In spite of challenges in Nigeria's economy, the country's financial institutions have recorded high numbers in the first half of 2024.

According to reports, the total profit after tax (PAT) of the 11 banks listed on the Nigerian Exchange rose by a staggering 68.21% year-on-year, from N1.67 trillion in H1 2023 to N2.82 trillion in H1 2024.

Fitch Ratings also highlighted that the strong performance of Nigerian banks is as a result of the sharp devaluation of the official exchange rate, which has led to significant.

It added that foreign assets held by the banks have been inflated in naira terms.

Here is a breakdown of the 11 most profitable banks after the first half of 2024:

The figures listed are profit after tax payments to the federal government.

1. GTCO (Guaranty Trust Holding Company)

Profit 2024 H1: N905.57 billion Profit 2023 H1: N280.48 billion GTCO leads the banking sector with a massive 223% increase in profits, solidifying its top position with N905.57 billion in 2024, the highest among the banks surveyed

2. Zenith Bank

H1: N577.99 billion Profit 2023 H1: N291.73 billion Zenith Bank reported a strong 98.1% increase in profits, reaching N577.99 billion. Despite the significant growth, it remains in second place behind GTCO.

3. Ecobank

Profit 2024 H1: N443.51 billion.

Profit 2023 H1: N150.31 billion.

Ecobank profit surged to N443.51 billion in the first half of 2024.

This represents a remarkable increase of approximately 195.5% when compared to N150.31 billion reported in the first half of 2023.

4. UBA (United Bank for Africa)

Profit 2024 H1: N316.36 billion

Profit 2023 H1: N378.23 billion

UBA also experienced a 16.3% decrease in profits, falling to N316.36 billion but still holding the fourth position. The decline marks a shift after its exceptional 2023 performance.

5. Access Holdings

Profit 2023 H1: N135.44 billion

Profit 2024 H1: N281.33 billion

Access Holdings saw a 107.7% increase in profits, rising to N281.33 billion. It is the 5th most profitable bank in Nigeria.

6. FBNH (First Bank of Nigeria Holdings)

Profit 2023 H1: N187.18 billion

Profit 2024 H1: N365.30 billion

FBNH delivered a 95% increase in profits, growing to N365.30 billion, driven by solid forex business gains.

It ranks as the sixth most profitable bank after the first half of 2024.

7. Stanbic IBTC

Profit 2023 H1: N67.92 billion

Profit 2024 H1: N116.36 billion

Stanbic IBTC posted a 71.3% profit growth, reaching N116.36 billion.

It remains in sixth place, continuing its steady and reliable performance.

8. Fidelity Bank

Profit 2023 H1: N158.57 billion

Profit 2024 H1: N159.83 billion

Fidelity Bank showed modest growth with a 0.8% profit increase, reaching N159.83 billion.

9. FCMB (First City Monument Bank)

Profit 2023 H1: N8.70 billion

Profit 2024 H1: N59.48 billion

FCMB saw an impressive 583.9% increase in profits, surging to N59.48 billion. Despite this massive growth, the bank remains in the ninth position.

10. Wema Bank

Profit 2023 H1: N10.49 billion Profit 2024 H1: N26.60 billion Wema Bank recorded a 153.5% increase in profits, reaching N26.60 billion.

It continues to hold the 10th spot.

11. Sterling Bank

Profit 2023 H1: N10.68 billion

Profit 2024 H1: N16.26 billion

Sterling Bank posted a 52.3% profit growth, reaching N16.26 billion, an improvement from N10.68 billion in 2023.