GTCO, Zenith Bank, 6 Others Post ₦1.3 Trillion Pre-Tax Profit In Q1 (Full List)

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Eight financial institutions listed on the Nigerian Exchange (NGX) Limited declared ₦1.333 trillion profit in the first quarter (Q1) ended March 31, 2024.

Amidst domestic and global hurdles, they kicked off the year with a noteworthy profit upturn.

 

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Analysts credited the Bank’s profits to a rise in net interest margins (NIMs), propelled by recent upticks in the monetary policy rate.

 

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During the reviewed period, the eight banks—Guaranty Trust Holding Company (GTCO), Zenith Bank, Access Holdings, United Bank for Africa (UBA), Stanbic IBTC Holdings, Fidelity Bank, FCMB Group, and Wema Bank—recorded a profit before tax of ₦1.333 trillion, reflecting a substantial surge of 255.47 percent from the ₦374.907 billion profit before tax registered in the equivalent period of 2023.

 

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GTCO took the lead with the largest pre-tax profit, contributing ₦509.349 billion to the ₦1.333 trillion total.

READ ALSO: Zenith Bank Appoints Three New Directors

 

 

Zenith Bank witnessed a remarkable growth in pre-tax profit, reaching ₦320.194 billion, while Access Holdings reported a pre-tax profit of ₦202.739 billion in Q1, 2024.

 

UBA, Stanbic IBTC Holdings, Fidelity Bank, FCMB Group, and Wema Bank, on the other hand, achieved pre-tax profits of ₦156.344 billion, ₦62.713 billion, ₦39.499 billion, ₦31.344 billion, and ₦11.150 billion, respectively, in the initial quarter of 2024.

 

The Group chief executive officer of GTCO, Segun Agbaje, in a statement said, “our first quarter results reflect the unfolding value of what we have created in all our business verticals through the Holding Company Structure – from Banking and Payments to Funds Management and Pension, we are positioned to compete effectively on all fronts and fulfil all our customers’ needs under a unified, thriving financial ecosystem.

 

“Despite the challenging operating environment, we delivered a solid performance, recording significant growth across all financial and non-financial metrics, and we remain on track to meet our full-year guidance.”

 

 

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