Zenith Bank, Access Bank and UBA are among the biggest spenders as thirteen publicly listed banks in Nigeria spent a whopping sum of N7.2 billion on corporate social responsibility (CSR) in 2022.
According to the audited reports of the banks, the N7.2 billion spent on various CSR initiatives represented a 70 per cent decrease compared to the N23.9 billion spent in 2021.
Meanwhile, despite this downturn the likes of Zenith Bank, Access Bank, and UBA led the list of banks with the highest charity donations in the review year, surpassing the N1 billion mark.
Zenith Bank Plc led the pack with N1.69 billion as donations and charitable gifts in 2022, representing a 61 per cent decrease when compared to N4.37 billion recorded in the previous year.
Zenith Bank’s profit after tax declined by 8.4 per cent in the review year to N223.9 billion from N244.6 billion recorded in the previous year.
Access Bank’s CSR donations dropped significantly by 60 per cent to N1.61 billion in 2022, a sharp contrast from the N4.06 billion spent in the previous year.
The newly restructured Holdco bank had spent N2.6 billion in 2020.
The bank made a profit of N152.9 billion in the review year, slightly lower than the N160.1 billion declared in the previous year. Its cost-to-income ratio however improved from 58.8 per cent to 57.9 per cent in the year under review.
Trailing third on the list is UBA which spent a sum of N1.34 billion on corporate social responsibility in the review year, slightly lower than the N1.41 billion recorded in the previous year.
UBA’s cost-to-income ratio dropped slightly to 59.1 per cent in 2022 from 62.7 per cent in the previous year. The bank’s profit also surged by 43.5 per cent to N170.3 billion in the year under review.
FBN Holdings recorded a total CSR expense of N741 million in 2022, representing an 83 per cent drop compared to N2.71 billion recorded in the previous year.
GT Bank incurred a sum of N488.71 million on donations and charitable gifts, an 82 per cent decline compared to the previous year’s N2.7 billion.
Other banks that made the top 10 list include: Stanbic IBTC with N311.9 million spent on CSR in 2022, FCMB spent N299.9 million; Sterling Bank – N281 million; Wema Bank – N147.3 million and Fidelity Bank – N107.8 million.
Findings show that the sharp decline may be attributed to banks prioritizing their expense line following the harsh business environment across the world and the Nigerian economy.
