Nigeria’s Top Banks – Who Made the Most Money in 2024?

Nigeria’s banking sector saw a strong year in 2024, with the country’s biggest banks raking in impressive revenues. From everyday retail services to digital platforms and foreign exchange trading, these banks found multiple ways to grow their earnings and stay ahead in a competitive market.

Here are the top 10 highest-earning Nigerian banks in 2024, based on reported gross earnings.

1. Zenith Bank – ₦1.03 Trillion

Zenith Bank emerged as Nigeria’s top-earning bank in 2024, with gross earnings reaching ₦1,032.9 billion. Founded in 1990 and headquartered in Lagos, Zenith Bank has built its dominance on retail and corporate banking, backed by 397 branches and over 33 million customers.

Its focus on digital banking, foreign exchange trading, and investment services continues to deliver strong returns. Operational efficiency and high-yield securities were key drivers of its 2024 performance.

2. GTCO – ₦1.02 Trillion

Guaranty Trust Holding Company (GTCO), the parent firm of Guaranty Trust Bank, generated ₦1,017.8 billion in gross earnings.

Known for its innovative approach and presence in 10 countries, GTCO has diversified beyond traditional banking with ventures like HabariPay (fintech) and GT Fund Managers.

With total assets of ₦13 trillion, GTCO remains a major player in Nigeria’s retail, corporate, and investment banking space.

3. UBA – ₦766.57 Billion

United Bank for Africa (UBA), a pan-African giant operating in 24 countries, reported ₦766.57 billion in gross earnings. The bank continues to lead in digital banking, cross-border services, and SME financing.

UBA’s asset base rose to ₦25.37 trillion in 2024, and its strong performance in fees and commissions contributed significantly to its revenue.

Read: Central Bank of Nigeria Revises ATM Transaction Fees

4. Ecobank – ₦735.9 Billion

Ecobank Transnational Incorporated (ETI), headquartered in Togo and active in 32 African countries, earned ₦735.9 billion from its Nigerian operations. The bank’s digital platforms, investment banking, and foreign exchange expertise supported its 2024 performance.

With a massive ₦43.3 trillion asset base, Ecobank remains a leader in pan-African banking and financial inclusion.

5. FBN Holdings (First Bank) – ₦663.49 Billion

Nigeria’s oldest financial institution, FBN Holdings, the parent of First Bank of Nigeria, generated ₦663.49 billion in gross earnings. With 595 branches and 41 million customers, the bank’s focus on retail, corporate, and SME banking continues to pay off.

Backed by ₦16.9 trillion in assets, its legacy and forex business played a central role in its 2024 income.

6. Access Holdings – ₦642.22 Billion

Access Holdings, the parent of Access Bank, reported ₦642.22 billion in gross earnings. The group, which operates in 20 countries, remains a force in corporate banking and cross-border trade facilitation.

Though it previously led in asset size (₦32.57 trillion in 2023), its 2024 earnings show a consistent revenue stream, aided by digital banking initiatives.

Read: JP Morgan Sets Eyes on Nigeria with Merchant Bank License Bid

7. Fidelity Bank – ₦278.11 Billion

Fidelity Bank, a mid-tier bank founded in 1988, recorded ₦278.11 billion in gross earnings. Its emphasis on digital innovation, customer-centric services, and strong asset quality has made it a reliable institution for Nigeria’s retail and SME sectors. The bank continues to grow its deposit base and market presence.

8. Stanbic IBTC – ₦225.31 Billion

Stanbic IBTC, a subsidiary of South Africa’s Standard Bank Group, posted ₦225.31 billion in earnings. Specializing in wealth management, investment banking, and corporate lending, Stanbic caters to high-net-worth individuals and businesses. Its global links and digital platforms helped drive revenue growth in 2024.

9. Wema Bank – ₦86.28 Billion

Wema Bank, best known for launching Nigeria’s first fully digital bank, ALAT, recorded ₦86.28 billion in gross earnings. Founded in 1945, Wema has reinvented itself through innovation and a focus on SMEs. Its approach to accessibility and mobile banking continues to attract a younger customer base.

10. FCMB – ₦73.34 Billion

First City Monument Bank (FCMB) recorded ₦73.34 billion in gross earnings. The bank’s emphasis on agribusiness, trade finance, and SME support contributes to its niche presence in Nigeria’s banking sector. Digital banking and regional expansion remain central to its growth strategy.

Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.

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Africa Digest News

http://digitalbankingnews.co.ke

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