8 banks pay N200bn as income tax in Q1’24

Eight commercial banks paid N200.19 billion as income tax in the first quarter of 2024 (Q1’24).
Data from the First Quarter of 2024 Financial Statements of the banks showed that N200.19 billion represents a 203.7% year-on-year increase (YoY) when compared to the N65.91 billion tax they paid in Q1’23.
The banks are Guaranty Trust Bank(GTB), Access Bank, Fidelity Bank, Stanbic IBTC, United Bank for Africa, (UBA),  First City Monument Bank, (FCMB) and Wema Bank.
The profit before tax (PBT) of the eight banks stood at N1.33 trillion representing 355% growth from N374.82 billion recorded in the corresponding period of 2023, with the percentage of tax from the PBT of the eight banks being 15.04%.