Nigeria’s Banking Giants Post Record Profits in 2025 as Access, Zenith, UBA, GTCO, Others Surge
- About five top Nigerian banks reported juicy earnings in the first nine months of 2025, despite strong headwinds
- These lenders learned to monetise hard times, posting record-breaking results irrespective of harsh economic climate
- Analysts say the banks have become adept at overturning hardships into profits to stay afloat
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s financial sector has wrapped up one of its most remarkable earnings seasons, with the country’s biggest lenders posting record-breaking results despite operating in a tough economic climate.
Volatile exchange rates, steep interest rates and uneven liquidity would normally squeeze profitability, yet the opposite happened.
Source: Getty Images
Top lenders monetise hard times
The 2025 cycle rewarded banks that had strong liquidity, quick repricing ability and well-run treasury operations.
Instead of shrinking margins, the market’s instability created openings that the top five banks used to widen income streams.
Analysts say the banks have become increasingly skilled at navigating turbulence and translating it into financial strength.
Across Access Holdings, Zenith Bank, UBA, GTCO and First HoldCo, earnings rose sharply while lending activity remained moderate.
These results reveal a sector that monetised volatility more efficiently than in previous years, relying on treasury gains, fees and digital income to drive performance.
Access Bank takes the lead in 2025 profit rankings
Access Holdings topped the league table with one of the strongest profit numbers the sector has seen. It reported profit before tax of 616.25 billion naira while net interest income rose to 1.26 trillion naira.
Total assets climbed to 52.20 trillion naira, with deposits reaching 33.10 trillion naira, cementing its position as Nigeria’s largest bank by size and customer funds.
The group benefited from rapid loan repricing and higher yields, although impairment charges increased due to customer strain.
Even then, Access closed the period with 509.47 billion naira in profit after tax. Its performance showed how scale and liquidity can help a bank thrive even when market conditions shift repeatedly.
Zenith Bank strengthens its hold on treasury income
Zenith Bank delivered another year of disciplined growth anchored on precision and treasury expertise.
It posted 917.41 billion naira in profit before tax and 744.64 billion naira after tax. Its total assets rose to 31.18 trillion naira, and deposits hit 23.69 trillion naira.
Higher interest rates allowed Zenith to benefit from government securities and tactical portfolio positioning.
The bank’s approach to pricing, liquidity management and risk control helped it remain one of Nigeria’s most profitable financial institutions.
UBA leverages its African network to drive growth
UBA relied on the diversity of its African footprint to cushion against domestic pressures.
The bank reported 578.60 billion naira in profit before tax and 486.27 billion naira after tax. Assets rose to 32.49 trillion naira while deposits grew to 23.80 trillion naira.
Currency gains, trading income and growth across several African subsidiaries enabled UBA to maintain strong momentum in a year defined by volatility.
Its multi-country structure once again showed how regional diversification can strengthen earnings.
GTCO stands out with strong non-interest income
GTCO produced one of the year’s most impressive outcomes relative to its balance sheet size. The group posted 900.80 billion naira in profit before tax and 745.28 billion naira after tax. Total assets reached 16.66 trillion naira, and deposits stood at 11.85 trillion naira.
The bank relied heavily on non-interest income, growing its payments, wealth management and digital business segments. These areas helped GTCO outperform peers on return metrics even as overall loan growth across the sector stayed sluggish.
First HoldCo delivers steady and resilient results
According to a report by BusinessDay, First HoldCo maintained stability and earnings resilience in a high-cost environment. It recorded 566.54 billion naira in profit before tax and 440.40 billion naira after tax. Its assets rose to 26.40 trillion naira, and deposits reached 17.89 trillion naira.
Higher impairments and softer treasury gains posed challenges, but the group leaned on its strong retail presence to preserve profitability.
Treasury income becomes the sector’s main profit driver
One theme defined the 2025 earnings season. Elevated interest rates and market fluctuations pushed banks to expand their holdings of government securities.
Treasury income became a central growth engine, supported by trading gains, digital fees and other non-lending income streams.
This shift also highlighted the impact of slower credit expansion, as many borrowers struggled with rising costs and currency-related pressure.
Rising impairments reveal the other side of volatility
While profits rose, risk costs also increased. Impairment charges went up across the sector, reflecting pressure on businesses and households. Access Holdings felt this trend more visibly, though similar patterns surfaced at other banks.
The year proved that market volatility can boost earnings but still create underlying stress that banks must prepare for.
The bigger question: Can record profits support the economy?
Nigeria’s top lenders have shown impressive resilience. They turned market instability into an opportunity and delivered strong shareholder returns.
The challenge ahead is translating these profits into broader credit growth that supports investment, SMEs and the productive sectors.
For now, the numbers show a banking industry that has learned how to thrive in hardship.
Whether it can carry that strength into a more stable cycle and help drive wider economic progress will shape the next phase of Nigeria’s financial landscape.
A prior report by Legit.ng showed Nigerian banks with highest staff salaries in 2025.
Source: Getty Images
Fresh half-year financial filings from Zenith Bank, Access Holdings, GTCO, UBA, and Stanbic IBTC reveal that the five banking giants collectively spent ₦644.01 billion on personnel expenses in June 2025, a steep jump from ₦493.19 billion in June 2024.
This marked a 30.58% year-on-year surge in wage expenditure, reflecting not just salary reviews and bonuses, but also increased headcount across the industry.
CBN releases list of banks paying customers highest interest rates
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has released the latest savings deposit rates for Deposit Money Banks (DMBs) and Merchant Banks in the country.
The new rates, which are subject to change, reflect the current Monetary Policy Rate (MPR) of 27.50%.
At the last CBN Monetary Policy Committee meeting held in September 2025, the 12-member committee decided to reduce the MPR, citing improved inflation figures.
Source: Legit.ng
