Between January to December 2022, the Nigerian banking industry post double-digit growth of 26.92 per cent year-on-year, with the sector generating a combined N5.43 trillion in total revenue from 11 commercial banks.
In the banking industry, there are 13 publicly listed commercial banks, but as of the time of filing this report, First Bank of Nigeria (FBN) Holdings was yet to release its Annual Financial Statements for 2022 and the United Bank for Africa (UBA) didn’t disclose its Gross earnings for the review period.
Regardless, the 11 financials reviewed by Prime Business Africa showed that the banking sector’s balance sheet remains healthy, as the sector squeezed out 26.31 per cent growth in gross earnings last year, to exceed the N4.28 trillion posted in 2021.
The financials reviewed similar height was attained in the Net Interest Income of the banking sector, with the analysis pointing at a 21 per cent increase, as Net Interest Income hovered above N2.39 trillion in 2022, to best the N1.97 trillion they pocket the preceding year.
The growth in the aforementioned supports the statement by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, that the financial industry in Nigeria is not burdened by the insolvency fears in the United States and European countries.
Emefiele’s assurance was proven by the banks through the industry’s bottom line which grew 11.43 per cent year-on-year, reeling out N1.10 trillion Profit after tax, in contrast to the N988.96 billion net profit the banks pulled the previous year.
Amid this impressive earnings result, Prime Business Africa pinpointed the creditors that had the best contribution to the industry’s performance through the growth of each bank’s Net Interest Income.
The best-performing banks were ranked based on their Net Interest Income growth.
Fidelity Bank – (+)60.94%
Last year closed with Fidelity Bank being the best-performing commercial bank in Nigeria, after the firm’s Net Interest Income grew by N57.81 billion or 61 per cent year-on-year, according to Prime Business Africa analysis.
Stanbic IBTC – (+)50.08%
Stanbic IBTC grabbed the second spot with a 50.08 per cent increase in its Net Interest Income that closed 2022 with N113.11 billion, well above the N75.37 billion the creditor reported the year before.
Wema Bank – (+)36%
The third best-performing commercial bank in 2022 is Wema Bank, considering the firm recorded a 36 per cent rise in its Net Interest Income to end last year with N54.22 billion, against the N39.87 billion posted in 2021.
FCMB – (+)34.19%
FCMB made it into the fourth spot on the list after the company’s Net Interest Income jumped 34.19 per cent to N121.99 billion in 2022, up from the N90.91 billion posted during the corresponding period in 2021.
Union Bank – (+)34.01%
Union Bank completed the top five best-performing commercial banks in 2022, ranking closely behind FCMB after its Net Interest Income grew by 34.01 per cent. Union Bank’s Net Interest Income for 2022 was put at N59.59 billion, indicating the firm surpassed the N44.46 billion posted the year before.
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