In the third quarter of 2024, Nigerian banks experienced a remarkable 79% year-on-year surge in shareholder funds, which soared from N11.2 trillion in the same period the previous year to N20 trillion, reflecting a substantial increase.
This growth, according to data from Nairalytics, is driven by the shareholder figures of 10 major Nigerian banks, compiled for the third quarter of 2024.
On a quarterly basis, shareholder funds for these banks grew by 12%, climbing from N17.9 trillion in the second quarter of 2024.
Shareholder funds are a key measure of a bank’s financial health. A larger fund indicates lower risk, greater stability, and better growth potential, boosting investor confidence and reflecting a stronger financial position.
With this in mind, here’s a closer look at the top 10 banks in Nigeria with the largest shareholder funds for the third quarter of 2024:
Sterling Bank ranks 10th on the list, with shareholder funds of N207.7 billion in the third quarter of 2024. This represents a 25% year-on-year growth from N165.8 billion in the same period last year.
On a quarter-on-quarter basis, the bank’s funds rose by 9%, increasing from N190.3 billion in Q2 2024, indicating a consistent upward trajectory in its financial health.
Wema Bank holds the 9th position, with N224.7 billion in shareholder funds for Q3 2024. This marks a significant 89% year-on-year increase from N118.5 billion.
On a quarterly basis, the bank’s shareholder funds grew by 13.16%, rising from N198.6 billion in Q2 2024, demonstrating strong growth in a short period.
Stanbic Bank is 8th, with N630.5 billion in shareholder funds for Q3 2024, showing a 34% increase from N471 billion in the previous year. Compared to the second quarter of 2024, the bank saw an 8% rise from N584.4 billion.
Stanbic also posted an impressive 68% growth in pre-tax profit, reaching N78.2 billion for the quarter, further reinforcing its solid financial position.
Fidelity Bank ranks 7th, with shareholder funds totalling N688.2 billion for Q3 2024, up 67% from N410.7 billion in the same period last year. On a quarterly basis, Fidelity saw a 9% increase, up from N629.4 billion in Q2 2024.
Additionally, the bank achieved an outstanding 135% growth in pre-tax profit, reaching N81.6 billion for the quarter.
First Bank of Nigeria comes in 6th, with N2.5 trillion in shareholder funds for Q3 2024, a remarkable 89% increase from N1.3 trillion in the previous year.
The bank also saw a 17% rise in shareholder funds compared to the second quarter of 2024, climbing from N2.2 trillion. FBN’s pre-tax profit surged by 210% year-on-year, reaching N198.8 billion for the quarter.
Guaranty Trust Bank ranks 5th, reporting N2.6 trillion in shareholder funds for Q3 2024, a staggering 107% year-on-year growth from N1.2 trillion.
Guaranty Trust Bank ranks 5th, reporting N2.6 trillion in shareholder funds for Q3 2024, a staggering 107% year-on-year growth from N1.2 trillion.
On a quarterly basis, the bank’s funds rose by 12%, increasing from N2.3 trillion in Q2 2024. Additionally, Guaranty Trust Bank posted a 104% year-on-year growth in pre-tax profit, amounting to N215.6 billion for the quarter.
Ecobank is 4th, with N2.7 trillion in shareholder funds for Q3 2024, reflecting a 57% increase from N1.7 trillion in the same period the previous year. On a quarter-on-quarter basis, the bank saw a robust 20% rise from N2.2 trillion in Q2 2024.
Ecobank also posted a remarkable 137% year-on-year growth in pre-tax profit, which reached N265 billion for the quarter.
Access Bank ranks 3rd, with N3.3 trillion in shareholder funds for Q3 2024, reflecting a 101% year-on-year increase from N1.6 trillion.
On a quarterly basis, the bank’s funds grew by 16%, from N2.8 trillion in Q2 2024. Additionally, Access Bank reported a 65% growth in pre-tax profit, reaching N209.2 billion for the quarter.
Zenith Bank is 2nd, with N3.5 trillion in shareholder funds for Q3 2024, representing an 82% year-on-year increase from N1.9 trillion.
The bank’s funds grew by 10% compared to the previous quarter, rising from N3.1 trillion in Q2 2024. Zenith also achieved a 78% year-on-year growth in pre-tax profit, reaching N275.8 billion for the quarter.
At the top of the list is UBA, with N3.5 trillion in shareholder funds for Q3 2024, marking an impressive 102% year-on-year increase from N1.7 trillion. On a quarter-on-quarter basis, the bank’s funds grew by 20%, from N2.9 trillion in Q2 2024.
Additionally, UBA reported a 111% year-on-year growth in pre-tax profit, reaching N207.3 billion for the quarter.