The banking industry in Nigeria is very competitive from afar, but when a closer look is given to their financial statements, there are double figures running into millions separating the banks in Nigeria. In order for customers to know the five most profitable banks in Nigeria for last year, 2019, AllNews dug through the financials of these commercial banks.

Truth is, every bank has a slogan that will probably fool anyone into thinking they are the most profitable in the banking industry, but if you look beyond the marketing noise, it will be discovered that the true state of their profitability can be found in the financials, as the most profitable bank in 2019 is one of the quietest banks that hardly bombard account holders or the underbanked with call-to-action adverts.

The banks who spent the most on advertising & marketing were nowhere close to the top two most profitable banks. These shows there are less expensive methods in luring underbanked communities to trust the banks with their money and profit from it. Also, what was noted was that having the largest customer base doesn't translate or shoot a bank's profitability through the roof - as the case of Access Bank.

Five Most Profitable Banks In 2019

Zenith Bank

Zenith Bank topped the list of the most profitable banks last year after recording N208.843 billion in 12 months. This was the highest profit after tax in the banking industry as seen by AllNews. This shows a slight growth when compared to its profit after tax of the corresponding period, 2018 when Zenith Bank generated N193.424 billion within a year.

Meanwhile, Zenith Bank's profit... https://allnews.ng/news/five-most-profitable-nigerian-banks-in-2019