₦airaland Forum

See the full list of banks and their profit made for H1 2023.

10. Sterling Bank

Profit 2022 H1: N8,013 million
Profit 2023 H1: N10,680 million
Sterling Bank initiates our list with a 33.3% year-over-year profit growth. The bank retained the last position same as it did in the corresponding period in 2022,

9. Union Bank of Nigeria (UBN)

Profit 2022 H1: N11,711 million
Profit 2023 H1: N12,633 million
UBN shows a modest 7.9% profit increase, indicating stable performance. Their profit growth is the lowest in the sector. The bank is also going through a transition period with new owners taking over.

8. FCMB (First City Monument Bank)

Profit 2022 H1: N13,663 million
Profit 2023 H1: N35,410 million
FCMB experienced a significant 159.4% surge in profits, marking it a high-growth bank. They are however still rooted at the 8th position as it were last year.

7. Fidelity Bank

Profit 2022 H1: N23,307 million
Profit 2023 H1: N61,995 million
Fidelity Bank’s profits shot up by 165.9% as its profit was helped by a spike in income from its forex business. However, it retained its 7th position from last year.

6. Stanbic IBTC

Profit 2022 H1: N30,669 million
Profit 2023 H1: N67,919 million
Stanbic IBTC posted a profit growth of about 121.5%, highlighting the impact of the gain from its forex business. It also retained the 6th position.

5. FBNH (FBN Holdings)

Profit 2022 H1: N56,602 million
Profit 2023 H1: N187,237 million
FBNH exhibited a considerable 230.7% profit growth, also mostly due to gains in its forex division. Its 230.7% spike in profits was the third highest in the period under review. It was also 5th this time last year.

4. Access Holdings

Profit 2022 H1: N95,486 million
Profit 2023 H1: N135,439 million
Access Bank secured the fourth rank with a solid 41.8% profit growth. The largest bank in Nigeria by total assets dropped two notches from its second position this time last year in terms of profits after tax.

3. GTCO (Guaranty Trust Holdings)

Profit 2022 H1: N77,557 million
Profit 2023 H1: N280,482 million
GTB’s profits escalated by a staggering 261.6% growth in pre-tax profits also on the back of its strong forex business. Despite the incredible growth in profits, it remained in third position.

2. Zenith Bank

Profit 2022 H1: N111,413 million
Profit 2023 H1: N291,731 million
Zenith Bank followed closely with a 161.8% increase in profits as its forex business also helped boost profits. However, for the first time since 2020, Zenith is losing this position to another bank that is not GTB. Zenith’s ceding of second position could also be due to the huge loan impairment charge it incurred during the year

1. UBA (United Bank for Africa)

Profit 2022 H1: N70,334 million
Profit 2023 H1: N378,235 million

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