Commercial banks in Nigeria are having an impressive year despite challenges in the economy.
Data shows that the thirteen Nigerian banks listed on the Nigeria Exchange recorded a combined profit of N501.13 billion after-tax payments from January to June 2022.
This represents a 13.1 per cent increase when compared to the N443.17 billion achieved in the corresponding period of 2021.
The Banks include Access Holdings Plc, Zenith Bank Plc, and United Bank for Africa Plc (UBA). FBN Holdings Plc, and Guaranty Trust Holding Company Plc.
Fidelity Bank Plc, Stanbic IBTC Holdings, FCMB Group Plc, Union Bank for Nigeria Plc, Sterling Bank Plc, Wema Bank Plc and Unity Bank Plc.
The top two biggest commercial banks by profit Zenith Bank posted the highest profit, followed by Access and Guaranty Trust Holding, the parent company of GT bank, Nairametrics reports.
The top five banks with the highest profit are: Zenith bank- N111.41 billion Access bank- N88.74 billion Guaranty Trust Holding – N77.58 billion UBA – N70.33 billion First Bank – N56.6 billion Other top banks profits Stanbic IBTC – N30.67 billion Fidelity Bank – N23.31 billion FCMB – N13.66 billion Union Bank – N11.07 billion Sterling Bank – N8.01 billion