UBA, Zenith, Access Lead Other 7 Banks With Over N900 Billion Tax Remittance to FG
- In 2024, ten Nigerian commercial banks collectively paid N987.40 billion in corporate income tax, according to their financial statements filed with the NGX
- This amount reflects substantial increases across all the banks, with notable growth from Zenith Bank (468.16%) and Wema Bank (638.73%)
- UBA, Access Holdings, GTCO, and Fidelity Bank also saw significant rises in their tax contributions, highlighting strong financial performance for the year
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology, Banking and the Economy.
In the 2024 financial year, ten commercial banks in Nigeria collectively paid N987.40 billion in corporate income tax to the Federal Government, according to The PUNCH.
This payment was revealed in the banks’ consolidated and separate financial statements for the year ending December 31, 2024, filed on the Nigeria Exchange Limited.
Source: UGC
An analysis of the financial reports from banks, including Access Holdings, United Bank for Africa, First HoldCo Plc, Sterling Financial Holdings, Wema Bank, Zenith Bank, Guaranty Trust Holding Company, Stanbic IBTC, Fidelity Bank, and FCMB, showed this total tax contribution.
Corporate income tax, also known as Company Income Tax, is levied on the profits of companies operating in Nigeria, as stated by the Federal Inland Revenue Service.
Legit.ng earlier reported that seven major Nigerian banks made a total profit of N4.2 trillion in the 2024 financial year.
Breakdown of banks' tax payment
In 2024, the corporate income tax payments from Nigerian commercial banks saw significant increases across the board:
UBA paid N241.12 billion in corporate income tax, a 6.07% rise from N227.30 billion in 2023.
Zenith Bank contributed N201.62 billion, marking a dramatic 468.16% increase from N35.47 billion in 2023.
Access Holdings paid N159.26 billion, a 109.51% jump from N76.01 billion the previous year.
First HoldCo remitted N58.66 billion, up 108.89% from N28.17 billion in 2023.
Sterling Financial Holdings paid N2.48 billion, reflecting a 118.45% increase from N1.13 billion in 2023.
Wema Bank contributed N13.27 billion, showing a significant 638.73% increase from N1.80 billion in 2023.
GTCO paid N175.03 billion, a 205.48% rise from N57.29 billion in 2023.
Stanbic IBTC paid N35.19 billion, up 106.56% from N17.03 billion the year before.
Fidelity Bank made a tax payment of N82.42 billion, a remarkable 306.99% increase from N20.30 billion in 2023.
FCMB contributed N18.36 billion, reflecting a 101.92% rise from N9.12 billion in 2023.
Top banks made N14tn from customer loans
In related news, Legit.ng reported that nine leading banks in Nigeria earned a total of N14.26 trillion in interest income in 2024, a sharp rise compared to the N6.49 trillion they recorded the year before.
This income came from loans they gave to customers, according to their audited financial statements submitted to the Nigerian Exchange Limited.
The steep increase in earnings reflects the effect of rising interest rates driven by tighter monetary policies from the Central Bank of Nigeria (CBN).
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
