Access Bank consistently led in gross earnings among selected Nigerian banks, reaching N4.9T in 2024, a significant jump from N2.6T in 2023

  • Access Bank led all Nigerian banks with ₦4.9T in gross earnings in 2024, nearly doubling its 2023 performance.
  • FirstHoldCo saw a sharp rise in earnings to ₦3.2T in 2024
  • Zenith Bank grew consistently, crossing the ₦4T mark in 2024 from ₦1T in 2022, showing strong operational expansion.
  • Wema Bank, despite being the smallest, quadrupled its earnings over two years, from ₦0.1T to ₦0.4T.
  • Fidelity and FCMB nearly tripled their gross earnings between 2022 and 2024, showing rising momentum among mid-tier banks.

Access Bank has maintained a firm grip at the top of the earnings chart, with its gross earnings skyrocketing from ₦2.6 trillion in 2023 to ₦4.9 trillion in 2024—almost doubling in just a year. This consistent lead displays its growing dominance in the Nigerian banking space. Following behind, Zenith Bank and FirstHoldCo also saw significant earnings growth, with both surpassing the ₦3 trillion mark in 2024, up from ₦2.1 trillion and ₦1.6 trillion, respectively, in 2023.

What’s most striking is the steep growth curve between 2022 and 2024 for many banks. For example, GTCO jumped from ₦0.5 trillion in 2022 to ₦2.2 trillion in 2024—more than quadrupling its earnings in just two years. Even smaller players, such as Wema Bank, recorded meaningful gains, increasing from ₦0.1T in 2022 to ₦0.4T in 2024. This sharp rise in earnings across the board suggests that Nigerian banks are not just recovering from past economic shocks but are actively expanding and deepening their revenue base.

Source:

Banks’ audited financial reports

Period:

2022-2024
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Access Bank reported the highest total salaries paid among selected Nigerian banks in 2024, reaching ₦357.6B
  • Access Bank paid the highest total salaries in 2024, amounting to ₦357.6 billion.
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  • Zenith Bank had one of the highest salary bills (₦137.7 billion) but spent the smallest portion of its revenue on staff at just 3.47%.
  • Wema Bank, though paying the lowest in total salaries (₦33.8 billion), had one of the highest salary-to-revenue ratios at 7.81%.
  • FirstHoldCo, with ₦229.1 billion in staff costs, maintained a moderate salary-to-revenue ratio of 7.14%.
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Kenya led 40 African countries with 90.1% account ownership in 2024
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Key Takeaways:
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  • Access Holdings Plc led the list with ₦6.74 billion, accounting for nearly 32% of total donations.
  • The top three banks (Access, Zenith, and UBA) contributed around ₦13.6 billion, or 65% of total donations.
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Key takeaways:
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  • Guaranty Trust Holding Company followed closely with ₦1.02 trillion in PAT.
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  • 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.
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Key takeaways:
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  • The average profit after tax among Africa's top ten profitable banks reached $867 million.
  • The four most profitable banks in Africa each exceeded $1 billion in profit after tax.
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