Forex Boom: 9 Banks Soar To N2.29 Trillion Profit On Transaction Gains[Details]

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Nine financial institutions publicly listed on the Nigerian Exchange (NGX) witnessed a substantial surge in profits before tax, reaching a total of N2.286 trillion in the first nine months of 2023, driven primarily by gains from foreign exchange transactions…CONTINUE READING

Data sourced from the Nigerian Exchange revealed that Zenith Bank, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO).

Access Holdings, FBN Holdings, Stanbic IBTC Holdings, Fidelity Bank, Wema Bank, and Sterling Financial Holdings Company collectively reported a profit before tax of N2.286 trillion in H1 2023.

This marked a significant increase from N893.8 billion during the same period in 2022, reflecting a remarkable year-on-year gain of 155.70%.

Zenith Bank led the pack with the highest pre-tax profit, contributing N505.04 billion to the total. UBA demonstrated a remarkable growth in profit, recording a 262.5% increase to N502.1 billion, while GTCO reported a pre-tax profit of N433.2 billion in Q3 2023.

Access Holdings, FBNH, Stanbic IBTC Holdings, Fidelity Bank, Wema Bank, and Sterling Financial Holdings Company collectively achieved pre-tax profits of N294.5 billion, N270.3 billion, N129.5 billion, N110.99 billion, N22.1 billion, and N17.80 billion, respectively, in the first nine months of 2023.

Analyzing the performance, Mr. Ambrose Omordion, Chief Operating Officer of InvestData Consulting, attributed the banks’ record profits to the favorable monetary policy environment.

He pointed out that the flexible exchange rate regime, accompanied by the sharp devaluation of the country’s currency, played a significant role in boosting profits, especially for tier-one banks with international affiliations and assets denominated in dollars.

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