The thirteen Nigerian banks with the highest revenue in the first half of 2022 were identified in a recent survey.
The thirteen Nigerian banks listed on the Nigeria Exchange generated N501.13 billion in net profit in the first half of 2022, according to Nairalytics, the research arm of Nairametrics.
Within the same time frame, this revenue is up 13% from the previous year. This income is also achieved in spite of the country’s recent economic woes, which have included high inflation rates, the naira’s depreciation, and an elevated interest rate.
These banks succeeded despite making concessions like shortening hours to cut operating expenses.
According to Nairametrics, below is the list of five of the best performing banks this year thus far;
Zenith Bank
With a net income of N111.41 billion, Zenith Bank has had the greatest year of all the banks. There is N404.76 billion in gross profit. Both figures show an improvement for the bank over its results from the previous year.
Within the period under review last year, the bank’s net profit increased by 5% and totaled N106.12 billion. Additionally, it had a growth of 17.1% in gross. Its operating costs increased by 26.8% on a yearly basis to N123.78 billion, while personnel costs rose by 5.7% to N39.74 billion.
This bank’s tax costs increased from N10.94 billion to N18.59 billion, a 69.9% increase.
Access Bank
Access Bank, which earned revenue of N88.74 billion, came in second. In comparison to its N86.94 billion in revenue from the same six months last year, the bank’s profit margins increased this year by 2.1%.
Gross margins increased noticeably by 31.4%. The bank’s operating costs increased, with staff costs rising by 33.9% to N58.27 billion and other operating expenses rising by 40.2% to N176.71 billion year over year.
The cost of taxes increased by 14.3% to N9.05 billion.
Guarantee Trust Holding
With revenue of N77.58 billion, Guarantee Trust Holding came in third. In contrast to the first two banks mentioned, this bank’s bottom line fell by 2.3%. Within the first six months of last year, Guarantee Trust Holding made N79.42 billion.
This reduction may be due to the bank’s operating costs, which increased by 17% to N63.57 billion from N54.34 billion during the same time last year.
Tax costs also rose by 88.3% to N25.69 billion during the examined period.
United Bank of Africa (UBA)
In the first half of 2022, this bank’s net income totaled N70.33 billion. In contrast to GTA, the bank’s profit margin increased significantly when compared to the same time in 2021. From N60.58 billion in 2021 to N70.33 billion in 2022, UBA saw a 16.1% growth.
Other operational expenses rose by 22.6% to N96.57 billion, while personnel costs rose by 22.7% to N52.29 billion.
When compared to the same period last year, tax expenses for this bank decreased by 1.2% in the first half of the year to N15.42 billion.
First Bank of Nigeria
First Bank, one of Nigeria’s top banks, is ranked fifth. N56.6 billion was made by this bank in the first half of 2022. First Bank saw the biggest growth from last year to this year out of all the banks on this list. In comparison to its 56.6 billion in revenue this year, the bank made N38.09 billion in the first half of 2021, a 48.6% rise.
The bank spent N55.31 billion on employee costs, a 7.9% rise from the previous year. The increase in operating costs to N116.78 billion was 32.7%.x
