UBA, GTCO, four others record N3trn profit amid complaints, challenges
Six banks in the country have posted N3.41 trillion as Profit After Tax (PAT) for the year 2024 ended as against the N2.1 trillion recorded in 2023 financial year.
This is in spite of diverse transaction and service complaints, dissatisfaction among customers and the challenging economic situation of the country.
The figure represents a 62.38 per cent increase from the amount recorded during the 2023 financial year (FY).
All the banks recorded increase in their gross earnings.
Similarly, their Profit Before Tax (PBT) rose to N4.1 trillion in 2024, which represents 42.7 per cent increase compared to N969.9 billion recorded in the corresponding period in 2023.
The banks analysed include Zenith Bank Plc, Guaranty Trust Holding Company (GTCO) Plc, United Bank for Africa (UBA) Plc, Fidelity Bank Plc, Stanbic IBTC Holdings PLC and Wema Bank Plc.
The banks attributed the profit to equity holders, non-controlling interests, earning per share (basic and diluted).
As part of its earnings, GTCO announced a final dividend of N7.03 per share, which brought the total dividend for the 2024 financial year to N8.03 per share, as against the N3.20 per share paid in 2023.
Zenith proposed a final dividend of N4.00 per share in addition to N1.00 per share interim dividend, which amounted to N5.00 per share.
UBA proposed a total dividend of N5.00 per share, while Fidelity proposed a final dividend of N2.10 per ordinary share, and Stanbic IBTC proposed a final dividend of N3.00 against N2.20 paid in N2023.
Similarly, the banks’ donations to charitable and non-political organisations rose to N969 billion for the 2024 FY compared to their N2.6 billion contribution in 2023.
However, there were still unresolved customers’ complaints recorded by the banks.
GTCO received 941,241 complaints and resolved 935,081, leaving 7,998 complaints unresolved, while UBA received 3,210,708 complaints and resolved 2,090,122 out of them, leaving 1,120,907 unresolved for the 2024 FY.
Zenith Bank has 203,787 complaints including the ones brought forward and resolved 202,384, leaving 1,403 unresolved.
Wema Bank received 783,461 and resolved 780,063, leaving 11,372 complaints unresolved, including the number carried forward (C/F).
