In a remarkable display of financial resilience, seven leading Nigerian banks collectively reported a profit of N4.2 trillion for the 2024 fiscal year, defying the pressures of a challenging economic environment.
The banks—Zenith Bank, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), First Bank (FBN Holdings), Fidelity Bank, Stanbic IBTC, and Wema Bank—delivered strong performances despite persistent inflation, currency depreciation, regulatory shifts, and weakened consumer spending.
According to reports filed with the Nigerian Exchange Limited (NGX), these institutions not only maintained stability but also achieved significant growth across critical financial indicators.
Zenith Bank Surpasses N1 Trillion in Post-Tax Profit
Zenith Bank led the charge, declaring a post-tax profit of N1.03 trillion in 2024—a 52.5% jump from the previous year’s N676.9 billion. Its pre-tax profit soared to N1.32 trillion, marking a 66.6% rise year-on-year. The bank recorded gross earnings of N3.9 trillion, largely fueled by interest and trading income. For shareholders, Zenith announced a final dividend of N4.00 per share, pushing the total payout for the year to N5.
GTCO Records N1.01 Trillion Profit
Guaranty Trust Holding Company reported a net profit of N1.01 trillion, reflecting an 89.4% increase from N539 billion in 2023. The group’s earnings surged to N2.14 trillion, with a significant boost from corporate banking operations. Interest income nearly tripled, growing from N436 billion in 2023 to N1.32 trillion. Despite a 148% rise in interest expenses, net interest income stood strong at N1.05 trillion—up 140.8% year-on-year.
UBA Achieves N766.6 Billion Net Profit
United Bank for Africa saw its profit after tax increase to N766.6 billion, a 26.1% rise from the previous year. The bank also reported gross earnings of N3.19 trillion, up from N2.08 trillion in 2023. UBA’s total assets reached N30.4 trillion by December 2024, representing a 46.8% year-on-year increase. Pre-tax profit also climbed to N803.72 billion, while shareholders’ funds surged to N3.42 trillion—up 68.4% from the prior year.
FBN Holdings Posts N862.38 Billion Profit
FBN Holdings ended the year with a 142% increase in profit, totaling N862.38 billion compared to N356.15 billion in 2023. Gross earnings rose 113% to N3.33 trillion. The bank’s net interest income grew by 155% to N1.39 trillion, while non-interest income reached N846.9 billion. Customer loans increased to N9.4 trillion, and deposits surged to N17.29 trillion, with total assets now standing at N26.54 trillion.
Fidelity Bank Delivers N278.11 Billion in Profit
Fidelity Bank reported a profit of N278.11 billion, reflecting a 179.6% increase from the previous year. The bank’s pre-tax profit reached N385.22 billion, a 210% growth. Gross earnings climbed to N1.04 trillion, with nearly 97% of revenue coming from core banking operations. This performance came despite a N13.33 billion windfall tax.
Stanbic IBTC Reports N225.31 Billion Post-Tax Profit
Stanbic IBTC Holdings recorded N225.31 billion in profit after tax for 2024, a 60.2% improvement over 2023. Pre-tax profit reached N303.8 billion. The bank’s gross earnings grew 78.3% to N823.3 billion, fueling its profitability.
Wema Bank Hits N102.51 Billion in Profit
Wema Bank reported a 135% increase in profit after tax, closing the year with N102.51 billion. The bank’s total assets rose by 60% to N3.59 trillion, while customer deposits grew by 36% to N2.52 trillion. Loans and advances climbed to N1.2 trillion. Gross earnings also nearly doubled, reaching N432.34 billion in 2024, up from N225.75 billion a year earlier. The bank maintained a non-performing loan ratio of 3.86%.
