The Business NG - May 31, 2024

In this issue

This week, BusinessNG is shining a spotlight on the remarkable performance of Nigeria's Tier 1 Banks, particularly their foreign subsidiaries, which have collectively raked in a staggering profit of N627.027 billion in 2023. This represents a remarkable 319% year-over-year growth, fueled by significant increases in gross earnings from these foreign subsidiaries.

Our focus is on the impressive showing by Access Holding, which leads the pack with the most subsidiaries, followed closely by GTCO, Access, and Zenith. United Bank for Africa (UBA) also deserves special mention for its impressive growth, despite a decline in contributions from its foreign subsidiaries.

We delve into the driving forces behind this growth, including policy shifts such as increased interest rates to combat inflation and Naira devaluation, resulting in substantial foreign exchange gains and interest income growth. Our analysis also explores the implications of this performance on the banking sector and the economy at large.

Stay tuned for in-depth analysis, expert insights, and more in this week's edition of BusinessNG!