GTBank, Zenith, 7 Others Emerge as Nigeria’s Most Profitable Banks in 2025 With N1.83 Trillion
- About Nigerian banks have emerged as the most profitable in the first quarter of 2025, earning a whopping N1.83 trillion in profit before tax
- The banks were led by Zenith Bank and Guaranty Trust Bank, which raked in over N1 trillion each during the period
- Also, the banks emerged as the earners of interests, commissions, and fees during the review period
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
About 10 Nigerian banks started 2025 on a positive note, generating about N1.83 trillion in profit after tax in the first quarter of the year.
An analysis of the banks' unaudited financials reveals that Zenith Bank, Ecobank, First Bank, Access Bank, Guaranty Trust Bank, UBA, Wema Bank, Fidelity Bank, FCMB and Stanbic IBTC are the top performers during the period under review.
Source: Getty Images
Zenith Bank leads the top earners
The report showed that the profit before tax grew by 3.5 % compared to N1.77 trillion reported in Q1 2024.
The banks’ profit after tax closed the quarter at N1.54 trillion, an increase of 41% from N1.48 trillion in the same period last year.
Findings showed that the 10 banks leveraged interest income earned from investing in high-yield government securities, interest income from loans and advances to customers, and foreign currency trading to drive the profit.
GTBank makes a strong showing
ThisDay reports that in the review period, the banks face a range of challenges caused by internal and external economic factors and global financial headwinds.
According to reports, Zenith Bank led the pack, maintaining its position as Nigeria’s most profitable bank.
GTBank and First Bank were the only banks which recorded a decline in profit before tax, while Wema Bank experienced a profit before tax growth.
Leading banks
- Zenith Bank - 1.33 trillion
- GTBank - N1.27 trillion
- Ecobank - N267.3 billion
- Access Bank - N222.78 billion
- UBA - N24.3 billion
- Stanbic IBTC - N116.42 billion
- Fidelity Bank - N105.77 billion
- Wema Bank - N41.2 billion
- FCMB Group - N35.02 billion
Banks earn from account maintenance
Meanwhile, nine Nigerian banks earned about N2.59 trillion in fees and commissions revenue in 2024.
Reports from the banks’ financial statements for 2024 released by the Nigerian Exchange Limited showed that they include Stanbic IBTC Holdings, FCMB Group, Wema Bank, UBA, Fidelity Bank, Guaranty Trust Holding Company, Zenith Bank, Access Holdings, and First Holdco.
Fees and commission income are revenue earned from various fees and commissions charged for services to customers.
They include charges for account maintenance, transaction fees, and fees regarding credit card purchases, digital banking, and other financial services.
UBA led the pack among the nine banks with N589 billion generated from fees and commissions in 2024 alone. The earnings represent a 91.8% rise from N307.3 billion in 2023.
The bank’s earnings were driven by higher foreign currency transaction fees, an increase in credit-related income, and digital services across its operations in Africa.
The banks with the largest fees and commission income
Access Holdings generated N514.1 billion in 2024, an 85.4% increase from N277.5 billion in the previous year.
The increase was due to the bank’s expansion in digital banking services, especially credit-related fees and commissions.
First Bank recorded a 38.2% growth as fees and commissions hit N304.5 billion in 2024 from N220.3 billion the previous year, driven largely by the bank’s digital growth and foreign exchange-related transactions.
Guaranty Trust Bank recorded a robust 78.3% rise, with fees and commissions, hitting N221.2 billion last year from N124.2 billion the previous year.
Zenith Bank saw a strong 89.4% growth in fee and commission income, hitting N206.9 billion in 2024, from N109.3 billion in 2023.
Stanbic IBTC recorded a 54.5% rise in fees and commissions at N170.4 billion in 2024, up from N110.3 billion the previous year.
Source: Getty Images
Wema Bank experienced a robust increase, with commissions and fees rising by 123.7% to N55.6 billion in 2024, from N24.96 billion.
Fidelity Bank reported a 30.6% rise in fee and commission income to N73.3 billion in 2024 from N56.1 billion in 2023.
CBN records N13.9 trillion loss
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) recorded a N13.9 trillion loss, about $9 billion, as it tries to settle overdue contracts and prune FX liabilities on its balance sheet and save the naira in 2024.
The loss more than doubled from N6.3 trillion in 2023 as the apex bank redeemed legacy transactions to reduce outstanding forex liabilities, lowering FX exposure and boosting reserves.
In 2023, the bank published its finances to boost investor confidence and enhance transparency in its affairs and foreign exchange management.
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Source: Legit.ng
