Nigeria’s leading tier-1 banks, commonly referred to as FUGAZ – comprising First Bank, UBA, GTBank, Access Holdings, and Zenith Bank – have reported their full-year 2024 financial results, revealing a year of significant profitability, robust asset growth, and varied levels of return on assets (RoA). The figures reflect strong resilience and performance amidst economic headwinds and changing monetary dynamics in the country.
Zenith Bank and GTBank Cross ₦1 Trillion Profit Mark
In what has been described as a historic performance, both Zenith Bank and Guaranty Trust Bank (GTBank) surpassed the ₦1 trillion milestone in Profit After Tax (PAT) – a first for many in the Nigerian financial sector. Zenith Bank led the chart with ₦1.03 trillion in PAT, closely followed by GTBank with ₦1.02 trillion. This milestone signals strong cost management, increased interest income, and operational efficiency.
UBA, which has significantly expanded its footprint across Africa and other global markets, also posted…