Top 10 banks with highest income tax payments in Q1

Zenith Bank, Ecobank, Guaranty Trust Holding Company (GTCO), and seven others paid the highest income tax in the first quarter of 2023.

Zenith, Ecobank, GTCO, Access Bank and United Bank for Africa paid N20.59 billion, N17.3 billion, N15.92 billion, N9.94 billion and N7.78 billion respectively.

Stanbic IBTC Holdings paid income tax of N7.4 billion; Fidelity, N2.33 billion; First City Monument Bank, N1.42 billion; Wema Bank, N0.81 billion; and Union Bank, N0.49 billion.

The 10 banks paid a total income tax of N83.98 billion in Q1 2023, a 60.8 percent increase from N52.23 billion in the same period of last year.

Zenith Bank

Zenith Bank’s income tax expense amounted to N20.59 billion in Q1 2023, up 110 percent from N9.79 billion in the same period of 2022.

The major components of Zenith Bank’s income tax expense were corporate tax of N12.95 billion, current income tax (N4.8 billion), tertiary education tax (N1.49 billion) and information technology tax (N641 million).

Others were the National Fiscal Stabilisation Levy & Financial, NASENI levy, and Police Trust Fund levy, amounting to N522 million, N160 million and N3 million respectively.

Ecobank Transnational

Ecobank’s income tax amounted to N17.29 billion in Q1 2023, 25.7 percent increase from N13.75 billion in the same period of last year.

The bank’s current income tax stood at N19.98 billion while deferred income tax of N2.68 billion was deducted, which resulted in the total income tax of N17.29 billion.

Guaranty Trust Holding Company (GTCO)

GTCO’s income tax expense amounted to N15.92 billion in Q1 2023, a 43.7 percent increase from N11.08 billion a year earlier.

Access Bank

Access Bank’s income tax expense was N9.94 billion in Q1 2023, up 28.4 percent from N7.74 billion in the same period of last year.

United Bank for Africa (UBA)

UBA’s taxation charge amounted to N7.78 billion in Q1 2023, representing a 160 percent increase from N2.99 billion in the same period in 2022.

Stanbic IBTC Holdings

Stanbic IBTC Holdings’ income tax amounted to N7.40 billion in Q1 2023, up 63.4 percent from N4.53 billion in the same period of 2022.

Its tax components include current tax at N5.08 billion and deferred tax of N2.32 billion.

Fidelity Bank

Fidelity Bank’s income tax expense stood at N2.33 billion in Q1 2023, representing an 187.7 percent increase from N810 million in Q1 2022.

The major components of Fidelity’s Bank income tax expense were current taxes on income for the period which is referred to as minimum tax at N1.54 billion; tertiary education tax at N571 million; information technology levy at N179 million; National Agency for Science and Engineering Infrastructure at N45 million; and Police Trust Fund at N1 million.

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First City Monument Bank (FCMB)

FCMB’s taxation charge amounted to N1.42 billion in Q1 2023, up 66.5 percent from N852.97 million in the same period of 2022.

Wema Bank

Wema Bank’s income tax expense amounted to N806.81 million in Q1 2023, up 81 percent from N445.77 million in the same period of 2022.

Union Bank

Union Bank’s income tax expense stood at N489 million in Q1 2023, representing a 71 percent increase from N286 million in the same period of 2022.

The bank’s income tax expense components were company income tax at N362 million and NITDA Levy at N127 million.