Six Nigerian Banks Record N3trn Profit In 2024

For the 2024 financial year, six banks in the country reported a profit after tax of N3.41 trillion, an increase from the N2.1 trillion recorded in 2023.

This is despite diverse transaction and service complaints, customer dissatisfaction, and the country’s challenging economic situation.

The figure represents a 62.38 per cent increase from the amount recorded during the 2023 financial year.

The News Agency of Nigeria correspondent, who monitored banks’ 2024 audited financial statements posted on the Nigerian Exchange Group (NGX) platform, reveals that all the banks recorded an increase in their gross earnings.

Similarly, their profit before tax rose to N4.1 trillion in 2024, which represents a 42.7 per cent increase compared to N9.61 billion recorded in the corresponding period in 2023.

The banks analysed include Zenith Bank Plc, Guaranty Trust Holding Company Plc, United Bank for Africa Plc, Fidelity Bank Plc, Stanbic IBTC Holdings Plc and Wema Bank Plc.

The banks attributed the profit to equity holders, non-controlling interests, and earnings per share (basic and diluted).

As part of its earnings, GTCO announced a final dividend of N7.03 per share, which brought the total dividend for the 2024 financial year to N8.03 per share, against the N3.20 per share paid in 2023.

Zenith proposed a final dividend of N4.00 per share in addition to N1.00 per share interim dividend, which amounted to N5.00 per share.

UBA proposed a total dividend of N5.00 per share, while Fidelity proposed a final dividend of N2.10 per ordinary share, and Stanbic IBTC proposed a final dividend of N3.00 against N2.20 paid in N2023.

Similarly, the banks’ donations to charitable and non-political organisations rose to N969 billion for the 2024 FY compared to their N2.6 billion contribution in 2023.

However, there were still unresolved customers’ complaints recorded by the banks.

GTCO received 941,241 complaints and resolved 935,081, leaving 7,998 complaints unresolved, while UBA received 3,210,708 complaints and resolved 2,090,122 out of them, leaving 1,120,907 unresolved for the 2024 FY.

Zenith Bank has 203,787 complaints, including the ones brought forward and resolved 202,384, leaving 1,403 unresolved.