In the first half of the 2023 financial period, eight major Deposit Money Banks (DMBs) in Nigeria collectively generated approximately N3.9 trillion in gross earnings.

This information has been extracted from the financial statements of these banks, which were made available on the Nigerian Exchange Limited’s website.

Zenith Bank, in its audited results for the half-year ending on June 30, 2023, reported a remarkable 139% growth in gross earnings, soaring from N404.8 billion in H1 2022 to N967.3 billion in H1 2023.

The bank also witnessed a significant surge of 161.84% in its profit after tax, reaching N291.7 billion by the end of June 2023.

Guaranty Trust Holding Company (GTCO) experienced an 85% increase in gross earnings, with figures rising from N364.306 billion to N672.603 billion.

According to the bank’s audited financial statements, it achieved a profit after tax of N280.482 billion in H1 2023, up from N77.557 billion in the corresponding period of 2022.

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United Bank for Africa (UBA) posted an impressive 164% growth in its gross earnings, reaching N981.78 billion as of June 2023, compared to N372.36 billion recorded in June 2022.

The bank’s audited financial report revealed a profit after tax of N378.24 billion, marking a substantial increase of 437.8% over H1 2022.

First Bank of Nigeria, the country’s oldest bank, reported an 82.8% rise in gross earnings, climbing to N656.6 billion in H1 2023 from N359.2 billion in the same period of 2022.

The bank’s profit after tax also increased to N174.9 billion in H1 2023 from N53.3 billion a year earlier.

Several other top-tier banks, including Wema Bank (N89.09 billion), Fidelity Bank (N247.1 billion), Sterling Holding (N99.06 billion), and FCMB (N238.2 billion), contributed to the cumulative N3.9 trillion in earnings for the first half of the year.

A closer examination of the banks’ financial statements indicates that the record-breaking performance in the first half of the year can largely be attributed to the devaluation of the Nigerian naira, which followed the Central Bank of Nigeria’s decision to float the local currency.

For instance, Zenith Bank’s interest income surged by 72%, rising from N241.7 billion in H1 2022 to N415.4 billion, while trading gains increased by 21% to N103 billion during this period.