- Zenith bank has emerged as Nigeria's biggest bank by profit after making 22% of 13 banks' profit
- Access Bank comes in second while UBA completed the top three as Nigerian Banks recorded an impressive first six months
- The aggregate profit of all the commercial banks under review went up to over N500 billion
Commercial banks in Nigeria are having an impressive year despite challenges in the economy.
Data shows that the 13 Nigerian banks listed on the Nigeria Exchange recorded a combined profit of N501.13 billion after-tax payments from January to June 2022.
This represents a 13.1 per cent increase when compared to the N443.17 billion achieved in the corresponding period of 2021.
Details of the banks' impressive results were obtained from their audited financial result submitted to the Nigerian exchange.
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The Banks include Access Holdings Plc, Zenith Bank Plc, and United Bank for Africa Plc (UBA). FBN Holdings Plc, and Guaranty Trust Holding Company Plc.
Fidelity Bank Plc, Stanbic IBTC Holdings, FCMB Group Plc, Union Bank for Nigeria Plc, Sterling Bank Plc, Wema Bank Plc and Unity Bank Plc.
The top two biggest commercial banks by profit
Zenith Bank posted the highest profit, followed by Access and Guaranty Trust Holding, the parent company of GT bank, Nairametrics reports.
The top five banks with the highest profit are:
- Zenith bank- N111.41 billion
- Access bank- N88.74 billion
- Guaranty Trust Holding – N77.58 billion
- UBA – N70.33 billion
- First Bank – N56.6 billion
Other top banks profits
- Stanbic IBTC – N30.67 billion
- Fidelity Bank – N23.31 billion
- FCMB – N13.66 billion
- Union Bank – N11.07 billion
- Sterling Bank – N8.01 billion
GT, Zenith head the List of Nigerian Banks with the best-paid executives
Meanwhile, Legit.ng reported on how much Nigerian banks executive earned in a sector with the highest employers of labour in the country.
Chief Executive/Managing Directors are saddled with the responsibilities of ensuring salaries are paid and profits are made.
These enormous responsibilities also come with considerable executive compensation for their service, making them ostensibly the highest-ranking staff of the bank.