The Nigerian Exchange Group (NGX) has reported that eight Deposit Money Banks generated approximately N3.9 trillion in gross earnings during the first half of the 2023 financial period. This information was disclosed in the financial statements of these banks, which were published on the NGX website.

Zenith Bank, for instance, saw a substantial growth of 139 percent in gross earnings, increasing from N404.8 billion in H1 2022 to N967.3 billion in H1 2023. The bank's profit after tax also improved by 161.84 percent, reaching N291.7 billion by the end of June 2023.

Guaranty Trust Bank (GTCO) witnessed an 85 percent increase in gross earnings, rising from N364.306 billion to N672.603 billion during the same period. The bank reported a profit after tax of N280.482 billion in H1 2023, compared to N77.557 billion in the corresponding half of 2022.

United Bank for Africa (UBA) delivered a 164 percent growth in its gross earnings, which surged to N981.78 billion as of June 2023, up from N372.36 billion recorded in June 2022. The bank's audited financial report showed a profit after tax of N378.24 billion, representing a 437.8 percent increase over H1 2022.

First Bank's gross earnings rose by 82.8 percent to N656.6 billion in H1 2023 from N359.2 billion in the same period of 2022. The bank's profit after tax also increased to N174.9 billion in H1 2023, compared to N53.3 billion a year earlier.

Other top-tier banks that experienced growth in gross earnings in the first half of the year included Wema Bank (N89.09 billion), Fidelity Bank (N247.1 billion), Sterling Holding (N99.06 billion), and FCMB (N238.2 billion). In total, these eight banks collectively generated N3.9 trillion in the first six months of the year.

A closer examination of the banks' financial statements revealed that this strong performance in the first half of the year was largely influenced by the devaluation of the naira that occurred following the Central Bank of Nigeria's decision to float the local currency. For example, Zenith Bank's interest income grew by 72 percent due to the impact of both the growth and repricing of risk assets. The liberalization of the foreign exchange market during this period also contributed to the growth in non-interest income as revaluation gains significantly improved.