In 2024, five Nigerian banks generated a combined N1.695 trillion in pre-tax profit from their foreign subsidiaries, which accounted for 33.5% of their combined group profit of N5.060 trillion.
Despite this strong contribution, Nigerian operations continue to account for the bulk of group earnings.
Overall, the groups posted strong performance in 2024, buoyed by policy-induced macroeconomic shifts such as elevated interest rates and devaluation of the Naira.
