Six of Nigeria’s leading banks have posted a combined ₦3.41 trillion profit after tax (PAT) for the financial year ended 2024—marking a 62.38% increase from the ₦2.1 trillion recorded in 2023, despite widespread customer dissatisfaction, service complaints, and a tough economic climate.
The audited 2024 financial statements, published on the Nigerian Exchange Group (NGX) platform, also show that the banks’ profit before tax (PBT) surged to ₦4.1 trillion, reflecting a 42.7% rise from ₦2.87 trillion recorded in the previous year.
The six banks analyzed in the report include:
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Zenith Bank Plc
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Guaranty Trust Holding Company (GTCO) Plc
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United Bank for Africa (UBA) Plc
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Fidelity Bank Plc
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Stanbic IBTC Holdings Plc
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Wema Bank Plc
Despite recurring complaints from customers about service quality and digital transaction failures, all banks recorded significant growth in gross earnings and earnings per share (EPS), attributing profits to a mix of equity holder returns, non-controlling interests, and expanded financial services.
Industry analysts credit the performance to improved interest income, strategic cost controls, and favorable macroeconomic shifts—though they caution that sustained growth will require stronger customer service delivery and digital infrastructure reliability.
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 a 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 2023.
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 customer complaints recorded by the banks.