The Nigerian banking sector skilled a decline in collective pre-tax revenue within the third quarter of 2024, reversing the robust efficiency seen within the second quarter of the yr.
In line with information from Nairalytics, the twelve largest banks in Nigeria collectively reported a pre-tax revenue of N2.2 trillion in Q2 2024, reflecting a big 28.15% enhance from N1.7 trillion in Q1 2024 and underscoring the sector’s robust monetary efficiency.
Nonetheless, within the third quarter, the pre-tax revenue of the identical twelve banks dropped to N1.5 trillion, a 30.99% decline from N2.2 trillion in Q2 2024.
Regardless of the quarterly decline, the third-quarter pre-tax revenue of N1.5 trillion nonetheless mirrored a exceptional 102.97% year-on-year enhance from N778.8 billion in the identical quarter of the earlier yr, underscoring robust development within the sector.
Contemplating this spectacular annual efficiency, here’s a nearer take a look at the highest ten banks in Nigeria, ranked by pre-tax revenue within the third quarter of 2024.
STERLING BANK
Sterling Bank ranks tenth with a pre-tax revenue of N12 billion for Q3 2024, exhibiting a powerful 90% year-on-year enhance from N6.3 billion in the identical interval final yr.
Quarter-on-quarter, the bank has grown by 31%, from N8.1 billion in Q2 2024. Sterling’s inventory is buying and selling at N4.80.
WEMA BANK
Wema Bank holds the ninth place with a pre-tax revenue of N30 billion, a exceptional 199% enhance from N10 billion in Q3 2023.
On a quarter-to-quarter foundation, Wema Bank has seen a 55% rise from N19.4 billion in Q2 2024, with its inventory worth of N8.90 signaling continued bullish momentum out there.
STANBIC IBTC BANK
Stanbic IBTC is in eighth place with a pre-tax revenue of N78.2 billion, a 68% year-on-year enhance from N46.6 billion in Q3 2023.
Nonetheless, quarter-on-quarter, Stanbic skilled a big 47% decline from N147.4 billion in Q2 2024. Regardless of this, the bank stays strong, with its inventory priced at N54.
FIDELITY BANK
Fidelity Bank secured seventh place with a pre-tax revenue of N81.6 billion, a 135% year-on-year development from N34.6 billion in Q3 2023.
Nonetheless, on a quarter-on-quarter foundation, the bank skilled a pointy 49% decline from N161.3 billion in Q2 2024. Constancy’s inventory stays regular at N15.35, exhibiting resilience out there.
FBNH (FIRST BANK)
First Bank, a part of FBN Holdings, is ranked sixth with a pre-tax revenue of N198.9 billion for Q3 2024, a 210% enhance from N64 billion reported in Q3 2023.
Quarter-on-quarter, FBNH rose by 11.8% from N177.8 billion in Q2 2024, with its inventory at present buying and selling at N25.55, using a bullish pattern out there.
UBA (UNITED BANK FOR AFRICA)
United Bank for Africa (UBA) ranks fifth with a pre-tax revenue of N207.3 billion for Q3 2024, reflecting a 111% enhance from N98.4 billion in Q3 2023.
On a quarter-on-quarter foundation, the bank noticed a virtually 16% decline from N245.2 billion in Q2 2024. UBA’s shares are buying and selling at N32.50.
ACCESS BANK
Access Bank claims 4th place with a pre-tax revenue of N209.2 billion, a 65% enhance from N126.8 billion in Q3 2023.
Nonetheless, the bank has seen a big 40% decline quarter-on-quarter from N348.9 billion in Q2 2024. Within the inventory market, Access Bank’s inventory is buying and selling at N23.10, reflecting robust long-term bullish potential.
GTCO (GUARANTY TRUST HOLDINGS COMPANY)
Guaranty Trust Holding Firm (GTCO) is in third place with a pre-tax revenue of N215.6 billion, a powerful 104% year-on-year enhance from N105.8 billion in Q3 2023.
Nonetheless, quarter-on-quarter, GTCO skilled a 56.4% decline from N494.4 billion in Q2 2024, with its shares at present priced at N53.00, indicating a robust place out there.
ECOBANK
Ecobank holds 2nd place with a pre-tax revenue of N265 billion, a exceptional 137% enhance from N111.8 billion in Q3 2023.
On a quarter-on-quarter foundation, the bank has grown by practically 10%, from N241.9 billion in Q2 2024. Ecobank’s inventory is buying and selling at N53.00, using on continued constructive sentiment out there.
ZENITH BANK
Zenith Bank takes the highest spot with the biggest pre-tax revenue of N275.8 billion for Q3 2024, marking a strong 78% enhance from N154.6 billion in the identical interval final yr.
Quarter-on-quarter, Zenith noticed a 32.2% decline from N406.8 billion in Q2 2024. Regardless of this, Zenith stays a dominant participant out there, with shares at present priced at N44.
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