It is raining Naira in some headquarters in Nigeria, over the last 9 months to Sept 2023. Pre-tax profits*:
- Zenith Bank: N505 billion
- UBA: N502.1 billion
- GTBank’s GTCO: N433.2 billion
- Dangote Cement: N404.9 billion
- Access Bank’s Access Holdings: N294.4 billion
- First Bank’s FBNH: N270.3 billion
- MTN Nigeria: N232.5 billion.
UBA remains the most geographical diversified banking institution in Nigeria and the results are showing the power of that playbook. Indeed, operating in about 20 African countries with shops in Dubai, New York, Paris and London, UBA has a good spot. Zenith Bank has used scale to become the leader. Of course, though it is no more the rainmaker, GTBank* continues to mint money.
For banks, 2023 is the best year yet. Do not expect these numbers in 2024; the FX gains will calibrate out by then. Of course, these numbers are relatively small, but considering the size of Nigeria’s economy, the banks are adequately capturing value – and that is why investors are cheering.
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*Nairametrics data
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