Despite economic headwinds in the country, the twelve Nigerian banks listed on the Nigerian Exchange have remained resilient in the 2022 full financial year, posting an aggregate profit after tax of N1.07 trillion representing a 6.4 per cent increase when compared to N1.01 trillion recorded in the previous year.
According to analysis of their audited results, five of the most profitable Nigerian quoted companies in 2022 were commercial banks while two of the 10 most valuable companies in the country are also banks.
Union Bank recorded the highest gain (growth) in terms of year-on-year growth with a 54.1 per cent increase to N29.8 billion, followed by FCMB with 48.8 per cent to N31.1 billion. However, Unity Bank saw its profit after tax decline by 57.5 per cent to N3.17 billion to claim the bottom position.
Meanwhile, Zenith Bank recorded the highest post-tax profit of N223.9 billion, followed by UBA and GT Bank with a net profit of N170.33 billion and N169.2 billion respectively.
The aggregate asset value of the twelve banks under consideration increased by a whopping 22.6 percent from N58.55 trillion recorded as of the end of 2021 to N71.78 trillion by December 2022.
Zenith Bank recorded the highest growth in terms of total assets with a 30 per cent increase, followed by Access Holdings with 27.8 per cent. On the flip side, Unity Bank recorded a 5.1 per cent decline in its asset value in the period under review.