Olufemi Adeyemi 

According to the 2024 African Business Magazine report, Nigerian banks have achieved notable recognition by securing positions among Africa’s top 100 banks. FBN Holdings stands out as the highest-ranked Nigerian bank, occupying the 15th position with a substantial capital of $1.9 billion. Access Bank and Zenith Bank follow closely behind, securing the 16th and 17th positions respectively.

Other Nigerian banks have also demonstrated impressive performance, with United Bank of Africa (UBA) claiming the 20th position, Guaranty Trust Bank (GTB) at 27th, Ecobank at 42nd, Union Bank at 45th, and FCMB securing the 48th position.

Standard Bank Group, a prominent financial institution in South Africa, has consistently held the position of the leading standalone bank on the African continent. Simultaneously, National Bank of Egypt has maintained its position as the second-ranked bank for the past four consecutive years.

“The gap between them has been closing a little, but Standard Bank, with Tier 1 capital of $12.5bn, is still more than two-thirds bigger than its rival, whose Tier 1 capital is $7.5bn,” the report indicated.

Morocco, Algeria, and Tunisia's top banks have successfully established themselves among Africa's 100 leading banks.

According to BrandIconImage, several major Nigerian banks have experienced a decline in their rankings compared to the previous year.

Specifically, First Bank has dropped to 15th place, down one position, while Zenith Bank has fallen to 17th, a decrease from last year's 12th position as the leading bank. The magazine linked this decline to the depreciation of the Nigerian naira against the US dollar (USD).

“Dramatic declines in Nigeria’s naira currency compared to the US dollar (USD) affect the rankings in this year’s table, since banks report their figures in domestic currencies and the research team compiling the rankings convert into USD either at the date of the results or another date,” the report said.

Nevertheless, FBN Holdings, Nigeria’s longest-standing financial institution, reported a pre-tax profit of N177.79 billion in its 2024 second-quarter results, reflecting an impressive 18.9% year-over-year growth.

This notable increase in pre-tax profits propelled the group’s half-year profitability to a record-breaking N411.9 billion, marking an unprecedented milestone in its history.

FBN Holdings’ half-year profit of N411.9 billion significantly surpasses the N205 billion pre-tax profit achieved during the corresponding period in 2023.

FBN Holdings experienced substantial growth, with interest income increasing by a factor of 2.5 compared to the previous year, which was recorded at N197 billion.

Separately, Access Holdings Plc, Nigeria’s leading bank in terms of total assets, reported a pre-tax profit of N146.1 billion during the second quarter of 2024.

When combined with the N202.7 billion pre-tax profit achieved in the first quarter, Access Holdings’ half-year profit now stands at N348.9 billion, significantly higher than the N167.6 billion reported during the corresponding period of the previous year.

In the company’s recently published half-yearly audited financial statements, the second-quarter results demonstrated consistent growth across all primary income streams.

Zenith Bank presented its 2024 second-quarter financial performance, highlighting a remarkable achievement with pre-tax profits exceeding N406 billion during the April-June period of 2024. This significant financial gain was largely attributed to favorable foreign exchange-related transactions that positively impacted the bank’s bottom line.

The reported profits represent an impressive 370% year-over-year increase compared to the N86.8 billion recorded in the corresponding quarter of the previous year.

A key factor contributing to Zenith Bank’s enhanced profitability was the substantial gains realized from its trading activities. Notably, the bank’s trading income surged to N871.6 billion for the first half of 2024, representing a significant increase from the N77.9 billion recorded during the same period in 2023.

GTCO Plc published its second-quarter audited financial statements, revealing a pre-tax profit of N494.5 billion, representing a significant increase compared to the previous year’s corresponding period.

This achievement surpasses the second-quarter results reported by any other financial holding company or bank in Nigeria. It follows the impressive N509.3 billion reported in the first quarter of 2024.

Remarkably, the bank has now reported a substantial N1 trillion in the first half of 2024.