Five Nigerian financial institutions recorded a combined profit before tax (PBT) of N2.29 trillion in the first half of 2026, with FirstHoldCo Plc leading the group at N653.5 billion. The performance was supported by higher interest income, trading gains, improved asset quality, and growth in non-interest revenue, according to a report by Daily Trust.
Profit Breakdown Among the Five Lenders
FirstHoldCo Plc, Zenith Bank Plc, Guaranty Trust Holding Company Plc (GTCO), Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Company Limited collectively reported a PBT of N2.291 trillion for the six months ended June 30, 2026. FirstHoldCo emerged as the most profitable with an 83.5% year-on-year increase to N653.5 billion. Zenith Bank followed with N637.6 billion, GTCO posted N603.03 billion, Stanbic IBTC recorded N341.57 billion, and Sterling Financial reported N55.5 billion.
Meanwhile, some major lenders, including United Bank for Africa and Fidelity Bank, reportedly received regulatory approval to extend the deadline for releasing their half-year results.
FirstHoldCo's Strong Performance
FirstHoldCo's gross earnings rose by 16.7% to N1.93 trillion, while operating income increased by 25.8% to N1.38 trillion. Non-interest income reached N497.1 billion, driven by electronic banking, trade services, brokerage, and fund transfers. The group improved its cost-to-income ratio to 44.2% from 50.5% a year earlier. Impairment charges declined by 37.4%, and recoveries from legacy exposures reached N91.9 billion. FirstBank's capital adequacy ratio recovered to 16.7%, ahead of the group's planned timeline.
Zenith Bank's Modest Growth
Zenith Bank posted a 1.91% increase in PBT to N637.6 billion from N625.63 billion in H1 2025. Lower funding costs and stronger transaction-related income supported its performance. Interest expenses fell by 13% to N421.8 billion, while net interest income stood at N1.25 trillion. Net fee and commission income grew by 39.6% to N178.77 billion. The bank's impairment charges dropped by 81% to N141.1 billion, reducing its cost of risk to 2.2% from 14.3%. Gross loans increased by 14% to N12.57 trillion, customer deposits rose by 8% to N26.35 trillion, and total assets expanded to N32.65 trillion.
GTCO and Stanbic IBTC Results
GTCO reported a PBT of N603.03 billion, a modest 0.4% increase year-on-year. Interest income and trading income grew by 7.5% and 24.7%, respectively, but a N46.2 billion fair-value loss limited overall profit growth. The group's total assets stood at N18.6 trillion, shareholders' funds reached N3.3 trillion, and customer deposits increased by 10.3% to N14.19 trillion. GTCO reported a capital adequacy ratio of 34.9% and a cost-to-income ratio of 31.5%.
Stanbic IBTC recorded a 40.13% increase in PBT to N341.57 billion from N243.74 billion in the corresponding period of 2025. Gross earnings climbed by 27.15% to N650.31 billion, while profit after tax rose by 38.2% to N239.68 billion. Non-interest revenue more than doubled to N278.02 billion, supported by trading revenue of N126.36 billion. Net fee and commission revenue increased by 27.08% to N145.26 billion, while impairment losses fell by 33.75% to N7.36 billion. However, net interest income declined by 14.34% to N266.28 billion. Total assets grew by 26.59% to N10.91 trillion, and customer deposits reached N4.63 trillion. The board proposed an interim dividend of N4.50 per share, up from N2.50 a year earlier.
Sterling Financial and Overall Drivers
Sterling Financial recorded the lowest PBT among the five institutions but delivered strong growth. Its PBT rose by 21.9% to N55.5 billion, while profit after tax increased by 20.4% to N50.3 billion. Gross earnings climbed by 31.5% to N279.6 billion, supported by a 33.7% increase in interest income to N223.6 billion. Net interest income rose by 41% to N137.4 billion, and non-interest income increased by 23.3% to N56 billion. Total assets expanded by 19.3% to N4.67 trillion, and customer deposits grew by 21.1% to N3.62 trillion. Shareholders' funds increased by 27.8% to N547.7 billion, partly supported by N96.6 billion raised through a public share offer. The group's return on average equity stood at 20.6%, while return on average assets improved to 2.35% from 2.05%.
The results show that the institutions benefited from different revenue sources. FirstHoldCo recorded the strongest absolute profit and growth, while Stanbic IBTC and Sterling Financial delivered substantial year-on-year increases. Zenith Bank benefited from lower funding costs and reduced impairment charges, while GTCO maintained strong capital adequacy and operational efficiency despite a fair-value loss. Overall, stronger non-interest income, improved risk management, and expanding deposits helped support the lenders' first-half performance, although pressure on traditional interest income remained a challenge for some institutions.
