Within the third quarter of 2024, Nigerian banks skilled a outstanding 79% year-on-year surge in shareholder funds, which soared from N11.2 trillion in the identical interval the earlier yr to N20 trillion, reflecting a considerable improve.
This progress, in keeping with knowledge from Nairalytics, is pushed by the shareholder figures of 10 main Nigerian banks, compiled for the third quarter of 2024.
On a quarterly foundation, shareholder funds for these banks grew by 12%, climbing from N17.9 trillion within the second quarter of 2024.
Shareholder funds are a key measure of a bank’s monetary well being. A bigger fund signifies decrease danger, higher stability, and higher progress potential, boosting investor confidence and reflecting a stronger monetary place.
With this in thoughts, right here’s a more in-depth take a look at the highest 10 banks in Nigeria with the biggest shareholder funds for the third quarter of 2024:
10. Sterling Bank
Sterling Bank ranks tenth on the listing, with shareholder funds of N207.7 billion within the third quarter of 2024. This represents a 25% year-on-year progress from N165.8 billion in the identical interval final yr.
On a quarter-on-quarter foundation, the bank’s funds rose by 9%, growing from N190.3 billion in Q2 2024, indicating a constant upward trajectory in its monetary well being.
9. Wema Bank
Wema Bank holds the ninth place, with N224.7 billion in shareholder funds for Q3 2024. This marks a major 89% year-on-year improve from N118.5 billion.
On a quarterly foundation, the bank’s shareholder funds grew by 13.16%, rising from N198.6 billion in Q2 2024, demonstrating robust progress in a brief interval.
8. Stanbic Bank
Stanbic Bank is eighth, with N630.5 billion in shareholder funds for Q3 2024, displaying a 34% improve from N471 billion within the earlier yr. In comparison with the second quarter of 2024, the bank noticed an 8% rise from N584.4 billion.
Stanbic additionally posted a powerful 68% progress in pre-tax revenue, reaching N78.2 billion for the quarter, additional reinforcing its strong monetary place.
7. Fidelity Bank
Fidelity Bank ranks seventh, with shareholder funds totalling N688.2 billion for Q3 2024, up 67% from N410.7 billion in the identical interval final yr. On a quarterly foundation, Constancy noticed a 9% improve, up from N629.4 billion in Q2 2024.
Moreover, the bank achieved an excellent 135% progress in pre-tax revenue, reaching N81.6 billion for the quarter.
6. First Bank of Nigeria
First Bank of Nigeria is available in sixth, with N2.5 trillion in shareholder funds for Q3 2024, a outstanding 89% improve from N1.3 trillion within the earlier yr.
The bank additionally noticed a 17% rise in shareholder funds in comparison with the second quarter of 2024, climbing from N2.2 trillion. FBN’s pre-tax revenue surged by 210% year-on-year, reaching N198.8 billion for the quarter.
5. Guaranty Trust Bank
Guaranty Trust Bank ranks fifth, reporting N2.6 trillion in shareholder funds for Q3 2024, a staggering 107% year-on-year progress from N1.2 trillion.
On a quarterly foundation, the bank’s funds rose by 12%, growing from N2.3 trillion in Q2 2024. Moreover, Guaranty Trust Bank posted a 104% year-on-year progress in pre-tax revenue, amounting to N215.6 billion for the quarter.
4. Ecobank
Ecobank is 4th, with N2.7 trillion in shareholder funds for Q3 2024, reflecting a 57% improve from N1.7 trillion in the identical interval the earlier yr. On a quarter-on-quarter foundation, the bank noticed a strong 20% rise from N2.2 trillion in Q2 2024.
Ecobank additionally posted a outstanding 137% year-on-year progress in pre-tax revenue, which reached N265 billion for the quarter.
3. Access Bank
Access Bank ranks third, with N3.3 trillion in shareholder funds for Q3 2024, reflecting a 101% year-on-year improve from N1.6 trillion.
On a quarterly foundation, the bank’s funds grew by 16%, from N2.8 trillion in Q2 2024. Moreover, Access Bank reported a 65% progress in pre-tax revenue, reaching N209.2 billion for the quarter.
2. Zenith Bank
Zenith Bank is 2nd, with N3.5 trillion in shareholder funds for Q3 2024, representing an 82% year-on-year improve from N1.9 trillion.
The bank’s funds grew by 10% in comparison with the earlier quarter, rising from N3.1 trillion in Q2 2024. Zenith additionally achieved a 78% year-on-year progress in pre-tax revenue, reaching N275.8 billion for the quarter.
1. United Bank for Africa (UBA)
On the prime of the listing is UBA, with N3.5 trillion in shareholder funds for Q3 2024, marking a powerful 102% year-on-year improve from N1.7 trillion. On a quarter-on-quarter foundation, the bank’s funds grew by 20%, from N2.9 trillion in Q2 2024.
Moreover, UBA reported a 111% year-on-year progress in pre-tax revenue, reaching N207.3 billion for the quarter.
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