Top banks hit ₦9.51 trillion annual revenue in the 2023 financial year

The financial report was culled from the banks’ audited financial statements. It showed that the tier 1 banks include Access Holdings Plc, FBN Holdings Plc, Guaranty Trust Holding Company (GTCO) Plc, United Bank for Africa (UBA) Plc and Zenith Bank Plc.

The earned revenue, which is a significant increment from the figures in 2022, is a boost for the deposit money banks and tier 1 banks particularly, as they aim to increase their capital bases ahead of the 2026 recapitalisation deadline.

Nigerian banks with highest annual revenue

The banks that featured in the top five of the report are as follows;

1. Access Holdings Plc

The bank's gross earnings increased by 87% from ₦1.389 trillion in 2022 to ₦2.59 trillion in 2023.

2. FBN Holdings

FBN Holdings' profit grew from ₦805.13 billion in the 2022 financial year to ₦1.52 trillion, indicating a growth of 88.5%.

3. Guaranty Trust Holding Company Plc

Guaranty Trust Holding Company Plc’s revenue witnessed a huge 120% profit from ₦539.24 billion recorded in 2022, to ₦1.187 trillion in 2023.

5 top banks hit ₦9.51 trillion annual revenue in the 2023 financial year [Fitch] BI Africa

4. United Bank for Africa

UBA’s revenue jumped by 143% from ₦853.2 billion in 2022, to ₦2.08 trillion in 2023.

UBA also reported an earnings-per-share EPS of ₦17.77, declaring a total dividend of ₦2.80 in the fiscal year 2023

5. Zenith Bank

Zenith Bank’s earned profit recorded a 125.4% increase from ₦945.55 billion recorded in 2022 to ₦2.13 trillion in 2023.

Further breakdown of the banks’ financial statements showed the profit after tax (PAT) generated by the five banks in 2023 was recorded as ₦2.75 trillion indicating a growth of 224.4% from N807.65 billion reported in 2022.

Zenith Bank topped the PAT list with the largest figure - ₦679.9 billion. Access Holdings followed with ₦619.3 billion while UBA and GTCO recorded ₦607.7 billion and ₦539.7 billion respectively.