Index to Nigerian Newspapers

The Banker Magazine has released its latest ranking of top 1000 world banks, which shows that Nigerian banks had a mixed year in 2022 as the country’s two largest, “Zenith Bank and Access Bank, both saw their Tier 1 capital positions drop by around eight percent and their pre-tax profits in dollar terms fall 9.2 percent and 13.8 percent respectively.

Fourth-placed United Bank for Africa was the best performer of the country’s largest banks in this year’s rankings, recording a 13.4 percent rise in Tier 1 capital and a 17.3 percent rise in pre-tax profits.” The rankings, published in the July 2023 edition of The Banker Magazine of the Financial Times Group, United Kingdom, were based on the 2022 year-end Tier-1 capital of banks globally.

According to The Banker, “Africa’s biggest winner in this year’s ranking is development finance lender Afreximbank, whose Tier 1 capital base grew by 26.9 percent in 2022, seeing it rise 78 positions to 297th place in the overall rankings. The Cairo-based bank announced a capital raising program in late 2021, which had generated $1.3bn of new capital by the end of 2022.”

The Banker Magazine has released its latest ranking of top 1000 world banks, which shows that Nigerian banks had a mixed year in 2022 as the country’s two largest, “Zenith Bank and Access Bank, both saw their Tier 1 capital positions drop by around eight percent and their pre-tax profits in dollar terms fall 9.2 percent and 13.8 percent respectively.

Fourth-placed United Bank for Africa was the best performer of the country’s largest banks in this year’s rankings, recording a 13.4 percent rise in Tier 1 capital and a 17.3 percent rise in pre-tax profits.” The rankings, published in the July 2023 edition of The Banker Magazine of the Financial Times Group, United Kingdom, were based on the 2022 year-end Tier-1 capital of banks globally.

According to The Banker, “Africa’s biggest winner in this year’s ranking is development finance lender Afreximbank, whose Tier 1 capital base grew by 26.9 percent in 2022, seeing it rise 78 positions to 297th place in the overall rankings. The Cairo-based bank announced a capital raising program in late 2021, which had generated $1.3bn of new capital by the end of 2022.”

The World Bank has predicted a 2.8% slow economic growth for Nigeria in 2023 ahead of a new government. The global bank in its latest Africa report published on Wednesday stressed that Nigeria’s economy will underperform due to weaker local currency, foreign exchange scarcity, and rising inflation.

 

The World Bank has predicted a 2.8% slow economic growth for Nigeria in 2023 ahead of a new government. The global bank in its latest Africa report published on Wednesday stressed that Nigeria’s economy will underperform due to weaker local currency, foreign exchange scarcity, and rising inflation.