Nigeria’s tier one banks (known by the acronym, FUGAZ) posted a total of N1.28 trillion as gross earnings for the six months ended June 2018. This marks a slight decrease, compared to N1.29 trillion posted in the comparative period of 2017.

Profit before tax howe, however, from N338.2 billion in 2017 to N359 billion in 2018. Profit after tax showed minute growth moving from N281.9 billion in 2017 to N282.1 billion in 2018.

FUGAZ stands for FBN Holdings, UBA Plc, Guaranty Trust Bank, Access Bank and Zenith Bank. These are the five biggest banks by capitalization in the country.

The bank with the biggest turnover

  • Zenith Bank Plc had the largest turnover, as the bank made N322 billion as gross turnover. This amounts to 28.4% of the gross turnover made by the 5 banks.
  • UBA Plc was next with gross earnings of N258 billion.
  • Access Bank rounds up the top 3 with gross earnings of N253 billion.

Which bank had the highest profit before tax?

  • Guaranty Trust Bank had the highest profit before tax. The bank made a profit before tax of N109 billion.
  • This amounts to 30.3% of profit before tax made by the 5 banks. Zenith Bank follows closely with a profit before tax of N107.3 billion made as at June 2018 or 29.8% of the total turnover.
  • UBA Plc rounds up the top 3 with a profit before tax of N58.1 billion or 16.1% of the profit made by the 5 banks.

The leading bank in profit after tax

  • Guaranty Trust Bank also leads in profit after tax. The bank made a profit after tax of N95.5 billion. This amounts to 32.4% of the profit after tax made by the five banks.
  • Closely following is Zenith which made N81.7 billion as profit after tax in H1 2018 or 27.7% of profit after tax made by the FUGAZ banks.
  • UBA Plc rounds up the top three, with a profit after tax of N43.7 billion. This amounts to 14.8% of the FUGAZ profits.

Which bank paid the most as dividends?

  • Zenith Bank and Guaranty Trust Bank both declared an interim dividend of N0.30 per share.
  • Access Bank takes up the second spot with an interim dividend of N0.25 per share. FBN Holdings did not declare an interim dividend.
  • Zenith was the only bank that increased its dividend payout.

Best performing in price appreciation 

  • Year to date performance in terms of capital appreciation has been poor. FBN Holdings is the best performing with a 0.57% gain year to date.
  • The rest of the banks are currently in negative territory.
  • UBA Plc is down 23.30% year to date. Guaranty Trust Bank is down 10.43%. Access Bank is down 10.05% year to date, and Zenith Bank 16.73% year to date.
Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via


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