Nigeria’s top-tier banks have reported a significant surge in profitability and asset growth, reflecting the resilience of the financial sector despite macroeconomic challenges and ongoing recapitalisation. Pre-tax profit for five leading banks—United Bank for Africa (UBA), First Holdco, Zenith Bank, Guaranty Trust Holding Company (GTCO), and Stanbic IBTC Holdings—grew by 69.5% to N4.56 trillion in 2024, up from N2.69 trillion in 2023, while net profit after tax rose by 66.2% to N3.78 trillion.
The banks’ combined total assets crossed the N100 trillion mark, reaching N108.21 trillion by December 31, 2024, compared to N72.80 trillion the previous year. The growth was primarily driven by increased deposits and retained earnings.
UBA, which now holds the largest asset base at N30 trillion, recorded a pre-tax profit of N803.72 billion, while Zenith Bank’s profit before tax surged to N1.32 trillion from N795.96 billion. GTCO’s pre-tax profit nearly doubled to N1.27 trillion, First Holdco’s rose to N862.39 billion, and Stanbic IBTC reported N303.8 billion.
The impressive financial performance was largely attributed to operational growth rather than extraordinary gains, such as forex revaluation profits that had significantly boosted figures in 2023. With rising profitability, directors have proposed higher dividends for shareholders, with GTCO announcing a total payout of N8.03 per share, Zenith Bank N5 per share, UBA N5 per share, and Stanbic IBTC N3 per share.
UBA’s Group Managing Director, Oliver Alawuba, highlighted the bank’s strong earnings growth, asset quality, and expanding global footprint, while GTCO’s CEO, Segun Agbaje, emphasized the group’s diversified revenue base and disciplined capital management. Experts note that the strong financial results indicate the sector’s stability, reinforcing investor confidence amid economic uncertainties.
