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Nigerian Banks Report N3 Trillion Profit Amid Economic Challenges

  • Rejoice Nnadiugwu
  • Apr 1
  • 2 min read

These impressive financial results come amid widespread customer complaints and a challenging economic environment

​In the face of Nigeria's challenging economic landscape, six leading banks have reported a combined Profit After Tax (PAT) of approximately N3.41 trillion for the 2024 financial year, marking a 62.38% increase from the N2.1 trillion recorded in 2023. ​


Breakdown of Profits:

  • Zenith Bank Plc: Achieved a PAT of N1.03 trillion, a 52.5% rise from N676.9 billion in 2023. ​

  • Guaranty Trust Holding Company (GTCO) Plc: Reported N1.017 trillion in PAT, reflecting an 88.4% increase from N539.6 billion in the previous year. 

  • United Bank for Africa (UBA) Plc: Recorded a PAT of N766.6 billion, up 24.14% from N607.7 billion in 2023. ​L

  • Stanbic IBTC Holdings Plc: Posted a PAT of N225.3 billion, representing a 60.23% growth. ​

  • Fidelity Bank Plc: Achieved a PAT of N278.1 billion, a 79.63% increase from the prior year. ​.

  • Wema Bank Plc: Reported a PAT of N102.5 billion, marking a 141% surge compared to the previous year. ​L


These impressive financial results come amid widespread customer complaints and a challenging economic environment characterized by high inflation rates, naira depreciation, and reduced consumer purchasing power. ​


Factors Contributing to Profit Growth:

  1. Foreign Exchange Gains: The devaluation of the naira has led to significant foreign exchange gains for banks holding dollar-denominated assets, contributing substantially to their profitability. 

  2. Digital Banking Expansion: Banks have increasingly leveraged digital platforms to enhance service delivery and revenue. For instance, UBA's digital banking revenue hit N284.7 billion in 2024, reflecting the growing adoption of electronic banking services.

  3. Interest Income: An increase in lending rates, influenced by the Central Bank of Nigeria's monetary policy adjustments, has bolstered interest income for these financial institutions. ​


Customer Complaints and Regulatory Oversight:

Despite these financial gains, there has been a notable rise in customer dissatisfaction. For example, GTCO received 941,241 complaints in 2024, resolving 935,081 and leaving 7,998 unresolved. Similarly, UBA had 3,210,708 complaints, with 1,120,907 remaining unresolved. ​


Financial experts are urging the Central Bank of Nigeria (CBN) to intensify its monitoring and supervisory roles to ensure that banks address customer grievances effectively and maintain fair practices. Prof. Uche Uwaleke, President of the Capital Market Academics of Nigeria, emphasized the need for the CBN to ensure that banks are not overcharging customers and are adhering to ethical banking practices. ​


The remarkable profitability of these banks amidst economic adversity underscores their resilience and strategic adaptability. However, addressing customer concerns and enhancing service delivery remain critical to sustaining public trust and ensuring long-term success in Nigeria's evolving financial

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