Zenith, Access, UBA Are Nigeria’s Largest Banks by Profit

It has never been this good for banks who made a lot of money in 2023 as the sudden devaluation of the currency that bolstered profit of Nigeria’s largest banks was like manna from heaven.

More interesting is that the expectation of bumper dividends and a positive outlook on the back of the announcement on recapitalisation by the regulator allayed investors’ fear about the stability of the sector.

Top 10 banks in Nigeria in 2023

MoneyCentral decided to rank banks by profit to separate wheat from the chaff or the strongest from the weakest as a lot of investors don’t know the strength of lenders based on the bottom-line.

Zenith Bank Plc

• Net income: N676.90 billion

Zenith Bank is the largest Nigerian-based bank and the largest in the country by profits. It is a leading bank in investment banking and financial services. The lender continues to deliver an attractive Gross earnings (N’Bn) earnings profile, supported by a robust revenue base.

Access Bank Plc: N619.33 billion

With a substantial investment banking and robust asset size, Access Bank has a net income of N619.12 bn. It has the largest customer base and aggressive expansion plans as it is acquiring banks across the continent.

United Bank for Africa (UBA) Plc: N607.69 billion  

The Pan-African lender that is spreading its investment tentacles across the globe is the third largest by profit, and the second most efficient lender in Africa’s most populous nation.

Guaranty Trust Holdings Plc: N539.65 billion

Guaranty Trust Holding (GTCO) Plc is the fourth largest lender by profit and the lender with the highest return on equity (ROE) the lowest cost to income ratio, making it the most efficient lender.

FBN Holdings Plc: N309.88 billion

FBN Holdings Plc ranks fifth on the ladder , with a net income of N309.88 billion.

Ecobank Transnational Corporation (ETI): N182.92 billion

Ecobank ranks sixth with a net income of N182.92 billion as the Pan-African lender is struggling with inflationary pressures and foreign currency volatility in host countries.

Stanbic IBTC Holdings Plc: N140.61 billion

Stanbic IBTC is the seventh largest lender by Profit and the most profitable among the small and mid-sized banks.

Fidelity Bank Plc: N101.29 billion

Fidelity Bank Plc, another small and mid-sized lender, is eighth on the list, with net income of N101.29 billion in 2023.

First City Monument Bank Plc (FCMB): N95.52 billion

FCMB Plc has been making inroads in the investment banking and pension industry through its asset management arm. Little wonder it has a net income of N95.52 billion.

Sterling Bank Plc: N21.51 billion  

Sterling Bank is the tenth on the list with net income of N21.51 billion.

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