Nigerian Largest Commercial Banks by Earnings as Ecobank, Access others Earnings Rise by 25% in Q1 to N1.54trn

• EcoBank as emerged as Nigeria's biggest bank by gross earning as it gained N32.97 billion in February
• Access Bank comes in second while Zenith bank completed the top three as Nigerian Banks recorded an impressive first three months
• The aggregate gross earnings of all the banks under review went up by 25% to stand at N1.54 trillion.

The top 13 commercial banks in Nigeria by earnings have been announced, with 13 reporting N1.54 trillion gross earnings in Q1 2022, a 25% increase over the N1.23 trillion recorded in Q1 2021.

While Profit Before Tax of the 13 banks reached N370.25 billion in Q1 2022, representing an increase of 19 per cent over N312.5billion earned in Q1 2021.

Details of their earnings were obtained from their audited financial result submitted to the Nigerian exchange.

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The Banks include Ecobank Transnational Incorporated (ETI), Access Holdings Plc, Zenith Bank Plc, and United Bank for Africa Plc (UBA). FBN Holdings Plc, and Guaranty Trust Holding Company Plc.

Others are; Fidelity Bank Plc, Stanbic IBTC Holdings, FCMB Group Plc, Union Bank for Nigeria Plc, Sterling Bank Plc, Wema Bank Plc and Unity Bank Plc, ThisDay reports.

The top two biggest commercial banks by profit

Eco Bank and Access are the first two largest banks in Nigeria by profit as of the end of March 2022.

EcoBank in its financials for Q1, 2022 said it recorded gross earnings of N246.4billion from N215.28billion reported in Q1 2021, while its PBT grew by 29 per cent to N52.07billion in Q1 2022 from N40.34billion reported in Q1 2021.

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Access Holdings on the other hand reported N295.7billion gross earnings in Q1 2022, representing an increase of 33.13 per cent from N222.14billion in Q1 2021.

While its PBT grew by 8.5 per cent to N65.13billion in Q1 2022 from N60.05billion reported in Q1 2021.

• Zenith Bank gross earnings stood at N191.5billion in 2022
• UBA grew its gross earnings to N183.9billion
• FBN Holdings made N180.5billion gross earnings in Q1 2022
• While GTCO announced N119.59billion in gross earning

Other Top Banks

• Fidelity bank reported N71.33billion
• FCMB Group made N58.31billion gross earnings
• Sterling Bank reported N38.05 billion gross earnings
• Wema Bank closed Q1 2022 with N30.64billion
• Unity Bank grew its gross earnings to N13.6billion

Dangote Cement leads list of the 10 biggest companies

Legit.ng had earlier reported that Dangote Cement and MTN Nigeria are the two biggest publicly listed companies in Nigeria as of October 2021.

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The two firms are among the five biggest companies in the exclusive club of over N1 trillion market capitalisation.

Using data from Nigeria Exchange the report showed how much each of the top firms is worth and their share price for anyone looking to invest.

Source: Legit.ng