How banks achieved high returns despite slow economic growth Analysis of the audited full-year 2023 results and first-quarter (Q1) 2024 results of Deposit Money Banks (DMBs) reveals that banks in the country generated substantial returns for their shareholders despite the economy’s slow growth. Nigeria’s Gross Domestic Product (GDP) grew by 3.46 percent year-on-year in real terms in the fourth quarter of 2023. Similarly, GDP growth was 2.98 percent year-on-year in real terms in the first quarter of 2024. This growth rate was higher than the 2.31 percent recorded in Q1 2023 but lower...