Despite substantial net interest revenue (₦2.2 trillion), CBN saw a significant loss of ₦1.15 trillion in 2023.
From 2017 to 2019, the bank reported negative net interest income while maintaining profitability.
In 2024, profits increased marginally to ₦38.8 billion, following a significant decrease in 2023. 2021 and 2022 were recovery years, with considerable increases in both net interest and profits.
Profit decreased by nearly 68% from ₦123 billion (2015) to ₦39 billion (2024).
Profit after tax was typically positive, with the exception of 2023, when the institution suffered a significant loss, likely due to naira redenomination.
Data from 11 Nigerian banks in H1 2024 reveals that 10 of them experienced profit growth, showcasing resilience in the sector. Leading the way is GTCO with a remarkable ₦905.6 billion profit, representing a 223% YoY increase.
Zenith Bank follows closely with ₦578 billion, reflecting 98% growth. Jaiz Bank, while having the smallest profit at ₦11.28 billion, posted a strong 199% rise. UBA saw a decline, with its profit being 16% lower than in H1 2023.
