The Top Performing Banks in Nigeria by Profit Margin For Q3, 2022

This list is courtesy of Nairalytics.  FCMB and Fidelity Bank enjoyed substantial success in the period under review.

Spearheaded by the Central Bank of Nigeria, and its new Naira note designs, the banking sector in the heart of Africa experienced an eventful and busy Q3 for 2022.

As is typical in the sector, some institutions flourished despite banking challenges across the country, while some suffered sub-optimally performances.

Research by Nairalytics, the data arm of the business publication Nairametrics detailed these performances and released a report listing the best-performing banks in Nigeria, under several categories.

According to the research, “13 banks raked in a sum of N298.84 billion as post-tax profit between July and September 2022, representing an increase of 29.9% compared to N228.54 billion recorded in the corresponding period of 2021.”

Some other key highlights from the analysis show that bank loans to customers in the period under review grew by 5.5%, a total of N23.76 trillion. Compared to last year’s 6.81%, this figure shows a decline within the same period.

Also, according to the report, “only four out of the thirteen banks recorded a positive growth in the share price in Q3 2022 at the local equities market.

In Nairametrics’s research, the key metrics used to analyze these banks’ performances include, total asset growth, loan book growth, profit growth, cost–to–income ratio, customer deposit growth, return on average equity and share price appreciation.

The report excluded Ecobank, owing to a large volume of its operations being conducted outside of Nigeria.

Below are 5 of the best-performing banks in Nigeria for Q3 by profit margins after taxation

  1. First Bank (+1k%)
  2. Fidelity Bank (+61.7%)
  3. Sterling Bank (+42.7%)
  4. Stanbic IBTC (+40.8%)
  5. Access Bank (+37.1%)

The report notes that thirteen banks analyzed grew their total assets by 4% from N63.59 trillion recorded as of June 2022 to N66.13 trillion as of the end of September 2022, representing an increase of N2.54 trillion in three months.

Access, Zenith, and First Bank recorded the highest asset value as of the period under review, however, the position changed in terms of growth rate.


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