In what can best be described as an interesting data, Nigeria’s Tier 1 banks or FUGAZ, comprising First Bank, UBA, GTB, Access Bank and Zenith Bank spent a combined sum of N28,304,000 on advertising in the full financial year ended December 31st, 2017.
This amount is slightly above N27, 504,000, the combined sum that banks spent for the same purpose in 2016.
First Bank of Nigeria Plc spent N6, 431,000 on advertising against the N6, 257,000 it spent for the same Zenith Bank Plc is the highest spender, having recorded N8, 819,000 as its total costs on adverts for the financial year ended 2017.
This is a little less than N9, 582,000 which the company spent on adverts in 2016. Meanwhile, the company recorded gross earnings of N740 billion in 2017 with an annual profit of N177 billion.
Guaranty Trust Bank (GTB) spent a total of N7, 016,000 on adverts against N7, 454,000 which it spent in 2016. In total, GTBank recorded an annual revenue of N419.2 billion, with a profit after tax of N170 billion.
purpose in 2016. In return, it realized N595 billion in revenues, and a profit after tax of N47.7 billion. Similarly, Access Bank Plc spent N6, 038,000 in 2017 for adverts.
This represents about N1.5 million more than the N4, 211,000 which the bank had spent in the preceding year. The company recorded a total revenue of N459 billion and a profit after tax of N61 billion.
Looking at the companies’ financial year reports, it can be seen that asides First Bank, the companies that spent more on advertising reaped more profits.
It should, therefore, be stated that inasmuch as other factors are responsible for each of these companies’ profits, their commitment to advertising also played a part.