In the third quarter of 2024, Nigerian banks experienced a remarkable 79% year-on-year surge in shareholder funds, which soared from N11.2 trillion in the same period the previous year to N20 trillion, reflecting a substantial increase.
This growth, according to data from Nairalytics, is driven by the shareholder figures of 10 major Nigerian banks, compiled for the third quarter of 2024.
On a quarterly basis, shareholder funds for these banks grew by 12%, climbing from N17.9 trillion in the second quarter of 2024.
Shareholder funds are a key measure of a bank’s financial health. A larger fund indicates lower risk, greater stability, and better growth potential, boosting investor confidence and reflecting a stronger financial position.
With this in mind, here’s a closer look at the top 10 banks in Nigeria with the largest shareholder funds for the third quarter of 2024:
10. Sterling Bank
Sterling Bank ranks 10th on the list, with shareholder funds of N207.7 billion in the third quarter of 2024. This represents a 25% year-on-year growth from N165.8 billion in the same period last year.
On a quarter-on-quarter basis, the bank’s funds rose by 9%, increasing from N190.3 billion in Q2 2024, indicating a consistent upward trajectory in its financial health.
9. Wema Bank
Wema Bank holds the 9th position, with N224.7 billion in shareholder funds for Q3 2024. This marks a significant 89% year-on-year increase from N118.5 billion.
On a quarterly basis, the bank’s shareholder funds grew by 13.16%, rising from N198.6 billion in Q2 2024, demonstrating strong growth in a short period.
8. Stanbic Bank
Stanbic Bank is 8th, with N630.5 billion in shareholder funds for Q3 2024, showing a 34% increase from N471 billion in the previous year. Compared to the second quarter of 2024, the bank saw an 8% rise from N584.4 billion.
Stanbic also posted an impressive 68% growth in pre-tax profit, reaching N78.2 billion for the quarter, further reinforcing its solid financial position.
7. Fidelity Bank
Fidelity Bank ranks 7th, with shareholder funds totalling N688.2 billion for Q3 2024, up 67% from N410.7 billion in the same period last year. On a quarterly basis, Fidelity saw a 9% increase, up from N629.4 billion in Q2 2024.
Additionally, the bank achieved an outstanding 135% growth in pre-tax profit, reaching N81.6 billion for the quarter.
6. First Bank of Nigeria
First Bank of Nigeria comes in 6th, with N2.5 trillion in shareholder funds for Q3 2024, a remarkable 89% increase from N1.3 trillion in the previous year.
The bank also saw a 17% rise in shareholder funds compared to the second quarter of 2024, climbing from N2.2 trillion. FBN’s pre-tax profit surged by 210% year-on-year, reaching N198.8 billion for the quarter.
5. Guaranty Trust Bank
Guaranty Trust Bank ranks 5th, reporting N2.6 trillion in shareholder funds for Q3 2024, a staggering 107% year-on-year growth from N1.2 trillion.
On a quarterly basis, the bank’s funds rose by 12%, increasing from N2.3 trillion in Q2 2024. Additionally, Guaranty Trust Bank posted a 104% year-on-year growth in pre-tax profit, amounting to N215.6 billion for the quarter.
4. Ecobank
Ecobank is 4th, with N2.7 trillion in shareholder funds for Q3 2024, reflecting a 57% increase from N1.7 trillion in the same period the previous year. On a quarter-on-quarter basis, the bank saw a robust 20% rise from N2.2 trillion in Q2 2024.
Ecobank also posted a remarkable 137% year-on-year growth in pre-tax profit, which reached N265 billion for the quarter.
3. Access Bank
Access Bank ranks 3rd, with N3.3 trillion in shareholder funds for Q3 2024, reflecting a 101% year-on-year increase from N1.6 trillion.
On a quarterly basis, the bank’s funds grew by 16%, from N2.8 trillion in Q2 2024. Additionally, Access Bank reported a 65% growth in pre-tax profit, reaching N209.2 billion for the quarter.
2. Zenith Bank
Zenith Bank is 2nd, with N3.5 trillion in shareholder funds for Q3 2024, representing an 82% year-on-year increase from N1.9 trillion.
The bank’s funds grew by 10% compared to the previous quarter, rising from N3.1 trillion in Q2 2024. Zenith also achieved a 78% year-on-year growth in pre-tax profit, reaching N275.8 billion for the quarter.
1. United Bank for Africa (UBA)
At the top of the list is UBA, with N3.5 trillion in shareholder funds for Q3 2024, marking an impressive 102% year-on-year increase from N1.7 trillion. On a quarter-on-quarter basis, the bank’s funds grew by 20%, from N2.9 trillion in Q2 2024.
Additionally, UBA reported a 111% year-on-year growth in pre-tax profit, reaching N207.3 billion for the quarter.
