While big banks grabbed attention for foreign exchange gains last year, Sterling Financial Holdings Plc, FCMB Group Plc, and Stanbic IBTC Holdings Plc topped the list with remarkable increases in foreign exchange gains, according to data from BusinessDay.
Sterling Financial Holdings saw an impressive surge of 2,588 percent to N4.57 billion, followed by FCMB Group with a 1,863 percent increase to N84.2 billion, and Stanbic IBTC Holdings with a 1,607 percent rise to N25.6 billion. Other notable increases were recorded by Fidelity Bank Plc, Guaranty Trust Holding Company (GTCO) Plc, United Bank for Africa (UBA), and Zenith Bank Plc.
The combined foreign exchange revaluation gains of these banks soared by 765.4 percent, reaching N625.7 billion, primarily fueled by the liberalization of the FX regime. This growth reflects the evolving economic landscape amidst factors like naira devaluation and fuel subsidy removal.
Source: Business Day