The Nigerian banking sector experienced a decline in collective pre-tax profit in the third quarter of 2024, reversing the strong performance seen in the second quarter of the year.
According to data from Nairalytics, the twelve largest banks in Nigeria collectively reported a pre-tax profit of N2.2 trillion in Q2 2024, reflecting a significant 28.15% increase from N1.7 trillion in Q1 2024 and underscoring the sector’s strong financial performance.
However, in the third quarter, the pre-tax profit of the same twelve banks dropped to N1.5 trillion, a 30.99% decline from N2.2 trillion in Q2 2024.
Despite the quarterly decline, the third-quarter pre-tax profit of N1.5 trillion still reflected a remarkable 102.97% year-on-year increase from N778.8 billion in the same quarter of the previous year, underscoring strong growth in the sector.
Considering this impressive annual performance, here is a closer look at the top ten banks in Nigeria, ranked by pre-tax profit in the third quarter of 2024.
STERLING BANK
Sterling Bank ranks 10th with a pre-tax profit of N12 billion for Q3 2024, showing an impressive 90% year-on-year increase from N6.3 billion in the same period last year.
Quarter-on-quarter, the bank has grown by 31%, from N8.1 billion in Q2 2024. Sterling’s stock is trading at N4.80.
WEMA BANK
Wema Bank holds the 9th position with a pre-tax profit of N30 billion, a remarkable 199% increase from N10 billion in Q3 2023.
On a quarter-to-quarter basis, Wema Bank has seen a 55% rise from N19.4 billion in Q2 2024, with its stock price of N8.90 signaling continued bullish momentum in the market.
STANBIC IBTC BANK
Stanbic IBTC is in 8th place with a pre-tax profit of N78.2 billion, a 68% year-on-year increase from N46.6 billion in Q3 2023.
However, quarter-on-quarter, Stanbic experienced a significant 47% decline from N147.4 billion in Q2 2024. Despite this, the bank remains solid, with its stock priced at N54.
FIDELITY BANK
Fidelity Bank secured 7th place with a pre-tax profit of N81.6 billion, a 135% year-on-year growth from N34.6 billion in Q3 2023.
However, on a quarter-on-quarter basis, the bank experienced a sharp 49% decline from N161.3 billion in Q2 2024. Fidelity’s stock remains steady at N15.35, showing resilience in the market.
FBNH (FIRST BANK)
First Bank, part of FBN Holdings, is ranked 6th with a pre-tax profit of N198.9 billion for Q3 2024, a 210% increase from N64 billion reported in Q3 2023.
Quarter-on-quarter, FBNH rose by 11.8% from N177.8 billion in Q2 2024, with its stock currently trading at N25.55, riding a bullish trend in the market.
UBA (UNITED BANK FOR AFRICA)
United Bank for Africa (UBA) ranks 5th with a pre-tax profit of N207.3 billion for Q3 2024, reflecting a 111% increase from N98.4 billion in Q3 2023.
On a quarter-on-quarter basis, the bank saw a nearly 16% decline from N245.2 billion in Q2 2024. UBA’s shares are trading at N32.50.
ACCESS BANK
Access Bank claims 4th place with a pre-tax profit of N209.2 billion, a 65% increase from N126.8 billion in Q3 2023.
However, the bank has seen a significant 40% decline quarter-on-quarter from N348.9 billion in Q2 2024. In the stock market, Access Bank’s stock is trading at N23.10, reflecting strong long-term bullish potential.
GTCO (GUARANTY TRUST HOLDINGS COMPANY)
Guaranty Trust Holding Company (GTCO) is in 3rd place with a pre-tax profit of N215.6 billion, an impressive 104% year-on-year increase from N105.8 billion in Q3 2023.
However, quarter-on-quarter, GTCO experienced a 56.4% decline from N494.4 billion in Q2 2024, with its shares currently priced at N53.00, indicating a strong position in the market.
ECOBANK
Ecobank holds 2nd place with a pre-tax profit of N265 billion, a remarkable 137% increase from N111.8 billion in Q3 2023.
On a quarter-on-quarter basis, the bank has grown by nearly 10%, from N241.9 billion in Q2 2024. Ecobank’s stock is trading at N53.00, riding on continued positive sentiment in the market.
ZENITH BANK
Zenith Bank takes the top spot with the largest pre-tax profit of N275.8 billion for Q3 2024, marking a solid 78% increase from N154.6 billion in the same period last year.
Quarter-on-quarter, Zenith saw a 32.2% decline from N406.8 billion in Q2 2024. Despite this, Zenith remains a dominant player in the market, with shares currently priced at N44.
