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.

The Nigerian banking sector posted robust financial results in 2024, with the ten most profitable banks collectively reporting a profit after tax (PAT) of ₦5.54 trillion. This marks a significant 53% increase from the ₦3.39 trillion recorded in 2023.

 

Zenith Bank Plc topped the profitability chart with a PAT of ₦1.03 trillion, closely followed by Guaranty Trust Holding Company, which posted ₦1.02 trillion. United Bank for Africa (UBA) and Ecobank ranked third and fourth with ₦766.6 billion and ₦735.9 billion, respectively. First Holdco Plc and Access Holdings also recorded strong profits, each exceeding ₦600 billion.

 

Other banks on the top ten list include Fidelity Bank, Stanbic IBTC, Wema Bank, and FCMB Group Plc, with profits ranging from ₦279 billion to ₦73 billion. Notably, FCMB was the only bank on the list to experience a decline in profit compared to the previous year.

Source:

NGX

Period:

2024
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