For the first time in Nigeria’s history, companies are posting N1 trillion profit-after-tax. Two financial institutions—Zenith Bank and GTCO Holdings—have reported profit-after-tax exceeding N1 trillion. They posted N1.03 trillion and N1.02 trillion respectively for FY 2024.
The two most valuable banks in Nigeria reinforced their market standing with strong financial results. GTCO currently holds a market capitalization of N2.35 trillion, while Zenith Bank follows closely with a market cap of N1.93 trillion
This surge in profitability is attributable to the high-interest rate environment. In FY 2024, Zenith Bank and GTCO posted net interest incomes of N1.73 trillion and N1.06 trillion, respectively. For Zenith, this marks a 135 percent growth from the N707.5 billion net interest income posted in 2023. GTCO’s net interest income grew by 142 percent from the N437 billion posted in 2023.