FBN Holdings toppled the list of twelve banks listed on the Nigerian Stock Market in the amount expended on marketing and advertising in 2021 according to financial statements released by the banks on NGX (Nigerian Exchange).
According to the report the banks spent a sum of N60.01 billion on marketing and advertising in the year 2021, a marginal increase compared to the N59.85 billion recorded in the previous year.
The compilation shows that FBN Holdings topped the list of banks with the highest marketing and advertising expenses in 2021 with N10.46 billion, closely followed by Access Bank with N9.49 billion.
Promotion as one of the Ps of marketing has been dubbed as a major indicator of revenue growth. In the year under review, the twelve listed banks in Nigeria raked in N2.88 trillion as interest income, growing by 5.8 per cent from the previous year (N2.72 trillion).
Similarly, profit after tax also grew by 12.7 per cent to N1 trillion as against the N887.1 billion posted in the previous year.
Notably, Nigerian banks have spent at least N294.86 billion on advertisement and promotion in the last five years. A further look at the data shows that every other bank apart from Access, Fidelity, and Zenith Banks recorded an increase in their advert expenses.