• Mon. Apr 22nd, 2024

Fidelity, Zenith, Access Among Top Capitalized Banks In Q3 2023

In a recent press release, Q3 2023 financial results have highlighted the capitalization prowess of leading banks in Nigeria, placing Fidelity Bank among the top-tier capitalized institutions.

Fidelity Bank emerged prominently in the list of the most capitalized banks based on the Q3 2023 financial report, boasting a substantial capital base of N410.75 billion, a marked increase from N314.3 billion in 2022. This position reflects the bank’s strategic growth and preparation for potential recapitalization exercises. Moreover, Fidelity Bank demonstrated proactive measures by securing shareholders’ approval earlier in the year to raise additional capital. The bank’s plan involves a Public Offer for up to 10 billion Ordinary Shares and a Rights Issue of up to 3.2 billion Ordinary Shares, showcasing its commitment to fortifying its financial position.

Topping the list, Zenith Bank showcased an impressive capital base of approximately N1.92 trillion in Q3 2023, a significant surge from N1.31 trillion in 2022. This substantial growth accompanied the bank’s status as Nigeria’s highest profit generator, recording a pre-tax profit of N505 billion in 2023. With a robust capital adequacy ratio (CAR) of 20.1 per cent, the bank’s stability and growth trajectory were affirmed, reinforcing its stronghold in the financial sector.

United Bank for Africa (UBA) followed closely, securing the second spot with a capital base of N1.778 trillion in Q3 2023, compared to N922.1 billion in 2022. A notable capital adequacy ratio of 28.3 per cent signified the bank’s sturdy financial health at the end of the financial year.

Access Holdings demonstrated its robust financial standing by attaining a capital base of N1.64 trillion in Q3 2023, marking an increase from N1.231 trillion in 2022. The bank positioned itself as Nigeria’s third-largest in terms of capital base, ensuring stability in anticipation of any potential recapitalization exercise.

Other major banks such as First Bank Holdings, Ecobank, GTCO Holdings, Stanbic IBTC Holdings, FCMB, and Sterling Financial Holdings also featured prominently on the list, each showcasing significant capital bases indicative of their strength and resilience in the banking sector.

The financial results of these top banks underscore their commitment to financial stability, growth, and readiness to navigate potential regulatory changes, ensuring continued service delivery and support to the Nigerian economy.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

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