Wema Bank - Intelpoint

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Zenith Bank remained Nigeria's most profitable bank in 2024, with a profit after tax (PAT) of ₦1.03 trillion, a 53% increase from the 2023 value

Key takeaways:

Zenith Bank Plc led the profitability ranking with a Profit After Tax (PAT) of ₦1.03 trillion.
Guaranty Trust Holding Company followed closely with ₦1.02 trillion in PAT.
Each of the top six banks recorded profits exceeding ₦600 billion.
The total PAT for the top ten banks rose by 53%, from ₦3.39 trillion in 2023 to ₦5.54 trillion in 2024.
FCMB Group Plc was the only bank among the top ten to record a year-on-year decline in PAT.
Ecobank, First Holdco, Fidelity Bank, and Wema Bank each recorded over 100% growth in PAT compared to 2023.

Ecobank is now Nigeria’s largest publicly listed bank by total assets, after a 67% surge, dethroning Access Holdings in 2024

Key takeaways:

Ecobank Transnational Incorporated ranks first with total assets of ₦43.3 trillion, marking a 67% increase from 2023.
Access Holdings Plc ranked the second-largest bank in 2024, as against the first in 2023.
The combined assets of the top five banks amount to ₦171.6 trillion, a 55% increase from 2023.
These five institutions represent the largest players in Nigeria’s banking sector by total assets as of 2023 and 2024.
The increase in total assets of the top ten banks ranges from 34% to 67% year on year.
The assets of the top ten listed public banks rose by 54% in 2024.

The legacy of Wema Bank embodies resilience, flexibility, and influence

Key takeaways:

In 2015, Wema Bank transitioned from being a regional bank to achieving national bank status.
To promote innovation and cooperation within the tech community, Wema Bank organised its inaugural hackathon, "Hackaholics", in 2019.
The bank has continually prioritised innovation, particularly with the introduction of ALAT, Nigeria's pioneer fully digital banking service.
Wema Bank holds the distinction of being Nigeria's oldest indigenous bank still in operation.

GTCO grows profit by over 3x in H1 2024, leading Nigerian banks with a 223% surge

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.

GTCO tops 2023 profit margins for Nigerian banks

After tax, 12 NGX-listed Nigerian banks retained 10% - 45% of their respective revenues for the year as profit, with GTCO in the lead. Despite Zenith Bank leading in profit after tax with nearly ₦677 billion, GTCO recorded the highest profit margin, keeping 45% of its revenue. Here are Nigerian banks' profit margins in 2023.

Twelve Nigerian banks collectively earned ₦3.42 trillion profit after tax in 2023

Twelve Nigerian banks listed on the Nigerian Exchange Group (NGX) reported a total profit of ₦3.42 trillion in 2023, with all banks making a profit and seeing increases from 2022. The top four banks — Zenith Bank, Access Holdings, UBA, and GTCO — contributed 71% of this amount. Zenith Bank saw a 202% increase from the previous year and led the way with ₦676.9 billion, while Access Bank recorded the highest increase in profits (307%). Jaiz Bank made the least profit (₦11.2 billion) followed by Sterling Bank (₦21.6 billion) and Wema Bank (₦36 billion).