FCMB, First Bank Emerge Best Performing Commercial Banks in Nigeria in 2022
In the third quarter of 2022, First City Monument Bank (FCMB), First Bank, and Fidelity Banks were the best-performing commercial banks in Nigeria.
The 13 banks generated N298.84 billion in profit before tax between July and September of 2022, up 29.9% from the N228.54 billion realized the year before, according to a study of the banks’ stock and financials.
Despite significant obstacles, such as Nigeria’s GDP dropping to 2.25 percent from 3.54 percent in the previous quarter and 4.03 percent in the same quarter of 2021, the banks managed to maintain their strength.
Customer deposits increased by 5% at the banks during the period under review, rising to N43.68 trillion in September 2022 from N41.61 trillion in June 2022.
In the third quarter of this year, the share prices of four out of the thirteen banks increased on the local stock market.
The 13 banks reported an average cost-to-income ratio of 64.96% for the reviewed period, down from 69.11% during the same period the previous year.
According to the National Bureau of Statistics, the banking sector’s growth fell from 20.06 percent and 25.5 percent, respectively, in the second quarters of 2022 and 2021, to 12.03 percent for the course of the study period.
According to NBS, the economy has grown at the slowest rate since the first quarter of 2021, when it was beginning to recover from the COVID-19 epidemic.
banks with the highest overall asset growth By the end of September 2022, the 13 banks under consideration had increased their assets by 4%, or N2.54 trillion, from the N63.59 trillion they had at the end of June 2022 to the N66.13 trillion they had at the end of September 2022.
The top banks in this category are Access Bank, Zenith Bank and First Bank, which recorded the highest asset value during the period under review, but the banks changed position in terms of growth rate.
First position – Zenith Bank Second position – FCMB Third position – Union Bank Fourth position – Jaiz Bank Fifth position – UBA