Eight financial institutions listed on the Nigerian Exchange (NGX) Limited declared N1.333 trillion profit in the first quarter (Q1) ended March 31, 2024.
They commenced the year with an impressive increase in profit amid domestic and foreign challenges.
Analysts attributed the Bank profits to increase in net interest margins (NIMs) driven by recent increases in the monetary policy rate.
The eight Banks, which are Guaranty Trust Holding Company (GTCO), Zenith Bank, Access Holdings, United Bank for Africa (UBA), Stanbic IBTC Holdings, Fidelity Bank, FCMB Group and Wema Bank in the period under review declared N1.333 trillion profit before tax, a growth of 255.47 per cent from N374.907 billion profit before tax declared in the corresponding period of 2023.
GTCO posted the biggest pre-tax profit, accounting for N509.349 billion of the N1.333 trillion. Zenith Bank grew profit before tax by 269.7 per cent to N320.194 billion, while Access Holdings’ profit before tax stood at N202.739…
Source: Leadership Newspaper
