The top five revenue-generating banks in the financial industry reported a combined N2.23 trillion turnover within the first nine months of 2022.
According to the 2022 Nine-Month period financial statements of the firms analysed by Prime Business Africa, it was gathered that the top five’s revenue rose by 21.06 per cent when compared to the N1.84 trillion generated in the same period in 2021.
Access Bank, Ecobank, Zenith Bank, First Bank of Nigeria (FBN) Holdings, and United Bank for Africa (UBA) are the top five revenue-generating banks.
During the period in review, Access Bank maintained its lead in the financial industry, accounting for 18.83 per cent of the sector’s revenue share.
- The company cemented its spot after its revenue grew by 31.42 per cent year-on-year to N591.80 billion between January to September 2022.
- In the corresponding period of 2021, Access Bank generated N450.30 billion in revenue, which handed the financial institution 17.57 per cent in revenue market share.
Ecobank made the list, taking second place with N503.63 billion in revenue generated within the first and third quarters of last year.
- The financial institution saw its turnover rise by 14.59 per cent year-on-year, considering it had reported N439.49 billion in revenue a year before.
- Despite the rise in Ecobank’s revenue, the Deposit Money Bank (DMB) lost its revenue market share, as it fell to 16.03 per cent, against the 17.15 per cent it held in the same period in 2021.
Zenith Bank closed the first nine months of 2022 with a 17.13 per cent year-on-year rise in its revenue, to grab the third spot on the list of the five highest revenue-generating banks.
- According to the financial statement covering January to September last year, Zenith Bank grossed N404.76 billion, surpassing the N345.55 billion the firm generated in the same period in 2021.
- Also, just like Ecobank, Zenith Bank saw its industry’s revenue share shrink to 12.88 per cent last year, falling behind the 13.48 per cent share recorded the previous year.
The N372.04 billion revenue UBA generated between January to September 2022 handed the company the fourth spot on the list.
- Prime Business Africa gathered that UBA’s revenue rose from the N315.32 billion turnover recorded in the same period in 2021, indicating a 17.99 per cent year-on-year increase.
- However, the revenue growth was not enough to prevent UBA from losing its market share, which depreciated to 11.84 per cent in 2022, from 12.30 per cent recorded a year before.
First Bank completed the top five list with the N361.90 billion revenue generated between the first and third quarters of 2022.
- The firm’s revenue increased by 22.80 per cent in the first nine months of last year when the N361.90 billion is compared to the N294.70 billion turnover of the same period in 2021.
- Meanwhile, the DMB’s market share followed the same upward path, as FBN Holdings accounted for an 11.52 per cent share of the sector’s turnover in 2022, slightly above the 11.50 per cent it held in 2021.