Five Best Performing Commercial Banks In Nigeria

Five Best Performing Commercial Banks In Nigeria
Five Best Performing Commercial Banks In Nigeria

The banking industry in Nigeria closed 2022 with growth in top-line and bottom-line, as they grew by 26.92 per cent and 11.43 per cent year-on-year respectively, BrandSpur Nigeria analysis gathered.

In the analysis of the industry’s performance covering 11 commercial banks’ Annual Financial Statements (AFS), BrandSpur Nigeria learnt that the creditors generated a combined N5.43 trillion in gross earnings in 2022, above the N4.28 trillion turnover jointly posted the preceding year.

In the same vein, the banking sector closed the year with N1.10 trillion net profit, improving on the N988.96 billion Profit after tax reported in 2021.

The top-line and bottom-line analysed consist of Zenith Bank, Access Holdings (parent company of Access Bank), Guaranty Trust Holding Company (GTCO; parent firm of GTBank), First City Monument Bank (FCMB) and Wema Bank.

Other financial statements perused are those of Unity Bank, Union Bank, Fidelity Bank, Ecobank, Sterling Bank, and Stanbic IBTC.

United Bank for Africa (UBA) was not considered for the report as the lender didn’t reveal its gross earnings, while First Bank of Nigeria (FBN) Holdings was omitted because the firm is yet to release its Annual Financial Statements for 2022.

What You Need To Know

• The best-performing list was compiled based on the growth of each bank’s gross earnings during the financial period in 2022.

• 11 banks’ financials were reviewed; all the commercial banks recorded growth during the review period.

• BrandSpur Nigeria notes that the bottom five are; GTCO (+20.42%), Union Bank (+17.97%), Sterling Bank (+16.64%), Unity Bank (+16.30%) and Ecobank (+12.90%).

• The best-performing bank list was dominated by second-tier banks, with the tier-one banks having only one representative; Access Holdings.

Access Bank

Access Bank topped the list following a 42.81 per cent increase in gross earnings, which was N1.38 trillion in 2022. The company had generated N971.88 billion the year before.

• Also, the financial institution increased its Net Interest Income to N359.63 billion last year, reporting 19.32 per cent growth from the N301.40 billion recorded the preceding year.

• However, the growth in its top line wasn’t enough to save Access Bank’s bottom line, which fell by –5 per cent to N152.20 billion Profit after tax in 2022, from N160.21 billion net profit the lender achieved in 2021.

Wema Bank

Wema Bank was slightly behind Access Bank after growing its Gross earnings by 41.30 per cent year-on-year, posting N132.30 billion total turnover during the review period, compared to the N93.63 billion the lender earned the year before.

• The creditor repeated a similar feat in its Net Interest Income at the end of last year, recording N54.22 billion, which is 35.99 per cent or N14.35 billion more than the N39.87 billion Net Interest Income reported during the financial period of 2021.

• Wema Bank further stated that its Profit after tax was not left out of the growth path, as net profit increased from 2021’s N8.92 billion to N11.35 billion the next year – representing a 27.17 per cent rise.

Stanbic IBTC

The third spot was occupied by Stanbic IBTC, as the commercial bank’s gross earnings recorded an upward movement of 39.15 per cent after netting N287.53 billion in revenue in 2022, against the N206.64 billion turnover the firm posted in 2021.

• Similarly, Stanbic IBTC expanded its Net Interest Income by 50.08 per cent to N113.11 billion, surpassing the N75.37 billion it secured between January to December 2021.

• The company’s net profit rose by 41.86 per cent to close 2022 with N80.81 billion, in contrast to the N56.96 billion noted during the corresponding period in 2021.

Fidelity Bank

Fidelity Bank grabbed fourth position after its Gross earnings settled higher by 34.40 percent, with the lender raking in N337.05 billion in 2022, against the N250.77 billion turnover the year before.

• Likewise, Fidelity Bank reported that it recorded N152.69 billion in Net Interest Income in 12 months of 2021, which improved by 60.94 per cent from N94.87 billion posted same period in 2021.

• Furthermore, the financial institution closed the year in review with 102.23 per cent growth year-on-year, rising from N23.10 billion to N46.72 billion.


FCMB’s topline recorded 33.47 per cent to make its way onto the list, with the company generating N282.98 billion in Gross earnings last year, above the N212.01 billion earned in 2021.

• The company’s Net Interest Income closed at N121.99 billion in 2022, rising by 34.19 per cent from N90.91 billion Net Interest Income reported in the previous year.

• Fidelity Bank also increased its net profit to N31.12 billion last year, from N20.91 billion, reflecting a 48.82 per cent rise in Profit after tax.