Here are the top 5 best performing Nigerian banks in 2022

Nigerian Banks
  • Business Insider Africa presents the 5 most successful banks in Nigeria in H1 2022
  • This list shows the net revenue of banks against, their gross profit tax expenditure, and operating expenses
  • The list of courtesy of Nairalytics, the research arm of Nairamterics

A new report has shown, which of the thirteen Nigerian banks recorded the highest revenues in the first half of 2022.

According to Nairalytics, the research department of Nairametrics, the thirteen Nigerian banks listed on the Nigeria Exchange raked in N501.13 billion net profit in the first half of 2022.

This revenue is 13% more than last year's, within the same period in review. This revenue is also despite the economic issues that have plagued Nigeria in the past few months since the year began, including, high inflation rates, devaluation of the naira, and an increased interest rate.

These banks managed to do well despite compromises such as reducing working hours to minimize operating costs.

Below is a list of five of the best performing banks this year thus far, according to Nairametrics;

Zenith Bank: Zenith Bank is the best performing bank this year, recording a net revenue of N111.41 billion. Its gross profit is N404.76 billion. Both numbers denote an increase for the bank from last year’s performance.

Last year, the bank experienced a 5% increase in its net profit, within the period in review, which came in at N106.12 billion. Also in its gross, it experienced a 17.1%increase. Its cost of operation grew by 26.8% year-on-year to N123.78 billion, while personnel expenses increased by 5.7% to N39.74 billion.

Tax expenses for this bank rose by 69.9% from N10.94 billion to N18.59 billion.

Access Bank: Following behind is Access Bank which had a revenue of N88.74 billion. The bank grew by 2.1% in profit margins this year compared to its last year’s revenue of N86.94 billion in the same six months.

Its gross margins grew significantly by 31.4%. The bank experienced a surge in its operating expenses including, personnel expenses increasing by 33.9% to N58.27 billion while other operating expenses surged by 40.2% year-on-year to N176.71 billion.

Tax expenses surged by 14.3% to N9.05 billion.

Guarantee Trust Holding: Coming in third is Guarantee Trust Holding, which had a revenue of N77.58 billion. This bank unlike the previous two banks mentioned experienced a decline of 2.3% in its bottom line. Last year, Guarantee Trust Holding raked in N79.42 billion within the first six months.

This decline could be a result of the surge in the bank’s operating cost, which was N63.57 billion, 17% higher than the N54.34 billion it expended in the same period last year.

Tax expenses also increased by 88.3% to N25.69 billion in the period under review.

United Bank of Africa (UBA): This bank recorded N70.33 billion in net revenue in the first half of 2022. Unlike GTA, the bank saw a significant increase in its profit margin compared to the same period in 2021. UBA had a 16.1% increase, shooting from N60.58 billion in 2021 to N70.33 billion in 2022.

Personnel expenses surged by 22.7% to N52.29 billion, and other operating expenses increased by 22.6% to N96.57 billion.

Tax expenses for this bank in the first half of the year fell by 1.2% to N15.42 billion when compared to last year, in the period under review.

First Bank of Nigeria: At number 5 is one of Nigeria’s premier banks, First Bank. This bank made N56.6 billion in the first half of 2022. Of all the banks listed here, First Bank experienced the most growth from last year to this year. In the first half of 2021, the bank made N38.09 billion compared to its 56.6 billion this year, a 48.6% increase in retrospect.

As for personnel expenses the bank spent N55.31 billion, an increase of 7.9% when compared to last year. Operating expenses jumped by 32.7% to N116.78 billion.

This is a Business Insider Article, for more articles like this, visit africa.businessinsider.com

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