Elsie UdohHeartbreak hurts, but then have you experienced trying to withdraw the last money in your account and you get debited without the receiver getting anything? To make it all worse, you visit your bank and are asked to wait for at least seven days for a reversal! Between that and heartbreak, we’re not even sure which one hurts most.
We know that you might have long tales about the many sheges that Nigerian banks have shown you in 2024 but regardless of this, some banks have stood strong and emerged among the top-performing banks in Nigeria in 2024.
Join our WhatsApp ChannelIn case you’re unable to forgive your current bank for the shege they put you through, then you could consider migrating to one of these banks. Regardless of what you decide on, just ensure to double up your patience because, really, when it comes to Nigerian banks, there’s no telling what to expect.
On our part, we have collated the numbers to help you see the top 10 best-performing banks in Nigeria.
The Top 10 Best-performing Banks in Nigeria
FBN Holdings
This is the parent company of the popular First Bank, Nigeria’s oldest financial institution.
First Bank is ranked 15th in Africa’s top 100 banks with a capital base of $1.9 billion. In 2024, its pre-tax profit doubled what it had in 2023, with an increase from ₦205 billion to ₦411.9 billion.
The interest income also increased 2.5 times more than the N197 billion in 2023.
The great thing about First Bank is that you can find a branch almost everywhere so this makes your banking easier, especially when you have to do something at the bank.
Access Bank
Access Bank was ranked 16th in Africa’s top 100 banks, and its growth in 2024 merits the rank.
In Q1, the bank recorded a pre-tax profit of ₦202.7 billion, marking a 148% year-on-year increase from ₦81.7 billion in Q1 2023. Its net interest income also increased by 189% to ₦275.7 billion.
Its half-year profit is now ₦348.9 billion, compared to N167.6 billion from 2023.
Access Bank also has 24/7 helplines that resolve your complaints without having to visit the bank, with access to swift loans.
READ ALSO: Major Events That Shaped Nigeria’s Oil and Gas Sector In 2024
Zenith Bank
Zenith Bank ranked 17th in Africa’s top 100 banks for 2024.
Its Q1 2024 pre-tax profit rose by 270% to ₦320.2 billion from ₦86.6 billion in Q1 2023, while its 2024 Q2 pre-tax profits rose to ₦406 billion.
The bank’s gross earnings also grew to ₦871.6 billion in 2024.
Apart from these numbers, Zenith Bank also offers pretty decent banking services and although it used to have major network issues, this has reduced drastically since its last system upgrade in October 2024.
United Bank of Africa (UBA)
This is ranked 20th in Africa’s top 100 banks.
In Q1 2024, the bank’s pre-tax profit grew by 155% to ₦156.3 billion from ₦61.4 billion in Q1 2023.
With UBA’s Leo chatbot, you can resolve complaints without stepping into the bank. UBA also has a pretty high transaction success rate, making it quite reliable. It’s no wonder it is in the top four on our list.
Guaranty Trust Holding Company (GTCO)
GTCO is ranked 27th in Africa’s 2024 top 100 banks.
In Q1 2024, the company had a pre-tax profit of ₦509.3 billion, a 587.5% increase compared to ₦74.1 billion in Q1 2023. This made it the most profitable Nigerian bank for a single quarter.
Its net interest income also surged by 177% to ₦227.3 billion.
GTCO is great with customer service and also has a pretty user-friendly mobile app.
Ecobank
Ecobank ranked 42nd in Africa’s top 100 banks.
The gross earnings growth in 2024 amounted to ₦2.94 trillion.
Ecobank has a rapid transfer service that helps you to quickly make transfers with minimal delays. You can also make international transactions using Ecobank.
Union Bank
Union Bank ranks 45th in Africa’s top 100 banks with a total asset size of ₦3.65 trillion.
Their quick dispute resolution, especially online, makes them popular among Nigerians.
First City Monument Bank (FCMB)
First City Monument Bank (FCMB) is ranked 48th in Africa’s top 100 banks with a total asset size of ₦3.78 trillion.
In Q1 2024, the bank reported a pre-tax profit of ₦31.3 billion, marking 193% year-on-year growth from ₦10.7 billion in Q1 2023.
Stanbic IBTC Bank
Stanbic IBTC has a total asset size of ₦4.97 trillion.
The bank’s Q1 2024 pre-tax profit grew by 73% year-on-year to ₦62.7 billion
Fidelity Bank Plc
Fidelity Bank has a total asset size of ₦6.23 trillion.
In Q1 2024, the bank recorded a 120% increase in pre-tax profit to ₦39.5 billion.
Fidelity places great emphasis on small and medium-sized enterprises (SMEs) and this helps them to provide fast and efficient services.
Conclusion
As much as Nigerian banks have their problems, some of those mentioned in this article have recorded outstanding performance in 2024 with hopes to keep growing in 2025. After all, the growth of these industries will lead to a boost in your country’s economy.
Elsie Udoh is an SEO content writer who specialises in writing engaging stories that resonates with diverse audiences. She studied mass communication at the Lagos State University.
