The Nigerian banking sector remains a key pillar of the country’s rapidly growing economy, achieving an impressive growth rate of 26.53%, a significant rise from the 16.36% recorded in 2022.
In 2023, the sector experienced a remarkable 114.89% growth on the NGX banking index, reflecting strong investor confidence in Nigerian banks.
Trait Newspaper learnt that these banks reported a combined pre-tax profit of N1.58 trillion in Q1 2024, marking a substantial 263% increase from N436 billion in Q1 2023.
GTCO set a record for the highest quarterly profit in the sector’s history, driven by increased net interest income and gains from financial instruments amid rising interest rates and Naira fluctuations.
Chief Risk Officers (CROs) play a critical role in managing risks within these banks, ensuring that robust frameworks are in place to maintain financial stability. Here’s a look at the CROs responsible for risk management in Nigeria’s top seven banks by market capitalization as of August 29, 2024.
Kevin Ugwuoke was appointed Executive Director of Risk Management and Chief Risk Officer at Fidelity Bank in July 2020. He oversees various aspects of risk management, including Credit Risk Management, Credit Strategy and Policy, Risk Measurement, IT Risk Management, Operational Risk Management, and Compliance.
Ugwuoke joined Fidelity Bank as a General Manager in March 2015, bringing extensive experience from his previous managerial roles at leading financial institutions such as United Bank for Africa, Access Bank, and Citi Bank. He holds a Bachelor’s Degree in Civil Engineering from the University of Nigeria, Nsukka, and a Post-Graduate Diploma in Management from Edinburgh Business School at Heriot-Watt University. Ugwuoke is also a Senior Honorary Member of the Chartered Institute of Bankers of Nigeria, highlighting his significant contributions to the banking sector.
Fidelity Bank Plc reported a pre-tax profit of N39.5 billion, representing a 120% increase from the N17.9 billion recorded in Q1 2023.
During the quarter, the bank posted a net interest income of N99.6 billion, reflecting a 90% year-on-year growth from Q1 2023.
Fidelity Bank also reported gross earnings of N192.1 billion during the quarter, with a net income of N31.4 billion, up by 101% year-on-year from N15.7 billion in Q1 2023.
Read the original article at Nairametrics
