Banks have continued to record impressive financial results in the first quarter of 2024, after a strong year in 2023.
For instance, in the first quarter of 2024, GTCO achieved the highest profit ever recorded in the banking industry.
A collective sum of N1.58 trillion in pre-tax profit was announced by eleven banks in their quarterly financial report, according to Nairametrics.
This shows a 263% year-on-year increase compared to the N436 billion pre-tax profit recorded in the same quarter last year.
Here are the top 5 best-performing banking groups in Q1 2024 based on pre-tax profit.
UBA – N156.3 billion
A pre-tax profit of N156.3 billion was generated by UBA Plc in Q1 2023, up 155% from N61.4 billion in 20023.
In the quarter, the bank’s net income amounted to N300.7 billion, marking a 151% year-over-year surge from the N119.6 billion reported in Q1 2023.
The group reported a net operating income of N375.3 billion.
Meanwhile, The year-over-year increase in operating expenses was a significant 104%, with expenses rising to N219 billion from N107.3 billion in Q1 2023.
Access Holdings – N202.7 billion
Access Holdings posted a pre-tax profit of N202.7 billion during the quarter under review, marking a 148% YoY increase from the N81.7 billion posted in Q1 2023.
During the quarter, the group recorded a net interest income of N275.7 billion, representing 189% YoY growth from the N95.3 billion posted in Q1 2023.
During that time, the group’s assets grew to N32.5 billion, up from N26.7 billion as of FYE 2023.
FBN Holdings – N238.5 billion
In the first quarter of 2024, FBN Holdings, recorded a pre-tax profit of N238.5 billion, indicating a 325% surge from the N56.1 billion reported in Q1 2023.
During the quarter, the group posted a net interest income of N228.6 billion, marking a 104% YoY increase from the N111.8 billion posted in Q1 2023.
The group’s operating income was driven by a N288.9 billion net gain on financial instruments at fair value.
Zenith Bank – N320.2 billion
In Q1 2024, Zenith Bank maintained its strong performance with a pre-tax profit of N320.2 billion, following an exceptional comeback in FY 2023.
This marks a 270% YoY growth from the N86.6 billion posted in Q1 2023.
The bank In FY 2023 was the highest profit earner, but it dropped to the second position in Q1 2024. Its net interest income for Q1 2024 was N306.5 billion, making it the largest in the country.
In Q1 2023, Zenith Bank also posted the largest net interest income, with N120.8 billion.
In the first quarter of 2023, Zenith Bank recorded an impressive net trading income of N210.7 billion.
GTCO – N509.3 billion
GTCO achieved a significant milestone when it posted the highest-ever quarterly pre-tax profit in its history.
The pre-tax profit of the company stood at NN509.3 billion, marking a 587.5% year-on-year surge from the N74.1 billion reported in Q1 2023.
The group achieved a net interest income of N82.3 billion, showing a 177% year-over-year increase from the previous N82.2 billion
In Q1 2023.
However, the group registered a N1.6 billion increase in fair value, despite incurring a N12.7 billion loss from FX revaluation.
In March, the central bank revealed a tenfold increase in the minimum capital requirements for banks, marking the first such adjustment in nearly twenty years.
