Nigeria’s Top Banks Rake In N18.2tn As Profits Slide In 2025
Nigeria’s commercial banking sector generated combined gross earnings of N18.2tn in the 2025 financial year, a figure that underscores the industry’s enduring revenue strength even as profitability weakened considerably across several major institutions.
Audited financial statements from leading banks reveal a sector navigating a delicate tension between impressive top line growth and shrinking bottom line performance. Combined earnings climbed from N16.9tn recorded in 2024, representing a growth of approximately 7.7 per cent, driven largely by elevated interest rates, expanding digital banking operations, and robust transaction volumes.
Access Holdings emerged as the highest revenue generator, with gross earnings rising from N4.87tn to N5.52tn. Zenith Bank followed with earnings of N4.07tn, up from N3.82tn, while First HoldCo posted N3.21tn. United Bank for Africa generated N2.97tn and Guaranty Trust Holding Company recorded N2.11tn.
The Central Bank of Nigeria’s tight monetary policy stance played a significant role in boosting interest income across the sector. Zenith Bank nearly doubled its interest income to N2.72tn, while GTCO generated N1.32tn from interest related earnings alone.
Digital banking channels continued to support revenue diversification. Collective e banking income across the sector rose to N685.5bn from N628.4bn the previous year, reflecting deepening adoption of mobile payments, electronic transfers, and card based services among Nigerian consumers.
Balance sheet expansion was equally notable. Access Holdings grew its total assets from N41.4tn to N51.5tn, while Zenith Bank and UBA each crossed the N30tn mark in total assets. The growth was partly supported by the Central Bank’s recapitalisation programme, under which Nigerian banks collectively raised approximately N4.65tn in fresh capital within two years.
CBN Governor Olayemi Cardoso had stated that the recapitalisation initiative was designed to “improve the resilience of the financial system” and position banks to finance large scale investments across critical sectors of the economy.
Despite the revenue surge, profitability deteriorated sharply in some quarters. First HoldCo recorded one of the steepest profit declines, with profit after tax falling from N663bn in 2024 to N52bn in 2025, as impairment charges jumped to N710bn from N371bn. UBA’s profit after tax dropped from N766bn to N404bn, while GTCO recorded a decline from N1.01tn to N865bn. Zenith Bank held steadier ground with profit after tax of N1.04tn, and Access Holdings reported profit growth to N743bn.
Analysts attributed the profit pressure to rising loan loss provisions and the withdrawal of pandemic era regulatory forbearance previously granted by the apex bank. Access Holdings alone reported impairment charges on loans rising by more than 200 per cent to N287.3bn.
Market confidence, however, remained relatively intact. GTCO shares gained approximately 3.7 per cent while Stanbic IBTC posted gains of around 9.7 per cent in recent trading sessions.
Experts say the sector’s next critical challenge will be channelling its expanded capital into productive areas such as manufacturing, agriculture, and infrastructure to support broader economic growth.