E-Financial
11 Banks Rake in N261.99Bn Net Profit in 3 Months
Increased lending by banks to businesses and the economy jacked up interest income in the banking sector, hence, reflecting on the cumulative net profit of N261.991 billion declared by 11 banks during the first quarter (Q1) ended March 31, 2022.
This, according to Leadership findings, arose as a result of effective funding optimisation and drive for efficiency in the concerned banks.
The banks are; Zenith Bank Plc, Guaranty Trust Holding Company (GTCO), Access Holdings, Ecobank Transnational Incorporated Plc (ETI), United Bank for Africa (UBA), Fidelity Bank, Jaiz Bank, Union Bank of Nigeria (UBN), Sterling Bank, Unity Bank, and Wema Bank.
According to the results released on the Nigerian Exchange (NGX), total net profit released by the financial institutions for the period under review increased by 8.78 per cent from the N240.855 billion posted Q1, 2021 to N261.991 billion in Q1, 2022.
The performance in the first quarter reflects the resilience of banks’ business model. Despite the general turbulence witnessed in the wobbling economy, occasioned by the Russia/Ukraine war, high inflation, heightened insecurity and low investment, the banks still declared an impressive financial performance in the quarter under review.
Capital market analysts said, banks delivered a strong base for growth in Q1, 2022, through effective funding optimisation and drive for efficiency.
Leading in the profit line for the period was Zenith Bank Plc that reported N58.19 billion net profit, a growth of 9.67 per cent. Access Holdings net profit grew by 9.23 per cent to N57.991 billion in Q1, while GTCO declared profit after tax of N43.208 billion, lower than N45.546 billion in Q1, 2021.
Trust Bank, Access Bank and ETI with N49.302 billion, N41.147 billion and N30.587 billion respectively. UBA reported N28.665 billion while Stanbic IBTC profit was N19.150 billion.
UBA achieved a net profit of N41.496 billion as against N38.155 billion in 2021; ETI reported total profit of N38.324 billion as against N30.494 billion in 202; while Fidelity Bank net profit stood at N9.515 billion, lower than N9.590 billion recorded in Q1, 2021.
Meanwhile, Union Bank, Sterling Bank, Wema Bank, Jaiz Bank and Unity Bank posted profit after tax of N5.551 billion, N3.543 billion, N2.856 billion, N1.040 billion and N869.264 million respectively, as against N6.207 billion, N2.395 billion, N1.305 billion, N832.297 million and N721.537 million, respectively in Q1, 2021.
Speaking on the Bank’s performance, Mr Kennedy Uzoka, group managing director/chief executive officer, UBA, explained that, despite the myriad of economic challenges on the global front which shaped the first three months of the year, the bank’s business model continued to show resilience.
These challenges among others, he noted, include the ongoing crisis between Russia and Ukraine that has resulted in a huge supply shock, pushing up commodity prices; and the hike in the interest rates in most advanced countries aimed at tackling spiraling inflation, sparking capital flow reversal from emerging and frontier markets.
Moreover, Mr. Segun Agbaje, CEO of GTCO, said: “our first quarter results show a decent improvement across key revenue lines as well as other financial metrics, which demonstrates our ability to effectively navigate the evolving business landscape anchored on our strong business fundamentals.
“With this performance, we are optimistic about the rest of 2022 as we rapidly consolidate the gains of our new holding company structure to deliver superior stakeholder value.”
Ade Ayeyemi, chief executive officer, Ecobank Group, stated that the performance was achieved in a difficult operating environment characterised by the strengthening of the US dollar against local operating currencies, high inflation, high interest rates and tight labour markets across Africa as the Russia-Ukraine conflict continued to take its toll.
“Despite these challenges, we continued to support our customers effectively, which paid off as our businesses grew their revenues and profits. These were driven by trade, cash management, FICC and payments, while we also achieved modest loan growth with support from higher interest rates,” he said.
Assessing the performance, Mr. Rotimi Olubi, managing director, ARM Securities Limited, said:, “Interest income has been a major driver of earnings across all banks. We have seen a significant increase in banks interest income due to rise in loans from customers and institutions.”
He noted that there was increase in banks gross earnings across all banks as a result of recovery from the COVID-19 pandemic.
Mr. Ambrose Omordion, chief operating officer, InvestData Limited, said the Q1 2022 is a reflection of economic recovery in Nigeria post COVID-19.
According to him, the performance showed the local economy is not doing bad in the Q1, 2022 as projected by the world bank. Banks been the cash flow of the economy have performed beyond expectations.
Speaking from a shareholder’s perspective, Boniface Okezie, chairman of the Progressive Shareholders Association of Nigeria, noted that, Nigerian banks have proven to be resilient in growing profits and savings from customers despite domestic and global challenges.
“It is a good thing that Nigerian banks are still resilient and are doing very well despite economy challenges. The resilient is what investors are seeing in our banks and are taking position. The Q1, 2022 performance is encouraging and with the growth, shareholders are expecting higher dividend in 2022 full year,” he pointed out
Nigerian insurance industry has recorded a gross written premium of N1.562 trillion in the 2024 financial year. Mr Kunle Ahmed, Chairman, Nigerian Insurers Association, disclosed this during the 54th Annual General Meeting of the Nigerian Insurers Association (NIA) in Lagos.
Ahmed said that this represented a 56 per cent increase over the N1.003 trillion generated in 2023.
According to him, the industry’s total assets rose to N3.9 trillion, a 46.1 per cent increase from N2.67 trillion in 2023.
He said: “The Nigerian insurance industry in 2024 experienced notable developments, shaped by regulatory changes, economic conditions, and evolving market dynamics. “Available data indicated robust growth in gross premiums.
The industry reported a gross written premium of N1.562 trillion, a 56 per cent increase over the N1.003 trillion recorded in 2023. “Non-life business accounted for N1.1 trillion, while life business generated N470 billion.
“The industry’s total assets expanded significantly to N3.9 trillion, a 46.1 per cent rise from N2.67 trillion in 2023. “Market capitalisation also grew substantially, reaching N1.2 trillion, a 41 per cent increase from N850 billion in 2022.”
Ahmed further disclosed that the net claims paid by the industry stood at N622 billion, with the non-life segment accounting for N437 billion and the life segment for N185 billion.
He said within the non-life sector, fire, oil and gas insurance lines were key drivers of revenue growth, with all non-life products demonstrating strong quarter-on-quarter increases.
Ahead of the Africa Social Impact Summit (ASIS) 2025, scheduled for July 10 and 11 in Lagos, co-conveners Sterling One Foundation and the United Nations in Nigeria held a high-level press briefing at the United Nations House in Abuja.
L–R: Mohamed Malick Fall, Assistant Secretary-General and United Nations Resident and Humanitarian Coordinator in Nigeria; Olapeju Ibekwe, CEO, Sterling One Foundation; and Abubakar Sulieman, MD/CEO, Sterling Bank, at the recently held Africa Social Impact Summit 2025 World Press Conference at the United Nations House, Abuja.
The event brought together development partners, policymakers, and the media to outline expectations for the upcoming summit and reflect on Africa’s role in defining local responses to global challenges.
Since its launch in 2022, ASIS has grown into a key platform for regional development collaboration. From eight founding partners, the summit now brings together over 40 institutions working across climate, healthcare, education, finance, governance, and digital inclusion. This expansion points to a growing shift: African institutions are pushing to set the agenda, not wait to be handed one.
The 2025 summit, themed “Scaling Action for the SDGs: Bold Solutions for Climate Resilience and Policy Innovation,”will focus on strengthening sub-national development, rethinking finance flows, and tackling structural inequalities through long-term investment and reform.
Speaking at the press briefing, Mohamed M. Malick Fall, Assistant Secretary-General and United Nations Resident and Humanitarian Coordinator in Nigeria, reinforced the urgency of this year’s convening.
“The climate crisis is eroding decades of development across Africa, displacing communities, disrupting education and health systems, and undermining economic stability. But lasting solutions must come from those living the impact daily.
“As co-conveners of the summit, and with this year’s theme Scaling Action: Bold Solutions for Climate Resilience and Policy Innovation, ASIS offers a platform for African institutions to lead and for global partners to respond with investment, policy reform, and serious commitment.”
In a presentation on the summit’s evolving impact, Olapeju Ibekwe, CEO, Sterling One Foundation, reflected on the summit’s trajectory:
“ASIS has never been about convening for its own sake. Each summit marks a deliberate step to mobilize capital, shift policy, and advance African-led solutions. Already, we have seen over 100 million dollars unlocked through coalition efforts.
“That scale is not accidental. It is the product of systems thinking, partnership, and a commitment to putting Africa’s priorities at the center of global development conversations.”
In his remarks, Abubakar Suleiman, MD/CEO, Sterling Bank, emphasized the private sector’s enduring role in the ASIS journey: “Sterling Bank has been a strategic partner to ASIS from the very beginning.
“As global development funding becomes more constrained, it is increasingly clear that the private sector must help drive scalable solutions.
“Our engagement with ASIS reflects a belief that impact is not a side effort but core to building resilient economies and inclusive growth.”
Other partners in the room echoed the need for bold, cross-sector investment in areas such as health systems, youth employment, education access, and digital infrastructure.
ASIS boasts a coalition of over 40 institutions that includes Afreximbank, Coca-Cola, United Nations Global Compact Network Nigeria, Sterling Bank, and other theme and technical partners, with Lagos State as the host city.
Interested participants are encouraged to register at theimpactsummit.org
Flutterwave, Africa’s leading payments technology company, has been named in the TIME100 Most Influential Companies List of 2025, marking its second appearance on the prestigious global ranking.
Previously honoured in 2021, Flutterwave joins industry giants such as Amazon, Netflix, and OpenAI in the TITANS category of the fifth-annual list, which recognizes companies driving significant global impact.
The selection process, led by TIME editors, evaluated nominees based on innovation, ambition, impact, and success, highlighting Flutterwave’s transformative role in the fintech sector.
Founded in 2016, Flutterwave has grown into a powerhouse facilitating seamless payments across Africa and beyond, empowering businesses and individuals in the digital economy.
Its solutions span critical sectors such as cross-border remittances, e-commerce, travel, payroll, and hospitality.
The company’s 2021 TIME100 recognition followed its impactful campaign to help businesses pivot online during the COVID-19 pandemic.
This year’s inclusion underscores Flutterwave’s sustained influence, with its technology now reaching over 34 African countries and expanding into new markets such as Bahrain, Turkey, and Saudi Arabia, supporting a leading global ride-hailing company’s operations.
Flutterwave’s flagship remittance product, SendApp by Flutterwave, has gained significant traction in the US, UK, and EU, offering faster and more affordable money transfers for the African diaspora.
In 2024, the company secured 20 additional licenses in the US, bringing its total to 34 and achieving near-complete coverage through strategic partnerships.
Flutterwave’s focus on profitability and market expansion, coupled with a strengthened executive team, has fuelled its growth, with nearly half of its customers receiving payments in new markets last year.
Olugbenga Agboola, founder and CEO, Flutterwave, expressed pride in the recognition, stating, “Being recognized by TIME once again is a true honour. It’s a testament to our team’s incredible work. We’re shaping Africa’s financial future and connecting the continent to the world.”
The accolade follows other recent honours, including topping Fast Company’s 2024 Most Innovative Companies list for Europe, the Middle East, and Africa, and earning a second consecutive ranking in the FXC Top 100 Cross-Border Payment Companies.
The TIME100 listing solidifies Flutterwave’s position as a global fintech leader, bridging Africa to the world through innovative payment solutions.
As the company continues to expand its reach and refine its growth strategy, its influence in transforming the financial landscape remains undeniable, setting a benchmark for innovation and connectivity in the digital economy.
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