Five banks rake in N3.3tn profit despite harsh economy

Some of Nigeria’s largest banks, including Zenith Bank, Guaranty Trust Holding Company, United Bank for Africa, Stanbic IBTC, and Fidelity Bank, reported record-breaking profits in their 2024 full-year financial results despite an economy struggling with inflation, naira depreciation, and declining consumer purchasing power.

The five lenders collectively posted a post-tax profit of N3.317tn. However, economists who spoke with The PUNCH…