Eight financial institutions listed on the Nigerian Exchange (NGX) Limited declared ₦1.333 trillion profit in the first quarter (Q1) ended March 31, 2024.
Amidst domestic and global hurdles, they kicked off the year with a noteworthy profit upturn.
Analysts credited the Bank’s profits to a rise in net interest margins (NIMs), propelled by recent upticks in the monetary policy rate.
During the reviewed period, the eight banks—Guaranty Trust Holding Company (GTCO), Zenith Bank, Access Holdings, United Bank for Africa (UBA), Stanbic IBTC Holdings, Fidelity Bank, FCMB Group, and Wema Bank—recorded a profit before tax of ₦1.333 trillion, reflecting a substantial surge of 255.47 percent from the ₦374.907 billion profit before tax registered in the equivalent period of 2023.
GTCO took the lead with the largest pre-tax profit, contributing ₦509.349 billion to the ₦1.333 trillion total.
Zenith Bank witnessed a remarkable growth in pre-tax profit, reaching ₦320.194 billion, while Access Holdings reported a pre-tax profit of ₦202.739 billion in Q1, 2024.
UBA, Stanbic IBTC Holdings, Fidelity Bank, FCMB Group, and Wema Bank, on the other hand, achieved pre-tax profits of ₦156.344 billion, ₦62.713 billion, ₦39.499 billion, ₦31.344 billion, and ₦11.150 billion, respectively, in the initial quarter of 2024.
The Group chief executive officer of GTCO, Segun Agbaje, in a statement said, “our first quarter results reflect the unfolding value of what we have created in all our business verticals through the Holding Company Structure – from Banking and Payments to Funds Management and Pension, we are positioned to compete effectively on all fronts and fulfil all our customers’ needs under a unified, thriving financial ecosystem.
“Despite the challenging operating environment, we delivered a solid performance, recording significant growth across all financial and non-financial metrics, and we remain on track to meet our full-year guidance.”