TRIBUNE
Analysis of the audited full-year 2023 results and first-quarter (Q1) 2024 results of Deposit Money Banks (DMBs) reveals that banks in the country generated substantial returns for their shareholders despite the economy’s slow growth.
Nigeria’s Gross Domestic Product (GDP) grew by 3.46 percent year-on-year in real terms in the fourth quarter of 2023.
Similarly, GDP growth was 2.98 percent year-on-year in real terms in the first quarter of 2024.
This growth rate was higher than the 2.31 percent recorded in Q1 2023 but lower than the 3.46 percent growth in Q4 2023.
However, Nigerian Tribune’s analysis indicates that the banks recorded a growth of 216.4 percent, highlighting a significant gap compared to the Q4 3.46 percent GDP growth.
In their cumulative audited 2023 results, six lenders generated about N3.11 trillion profit before tax, compared to N982.5 billion in the 2022 financial year.
The banks are: Zenith Bank Plc, Access Holdings Plc, United Bank for Africa Plc (UBA), Guaranty Trust Holding Company Plc (GTCO), Stanbic IBTC Holdings Plc, and Wema Bank Plc.
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