Nigerian Banks With Largest CSR Donations As Zenith, UBA, Others Spend Over N3.69bn in 6 Months
- Nigerian banks increased their spending on various corporate social responsibility (CSR) in the first half of 2023
- Data shows eight banks combined spent over N3 billion into various interest around their business operations and interactions
- Companies have the discretion to determine the recipients, timing, and manner in which they make charitable contributions
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Eight Nigerian banks listed on the Nigerian exchange(NGX) have recorded a cumulative donations of N3.69 billion on corporate social responsibility (CSR) in the first six months of 2023.
This represents a 72 percent increase when compared to the N2.15 billion reported in the same period of 2022.
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The banks surveyed for this report include Zenith Bank, UBA (United Bank for Africa), FCMB (First City Monument Bank), FBN Holdings, Stanbic IBTC Holdings, Fidelity Bank, GTCO (Guaranty Trust Holding Company), and Wema Bank
What are CSR and why it is important?
Corporate social responsibility is a way for businesses to contribute to the social, economic, and environmental well-being of their stakeholders and society at large.
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CSR can also enhance the reputation, brand value and customer loyalty of businesses, as well as attract and retain talent.
Businesses are urged to allocate a portion of their earnings for philanthropic purposes in line with their Corporate Social Responsibility (CSR) guidelines.
Breakdown of how much banks spent on CSR
Among the banks surveyed, Zenith Bank spent the highest amount on CSR donations with N1.21 billion in the first six months of 2023, BusinessDay reports.
This is an increase from N564 million the bank reported in the same period of 2022.
United Bank for Africa followed behind with N721 million CSR donation from Janaury to June 2023. An improvement from N695 million in the same period of 2022.
First City Monument Bank (FCMB) comes in third with as its donations grew to N674.44 million in first half of 2023 from N272.05 in the same period of 2022.
Other banks and their donations in first half of 2023:
- FBN Holdings - N446 million
- Stanbic IBTC Holdings - N323 million
- Fidelity Bank - N213.3 million
- GTCO (Guaranty Trust Holding Company) - N55.64 million
- Wema Bank - N44.55 million
Access Leads, UBA 3rd: Top Nigerian banks with highest loan amounts to customers in 2023
Legit.ng earlier reported that Nigerian banks listed on the Nigerian Exchange significantly increased their lending to customers during the first half of 2023.
According to data eleven banks, as of the end of June 2023, have disbursed N26.83 trillion to their customers.
Source: Legit.ng
