Nigeria’s Top Banks Post N13.88 Trillion in Nine-Month Earnings Amid Tough Economy
Nigeria’s five largest banks have defied economic headwinds to post a combined gross earning of N13.88 trillion for the first nine months of 2025 — a 15 per cent rise from the N12.14 trillion recorded in the same period last year.
The five institutions — Access Holdings, Zenith Bank, First HoldCo, United Bank for Africa (UBA), and GTCO — sustained growth despite inflationary pressures, high operational costs, and currency volatility.
According to financial reports, the improved performance was driven by elevated interest income, gains from foreign exchange revaluations, and a surge in non-interest revenue, including income from trading and digital banking services.
Access Holdings led the pack, posting N3.9 trillion in gross earnings, up 14.7 per cent from N3.4 trillion in 2024. Zenith Bank followed with N3.4 trillion, reflecting a 16 per cent increase from N2.9 trillion last year. First HoldCo and UBA also showed strong results, with N2.64 trillion and N2.5 trillion, respectively, while GTCO reported a 20 per cent jump from N1.2 trillion to N1.44 trillion.
Financial analysts attributed the sector’s growth to prudent balance sheet management and diversification across revenue streams. They, however, warned that the era of extraordinary profits from foreign-exchange revaluations and wide interest spreads may be nearing an end as the naira stabilises and rates begin to moderate.
“Banks with strong balance sheets, diversified income sources, and sound risk management frameworks will likely sustain performance in the months ahead,” said Charles Abuede, Head of Research at Cowry Asset Management.
He added that high yields in the fixed-income market, increased digital transaction volumes, and improved risk pricing would continue to support revenue growth. However, Abuede cautioned that inflationary pressures and possible foreign exchange losses could weigh on bottom-line performance.
Similarly, President of the New Dimension Shareholders Association of Nigeria, Patrick Ajudua, praised the banks’ resilience and adaptability. He described the results as “a testament to strategic foresight and strong corporate governance” amid a turbulent business climate.
Ajudua urged the institutions to sustain momentum by strengthening digital infrastructure, improving customer engagement, and deepening financial inclusion to maintain growth as macroeconomic conditions evolve.
Overall, the strong showing by the top-tier banks underscores the resilience of Nigeria’s financial sector — a rare bright spot in an economy still grappling with inflation, currency instability, and subdued private investment.
