The Nigerian banking industry recorded N367.28 billion increase in profit before tax (PBT) in the third quarter of 2023 — which falls between July to September.
According to the analysis of the financial statements of 11 listed banks, the industry grossed N759.20 billion in profit before tax, representing a whopping 93.72 percent year-on-year growth compared to the N391.91 billion posted in the same period in 2022.
The financial statements analysed for this report included Unity Bank, United Bank for Africa (UBA), Ecobank, Zenith Bank, Wema Bank, Sterling Holdings Financial, FBN Holdings, Fidelity Bank, Stanbic IBTC and Guaranty Trust Holdings Company (GTCO).
