Nigerian Banks Declare N502 Billion Profit, Witness Rise in Customer Deposits

Five major Nigerian banks, namely FCMB Group Plc, Sterling Financial Holdings, Jaiz Bank Plc, Wema Bank Plc, and First Holdco Plc, collectively declared a profit of N502.0 billion and noted an increase in customer deposits. FCMB Group Plc reported a rise in profit before tax to N200.91 billion, driven by a 61.2% increase in interest income.

Sterling Financial Holdings saw a pre-tax profit increase to N90.7 billion, with total assets expanding to nearly N4 trillion. Wema Bank Plc achieved a significant milestone by joining Nigeria's exclusive mark of top-tier lenders, signaling growth and investor confidence.

The Nigerian banking sector's performance has been positive, with banks like FCMB and Sterling Bank demonstrating strong financial results and customer confidence.