First HoldCo Leads As 8 Nigerian Banks Earn N3.47trn in 2026
- Eight Nigerian banks recorded a combined N3.47 trillion profit after tax in the first nine months of 2026, a 12.5% increase from N3.08 trillion in the same period of 2025
- First HoldCo topped the list with N744.45 billion in profit, followed by Ecobank with N707.40 billion and Zenith Bank with N675.83 billion
- Wema Bank recorded the fastest profit growth among the lenders, with earnings surging 72.6% to N219.84 billion
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Eight Nigerian banks recorded a combined profit after tax of N3.47 trillion in the nine months ended September 30, 2026, representing a 12.5% increase from N3.08 trillion recorded in the corresponding period of 2025.
Data compiled by Legit.ng from the lenders' unaudited financial statements showed that First HoldCo, Ecobank Transnational Incorporated (ETI) and Zenith Bank were the three most profitable banks during the period.
Source: UGC
Their combined profit before tax also increased by 16.3% to N4.68 trillion from N4.03 trillion in the corresponding period of 2025.
The banks' combined loan portfolios expanded by 4.9% to N61.26 trillion from N58.37 trillion, while customer deposits increased by 8.9% to N149.57 trillion from N137.41 trillion.
The growth in profitability came as lenders continued to expand their lending activities and attract customer deposits amid changing interest rate conditions.
Nigeria's most profitable banks in 9M 2026
Below are the eight Nigerian banks ranked by their profit after tax in the nine months ended September 2026.
1. First HoldCo – N744.45 billion
First HoldCo topped the list after recording N744.45 billion in profit after tax in the first nine months of 2026, representing a 65.1% increase from N450.87 billion in the corresponding period of 2025.
The financial holding company recorded interest income of N2.09 trillion, compared with N2.29 trillion a year earlier, while interest expenses increased to N833 billion from N791.80 billion.
Despite the decline in interest income and higher interest expenses, its profit after tax rose significantly during the period.
2. Ecobank Transnational Incorporated – N707.40 billion
Ecobank Transnational Incorporated (ETI) ranked second with N707.40 billion in profit after tax, representing a marginal 0.7% increase from N702.40 billion recorded a year earlier.
Its interest income declined to N2.28 trillion from N2.33 trillion, while interest expenses fell to N728.26 billion from N770.42 billion.
Commenting on the group's performance, Ecobank Group Chief Executive Officer, Jeremy Awori, attributed its resilience partly to deposit mobilisation and diversified revenue streams.
He said customer deposits increased, with current and savings accounts accounting for 85% of the total, helping the group manage margin pressures arising from interest rate easing in some of its markets.
Awori added that payments revenue rose by 9%, supported by investments in technology and digital platforms, while net interest income increased by 12%.
3. Zenith Bank – N675.83 billion
Zenith Bank recorded N675.83 billion in profit after tax, although this represented an 11.6% decline from N764.20 billion posted in the corresponding period of 2025.
Its interest income fell by 4.5% to N2.62 trillion from N2.74 trillion, while interest expenses declined by 15.4% to N688.73 billion from N814.23 billion.
4. Access Holdings – N474.17 billion
Access Holdings posted N474.17 billion in profit after tax, up 5.9% from N447.55 billion recorded in the same period of 2025.
The group's interest income increased by 7.6% to N2.95 trillion from N2.74 trillion, while interest expenses also rose by 10.1% to N1.81 trillion from N1.65 trillion.
Its international operations remained a major contributor to earnings, accounting for 82.2% of profit before tax. International banking subsidiaries contributed 43.7%, while the rest of Africa accounted for 38.5%. Nigeria contributed the remaining 17.8%.
Group Managing Director and Chief Executive of Access Bank, Innocent C. Ike, said the reduction in impairment charges, alongside growth in net interest income after impairment and net fee and commission income, demonstrated the resilience of the group's core earnings.
He added that the group's Scale-to-Value agenda focused on strengthening execution capacity, risk governance, regulatory compliance, capital discipline and operating efficiency.
5. Stanbic IBTC Holdings – N370.36 billion
Stanbic IBTC Holdings recorded N370.36 billion in profit after tax, representing a 33% increase from N278.48 billion in the corresponding period of 2025.
Its interest income declined by 5.4% to N545.35 billion from N576.18 billion, while interest expenses increased by 27.6% to N165.57 billion from N129.72 billion.
6. Wema Bank – N219.84 billion
Wema Bank recorded one of the greatest improvements in earnings, with profit after tax rising by 72.6% to N219.84 billion from N127.40 billion a year earlier.
Its interest income grew by 37.2% to N543.56 billion from N396.14 billion, while interest expenses increased by 35.6% to N217.68 billion from N160.53 billion.
7. GTCO – N200.39 billion
Guaranty Trust Holding Company (GTCO) recorded N200.39 billion in profit after tax, representing a 20% decline from N250.63 billion in the corresponding period of 2025.
The financial holding company recorded interest income of N1.25 trillion, up 3.5% from N1.21 trillion, while interest expenses rose by 27.7% to N356 billion from N278.73 billion.
Commenting on the group's performance, GTCO Group Chief Executive Officer, Segun Agbaje, said the results reflected the strength of a franchise built on scale, efficiency and discipline despite a challenging operating environment and significant fair value losses.
He said the group's core earnings continued to grow, its deposit base expanded strongly, and cost efficiency remained among the best in the industry.
Agbaje added that the group would continue investing in its platforms and adapting to emerging technologies to meet changing customer needs while focusing on sustainable shareholder returns.
Source: Getty Images
8. Sterling Financial Holdings – N75.37 billion
Sterling Financial Holdings rounded out the list after recording N75.37 billion in profit after tax, an increase of 21% from N62.30 billion in the corresponding period of 2025.
Its interest income rose by 34.8% to N353.78 billion from N262.42 billion, while interest expenses increased by 23.9% to N147.88 billion from N119.38 billion.
The figures show that the eight banks increased their combined profit after tax by N385 billion within a year, highlighting the resilience of the banking sector despite changing interest rate conditions and rising funding costs.
Their combined loan portfolios also expanded to N61.26 trillion, while customer deposits climbed to N149.57 trillion, reflecting continued growth in lending and deposit mobilisation across the industry.
2 banks set to enter Nigerian banking market
Earlier, Legit.ng reported that 2 international banks are making moves to deepen their footprint in Nigeria, drawn by improving economic indicators and fresh opportunities in the country's corporate and investment banking sector.
JP Morgan, the world's largest bank by market capitalisation with over $4.1 trillion in assets, has announced plans to begin merchant banking operations in Nigeria before the end of 2026.
The move is subject to regulatory approval and would build on JPMorgan's existing client relationships in the country.
Source: Legit.ng
