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The top three Nigerian banks with the largest advertising and marketing spend in 2021 are Access, First Bank, and UBA, as detailed below.
According to BrandNewsDay, 12 Nigerian banks listed on the stock exchange spent N60.01 billion on marketing and advertising in 2021, a small rise from the N59.85 billion spent the previous year.
Based on the financial statements provided by the banks on NGX, this online news site has compiled a list of Nigerian banks with the largest advertising and marketing spend in 2021. (Nigerian Exchange).
FBN Holdings led the list of banks with the greatest marketing and advertisement expenses in 2021, with N10.46 billion, closely followed by Access Bank with N9.49 billion, according to the data.
In the last five years, Nigerian banks have spent at least N294.86 billion on advertising and marketing. A closer examination of the data reveals that, with the exception of Access, Fidelity, and Zenith Banks, every other bank saw an increase in their advertising expenses.
Here is a list of Nigerian banks with the highest advertising and marketing spend in 2021:
N10.46 billion – First Bank
In 2021, First Bank Holdings spent N10.46 billion on advertising and corporate promotions, accounting for 17.4 percent of all advertising expenses among the twelve banks studied.
The bank’s advertising costs climbed by 35.5 percent year on year, from N7.72 billion the prior year.
Although, its interest income declined by 23% to N601.7 billion on the back of the low-interest rate regime of the CBN. It was able to grow its gross earnings by 28.2% to N590.66 billion in the review year.
N9.49 billion – Access Bank
After spending N9.49 billion on advertising and marketing, Access Bank came in second on the list. This represents a 16.1% decrease from the N11.32 billion spent the previous year. The bank’s advertisement costs accounted for 15.8 percent of all bank advertising costs.
In the review year, the newly reorganized firm, now known as a HoldCo, generated N971.89 billion in revenue, up 27.1 percent from N757.29 billion in 2020.
Despite the top bank’s low interest rate, Access Bank was able to boost its interest income by 23% to N601.7 billion. It also increased its net profit by 51.1 percent to N160.2 billion from N106 billion the previous year.
List Of Nigerian Banks With Highest Advert & Marketing Spend In 2021 Credit: Nairamerics
UBA has a market capitalization of N8.75 billion.
In 2021, the United Bank for Africa spent N8.75 billion on advertising, marketing, and branding, a slight rise over the previous year’s N8.51 billion.
Its advertisement costs amounted for 14.6 percent of the total N60.01 billion in advertisement expenses reported by the twelve banks.
In addition, the corporation was able to boost interest earnings by 10.8% to N474.26 billion in 2021, up from N427.86 billion in 2020, and raise profit after tax by 8.7% to N118.7 billion.
Zenith Bank spent a sum of N7.1 billion on advertisement in 2021, a 7.3% reduction compared to N7.66 billion spent in 2020. Its advert cost accounted for 11.8% of the aggregate advert expenses by the twelve banks.
On the other hand, its interest earnings recorded a marginal increase of 1.6% to N427.59 billion in 2021, while its gross revenue expanded by 9.9% year-on-year to N765.56 billion. Zenith Bank also grew its profit after tax by 6.1% to N244.56 billion in the review year.
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