Eleven Nigerian commercial banks have reported a whopping profit before tax of N2.24 trillion in the first nine months of this year. This is 149.4 per cent higher than the N898.9 billion they earned in the corresponding period of last year.
This is even as they paid N311.347billion in income tax to the government during the period as against the N134.127 billion they paid last year’s corresponding period.
The banks in the high echelon of activities are Zenith Bank Plc, Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa (UBA) Plc, Access Bank Group, First Bank Nigeria Holdings, Stanbic IBTC Holdings Plc, Fidelity Bank Plc, Sterling Bank Group, Wema Bank Plc, Unity Bank, and Jaiz Bank Plc..
A breakdown of the tax remittances as reported by the Nigerian Stock Exchange shows that Zenith Bank, paid the highest income tax amounting to N70.864 billion in the nine months of 2023 compared with N28.218 billion it paid in 9M’22.
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It was followed by GTCO which paid N65.786 billion in 9M’23 compared to N39.375billion in 9M’22.
UBA came third as it reported N52.795 billion as against N22.451billion in 9M’22. Access Corporation came fourth, posting N43.972 billion in 9M’23 as against N10.289 billion in 9M’22 while First Bank Nigeria Holdings followed with N33.831billion as against N14.203billion in 9M’22.
Stanbic IBTC Holdings Plc, reported an increased income tax payment of N20.209 billion from N13.761billion in the preceding year while Fidelity Bank’s income tax expenses increased to N19.239 billion from N2.834 billion in 9M’22.
Wema Bank’s income tax expenses stood at N2.876 billion as against N1.277 billion in 9M’22. It was followed by Sterling Bank Group posting N1.317 billion as against N 965 million in 9M’22.
JAIZ Bank, a Non-interest lender’s income tax expenses increased to N0.267 billion in 9M’23 from N577 million in the preceding period.
Unity Bank reported least income tax expense of N191million as against N177 million incurred by the lender in 2022.
