Four tier-one banks in Nigeria delivered combined gross earnings of N14.93 trillion in their 2025 full-year operations, representing a 5.4 percent increase from the N14.174 trillion recorded in 2024. The lenders—United Bank for Africa (UBA), GTCO, Access Holdings, and Zenith Bank—continue to show strong performance, though experts caution that sustaining this momentum in 2026 will depend on factors such as interest rate direction, which has supported earnings through stronger margins.
Expert Insights on Profit Sustainability
Uwem Olubummo, Team Lead of Finance Research at InvestingPort, noted that the performance highlights the resilience of Nigeria’s banking sector, driven by elevated interest rates, FX-related gains, and robust non-interest income. However, she warned that asset quality is a key variable, as macroeconomic conditions may increase loan defaults and impairment charges. She also pointed to FX stability as a major factor, as a more stable environment could reduce windfall gains and normalize earnings growth.
Olubummo emphasized the need to focus on net interest margin sustainability, non-interest income growth, cost efficiency, loan book quality, non-performing loans (NPLs), and capital adequacy, especially amid ongoing recapitalization plans. She expressed optimism that banks would remain fundamentally strong, with earnings growth moderating and driven by core banking operations.
Performance Breakdown by Bank
Access Holdings topped the list with gross earnings of N5.529 trillion in 2025, up 13.53 percent from N4.87 trillion in 2024, reinforcing its position as the largest lender by earnings. Zenith Bank followed with N4.19 trillion, a 5.54 percent increase from N3.97 trillion. UBA reported N3 trillion, down 5.84 percent from N3.186 trillion, while GTCO posted N2.215 trillion, a modest 3.12 percent rise from N2.148 trillion.
This divergence shows strong expansion from Access Holdings and steady growth from Zenith Bank and GTCO, offsetting UBA’s contraction.
Q1 2026 Results Show Continued Momentum
Early 2026 results indicate sustained earnings momentum. Access Holdings posted gross earnings of N1.4 trillion in Q1 2026, up sharply from N984 billion in Q1 2025. Zenith Bank reported N1.01 trillion, a 6.14 percent increase from about N952 billion. UBA recorded N801.42 billion, up 4.86 percent from N764 billion.
Cowry Asset Management noted that while the 2025 performance was robust, a significant portion was supported by macroeconomic conditions. The firm highlighted emerging pressures on asset quality and rising impairment charges, cautioning that future profitability could be weighed down as the operating environment normalizes.
