Top Nigerian Banks Post Record ₦17.3 Trillion in Gross Earnings, Profit Soars by 60% in 2024
In a year marked by economic hurdles, Nigeria’s top five banks – Zenith Bank, GTCO, UBA, Access Holdings, and First HoldCo – delivered an impressive ₦5.1 trillion in pre-tax profit for 2024, reflecting a 59.4% surge from the previous year. Their combined gross earnings also jumped 80% year-on-year, climbing from ₦9.6 trillion in 2023 to ₦17.3 trillion. The major drivers? Strong interest income, smart plays on forex revaluation, and consistent growth in non-interest income streams, which helped them stay well ahead of the curve despite regulatory pressures.
Zenith Bank led the pack with ₦1.32 trillion in PBT, while GTCO wasn’t far behind at ₦1.266 trillion – more than double its 2023 numbers. Access Holdings and UBA both recorded solid gains as well, with profits hitting ₦867 billion and ₦803.7 billion respectively. First HoldCo stood out with a 124% leap, closing the year at ₦781.9 billion. Analysts say these results reflect the banks’ strategic use of treasury management and innovative funding tactics in a high-interest environment.
Still, the outlook for 2025 is a mixed bag. With expectations of a stronger naira and a potential decline in interest rates, profit margins could come under pressure. But analysts remain optimistic. Banks with diversified revenue models and growing loan books are still likely to attract investor confidence, especially those capitalising on trading gains and digital banking innovation. Many are already positioning themselves by shoring up Tier-1 capital and expanding retail penetration.
Experts like Charles Abuede and Tajudeen Olayinka agree the sector has proven its resilience and adaptability. Even if the Central Bank shifts toward easing policies, they believe the banks are well-equipped to maintain solid performance. Whether it’s managing liquidity under tighter CRR or leveraging fintech to reach new customers, the Nigerian banking sector is showing no signs of slowing down – and could remain a major driver of economic momentum if reforms take root in 2025.
Source: The Guardian