Six major Nigerian banks have collectively increased their profits by an impressive 214%, totaling N2.06 trillion in the third quarter of 2023 compared to N656.15 billion in the same period of 2022.

Despite the challenging economic environment, these financial institutions have reported remarkable growth, according to financial statements filed with the Nigerian Exchange Limited.

The banks in question are Access Holdings Plc, Zenith Bank International, United Bank for Africa, Guaranty Trust Holding Company Plc, FBN Holdings, and Stanbic IBTC Holdings.

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Each of these banks recorded triple-digit profit growth, led by Zenith Bank, which experienced a remarkable 412.55% increase in total comprehensive income, reaching N647.74 billion from N126.37 billion in the same period last year.

United Bank for Africa (UBA) followed closely with a 287.18% profit increase, amounting to N109.25 billion.

Guaranty Trust Holding Company (GTCO) saw an 181.87% profit increase to N367.41 billion from N130.35 billion, while FBN Holdings recorded a 159% increase, totaling N236.50 billion.

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Stanbic IBTC witnessed a 97.96% rise in profit, reaching N109.25 billion.

Access Holdings had the lowest percentage increase among the six lenders, with an 82.92% profit growth, totaling N250.44 billion, compared to N136.91 billion in Q3 2022.

This impressive financial performance is attributed to the harmonization of the currency market segments by the Central Bank of Nigeria in June, as well as a directive that prevented commercial banks from using foreign exchange revaluation gains for dividends and operational expenses.

The banks’ asset value also appreciated significantly by 43.57%, amounting to N83.55 trillion, with an increase in their loan books contributing to the overall asset growth.

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Former President and Chairman of Council, Chartered Institute of Bankers of Nigeria, Professor Segun Ajibola, emphasized the role of banks in boosting the economy, stating that the effects of their lending may not be immediate but will yield results in the long run.

Economic analyst Moses Ojo noted that the macroeconomic situation in Nigeria is unlikely to have a significant impact on banking activities, as banks remain relatively liquid and continue to provide loans to customers.