Access, Zenith, 2 Other Nigerian Banks Earn Juicy N8 Trillion in 12 Months, Record N3.5trn FX Gain

Access, Zenith, 2 Other Nigerian Banks Earn Juicy N8 Trillion in 12 Months, Record N3.5trn FX Gain

  • Four commercial banks in Nigeria recorded a massive N799 trillion in earnings in 2023
  • The banks also recorded juicy foreign exchange earnings of about N3.5 trillion in the period under review
  • Access Holdings, Zenith Bank, UBA, and Guaranty Holding Company are the top banks with the most earnings in 2023’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

About four Nigerian banks by market cap achieved a combined gross earnings of N7.99 trillion in their 2023 financial year operations, representing a 248% increase from the 2022 record.

The four banks include Access Holdings, Zenith Bank, United Bank for Africa (UBA), and Guaranty Trust Holding Company Plc. Together, they posted gross earnings of N7.99 trillion, more than triple the N1.3 trillion recorded in 2022.

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Top earners, GTB, UBA, Zenith Bank
The top four commercial banks in Nigeria have earned a massive amount in 2023 Credit: Bloomberg/Contributor
Source: UGC

The banks earn huge FX gains

The banks also recorded astounding foreign exchange gains at N3.5 trillion.

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Reports say the growth for financial institutions is attributed to the impacts of the revaluation gains from the harmonisation of FX rates.

According to experts, the FX revaluation gains by most of the banks will not happen that way this year as there may be some stability in the FX market.

Top earners in 2023 as Access leads

An analysis of the gross earnings of the banks for 2023 shows that Access Holdings Plc recorded the highest amount at N2.6 trillion, as against N1.4 trillion posted in the corresponding period in 2022, which is about 80% growth.

The company posted an FX revaluation gain of N628.9 billion from N335.5 billion recorded in 2022.

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Zenith Bank came second with N2.13 trillion, representing an increase of 125.4% higher than the N945.5 billion recorded in 2022.

Zenith Bank achieved an N228.9 billion FX revaluation gain in 2023 from N25.2 billion recorded in 2022.

UBA is third on the list, with a 143% increase in gross earnings to N2.08 trillion from N853.2 billion in 2022.

The bank recorded an FX revaluation of N2.2 trillion in 2023.

Guaranty Trust Company recorded an increase of N1.18 trillion, representing a 120.03% growth compared to the N539.3 billion recorded in 2022 and an FX revaluation gain of N449.3 billion.

Access, Zenith, and other banks to shut down branches previously reported that Nigerian banks have given notice of the closure of their branches nationwide in response to the Nigerian government declaring Tuesday, April 9, and Wednesday, April 10, 2024, as public holidays.

In separate emails to their customers, the banks disclosed that their branches would remain shut during the holidays and asked them to use alternative banking channels.

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They urged customers to utilise their various mobile apps, Unstructured Supplementary Service Data (USSD), and other transaction channels.


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