• Wednesday, July 17, 2024
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Zenith, UBA top banks in charitable donations for three months

Zenith, UBA top banks in charitable donations for three monthsesign – 2024-06-19T102729.999

Zenith Bank Plc, United Bank for Africa, Stanbic IBTC Holdings are the top three banks who donated the most to charity in the first three months of 2024, according to BusinessDay analysis.

Zenith Bank Plc recorded a CSR donation of N1.63 billion, United Bank for Africa’s CSR donation stood at N503 million while Stanbic IBTC Holdings CSR donation was N478 million.

Seven Nigerian banks which are Zenith Bank Plc, United Bank for Africa, Stanbic IBTC Holdings, FBN Holdings Plc, FCMB Group Plc, Wema Bank Plc and Fidelity Bank Plc recorded a 115 percent growth in corporate social responsibility(CSR) donations to N3.38 billion in the first quarter of 2024 from N1.57 billion in the same period of 2023.

Read also: Banks’ spend on CSR more than double amid rising poverty

Guaranty Trust Holding Company and Access Holdings did not record CSR in their recent first-quarter financials.

“Banks’ CSR shows their customers that they care about their well-being and they are not just transactional. The impact on the economy is that they become more mindful of climate change and its effect on the economy,” Uchenna Uzo, professor of marketing at Lagos Business School said.

Analysis of individual firms

Zenith Bank Plc

Zenith Bank Plc recorded a CSR donation of N1.63 billion in the first quarter of 2024 from N765 million in the same period of 2023.

The bank’s after-tax profit surged to N258.3 billion in Q1 from N66.01 billion in the same period of 2023 and gross earnings increased to N780.6 billion from N269.9 billion.

Zenith Bank is engaged in the business of commercial banking. The bank is engaged in the provision of banking and other financial services to corporate and individual customers.

United Bank for Africa

United Bank for Africa’s CSR donation surged to N503 million from N298 million.

The bank’s after-tax profit surged to N258.3 billion in Q1 from N66.01 billion in the same period of 2023. Gross earnings increased to N780.6 billion from N269.9 billion.

UBA is a financial services institution in Nigeria offering banking products and services to the personal, commercial, and corporate sectors.

Stanbic IBTC Holdings

Stanbic IBTC Holdings’ CSR donation jumped to N478 million from N24 million.

The bank’s after-tax profit surged to N45.6 billion in Q1 from N28.9 billion in the same period of 2023. Gross earnings increased to N138.2 billion from N80.9 billion.

Stanbic IBTC Holdings, an integral entity within the financial landscape of Nigeria, operates under a robust structure with a primary function as a financial holding company.

FBN Holdings Plc

FBN Holdings Plc’s CSR donation rose to N434 million from N165 million.

The holding company’s after-tax profit surged to N208.1 billion in Q1 from N50.1 billion in the same period of 2023.

FBN Holdings is a leading financial services institution in Nigeria offering banking products and services for the commercial, corporate, investment, and merchant banking sectors.

FCMB Group

FCMB Group Plc’s CSR donation dropped to N162.9 million from N305.5 million in the period reviewed.

The bank’s after-tax profit surged to N28.77 billion in Q1 from N9.29 billion in the same period of 2023. Gross earnings increased to N179.1 billion from N87.43 billion.

FCMB Group is a financial services institution offering products and services for the commercial, corporate, and institutional sectors in Nigeria and Europe.

Wema Bank Plc

Wema Bank Plc’s CSR donation surged to N118.4 million from N7.56 million.

The bank’s after-tax profit surged to N9.67 billion in Q1 from N5.38 billion in the same period of 2023.

Wema Bank Plc is a Nigeria-based bank that offers retail banking, small and medium-sized enterprise (SME) banking, corporate banking, treasury, trade and financial advisory services.

Fidelity Bank Plc

Fidelity Bank Plc’s CSR donation surged to N58 million from N7 million.

The bank’s after-tax profit surged to N31.44 billion from N15.61 billion. Gross earnings increased to N192.1 billion from N101.1 billion.

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 authorization, by the Central Bank of Nigeria, the central bank and national banking regulator.