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Nigerian Banks boost CSR spending by 72% amid economic headwinds

Nigerian Banks boost CSR spending by 72% amid economic headwinds

Nigerian Banks’ donation to charity has increased by 72 percent despite economic headwinds, BusinessDay analysis shows.

Eight banks recorded cumulative donations of N3.69 billion in H1 2023 from N2.15 billion in the same period of 2022.

Zenith Bank led the pack with the highest donation of N1.21 billion, UBA recorded N721 million, FCMB reported N674.4 million and FBN Holdings recorded N446 million.

Stanbic IBTC Holdings followed with a record of N323 million, Fidelity Bank (N213.3 million), GTCO(N55.6 million), and Wema Bank(N44.6 million).

United Nations Industrial Development Organisation(UNIDO) defines Corporate Social Responsibility as a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders.

Checks into their books show the eight banks donated along the environmental, ethical, philanthropic, and economic responsibilities highlighted in the CSR concept.

Read also: Nigerian banks boost fees, commission income with digital services

Bank analysis

Zenith Bank

Zenith Bank’s donations increased to N1.21 billion in H1 2023 from N564 million in the same period of 2022.

The bank’s profit after tax grew 162 percent to N291.73 billion in the first half of 2023.

Zenith Bank Plc is a financial service provider in Nigeria and Anglophone West Africa. It is licensed as a commercial bank by the Central Bank of Nigeria, the national banking regulator. As of 31 December 2019, it holds $16.1 billion in total assets, with shareholders’ equity of $854 million.

UBA

United Bank for Africa (UBA) donations inched up to N721 million in H1 2023 from N695 million in the same period of 2022.

UBA’s profit after tax increased by 438 percent to N378.24 billion in the first half of 2023.

United Bank for Africa Plc is a Multinational pan-African financial services group headquartered in Lagos and known as Africa’s Global Bank. It has subsidiaries in 20 African countries and offices in London, Paris, and New York. In December 2021, UBA received its banking license to commence operations in the UAE.

Read also: Nigerian banks increase salaries to cushion economic downturn

FCMB

First City Monument Bank (FCMB) donations grew to N674.44 million in H1 2023 from N272.05 in the same period of 2022.

FCMB saw a 159 percent growth in profit after tax to N35.41 billion in the first half of 2023.

First City Monument Bank (FCMB), a member of FCMB Group Plc, is a financial services holding company headquartered in Lagos. FCMB Group Plc has nine subsidiaries divided among three business groups: commercial and retail banking, investment banking, and asset and wealth management.

FBN Holdings

FBN Holdings donations grew to N446 million in H1 2023 from N293 million in the same period of 2022. The holding company recorded 230.81 percent growth in profit after tax to N187.24 billion in H1 2023.

FBN Holdings Plc. is a Nigeria-based diversified financial services company. The principal activities of the Company are mainly the provision of commercial banking services, investment banking services, and provision of other financial services and corporate banking.

Read also: Inside details of five Nigerian banks making inroads in African market

Stanbic IBTC Holdings

Stanbic IBTC Holdings donations rose to N323 million in H1 2023 from N49 million in H1 2022.

The holding company recorded 121.5 percent growth in profit after tax to N67.92 billion in the first half of 2023. Stanbic IBTC Holdings, commonly called Stanbic IBTC, is a financial service holding company in Nigeria with subsidiaries in banking, stock brokerage, investment advisory, asset management, investor services, pension management, trustees insurance brokerage, and life insurance businesses.

Fidelity Bank

Fidelity Bank donations increased to N213.3 million in H1 2023 from N78.03 million in the same period of 2022.

The bank’s profit after tax grew 166 percent to N62 billion in the first half of 2023.

Fidelity Bank, also known as Fidelity Bank Plc is a commercial bank in Nigeria headquartered in Victoria Island, Lagos. It is licensed as a commercial bank with international authorisation, by the Central Bank of Nigeria, the central bank and national banking regulator.

Read also: Nigerian banks pay N1.39bn as audit fees to PwC, KPMG, EY, Deloitte

GTCO

Guaranty Trust Holding Company(GTCO) donations increased to N55.64 million in H1 2023 from N147.67 million in the same period of 2022.

GTCO’s profit after tax surged 261.63 percent to N280.48 billion in the first half of 2023.

Guaranty Trust Holding Company PLC also known as GTCO PLC is a multinational financial services group, that offers retail and investment banking, pension management, asset management and payments services, headquartered in Victoria Island, Lagos, Nigeria.

Wema Bank

Wema Bank donations increased to N44.55 million in H1 2023 from N47.74 million in the same period of 2022. The bank’s profit after tax increased by 98.67 percent to N10.4 billion in the first half of 2022.

Wema Bank Plc, commonly known as Wema Bank, is a Nigerian commercial bank. It is licensed by the Central Bank of Nigeria; the regulator of the nation’s banking sector.