the real sector, adding that if the real sector is depressed, it would ultimately negatively impact the performance of the banking sector.
A member of the Exceptional Shareholders Association of Nigeria, Olugbosun Ariyo, said the sustainability of the improvement will depend on the economic conditions.
“The sustainability of the improvement will depend on the economic conditions, taking advantage of new opportunities, regulatory environment and competitiveness based on what each can offer and make banking easy for their customers.
“The recapitalisation will create a great synergy for them if the proceeds from their various offers are well utilized for what they are meant for. As it stands, we hope for the better”, he added.
A breakdown of the gross earnings of the banks for the 2024 nine months performance showed that Access Bank recorded the highest figure amounting to N3.4 trillion as against N1.6 trillion posted in the corresponding period in 2023.
Zenith Bank followed with N2.9 trillion, 118.2 per cent higher than the N1.3 trillion achieved in 2023. UBA ranked third with gross earnings of N2.4 trillion, up from N1.3 trillion posted in 2023. This translated to an increase of 83.2 per cent.
FBN Holdings trailed with N2.2 trillion compared with N962.4 billion recorded previously while GTCO’s gross earnings also rose from N850.3 billion to N1.8 trillion within the same period.
Vice president of Highcap Securities, David Adonri, said banks made huge profits last year from foreign exchange gains which remarkably increased their working capital.
According to him, they ploughed that profit together with further FX gains this year into investments in high-yielding sovereign and corporate debt which escalated their revenue to what it is currently.
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