8 Banks’ Profit Rises 12.5% To N3.47trn As Loans Hit N61.26trn

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The growth in earnings came alongside an expansion in the banks’ combined loan portfolios to N61.26 trillion, up 4.9 per cent from N58.37 trillion recorded a year earlier, reflecting increased lending activities amid rising customer deposits.

An analysis of the unaudited nine-month financial statements of Guaranty Trust Holding Company (GTCO), Zenith Bank, Access Holdings, Ecobank Transnational Incorporated (ETI), Wema Bank, Stanbic IBTC Holdings, Sterling Financial Holdings and First HoldCo showed that their combined profit before tax rose by 16.3 per cent to N4.68 trillion from N4.03 trillion in the corresponding period of 2025.

The banks also recorded an 8.9 per cent increase in customer deposits to N149.57 trillion from N137.41 trillion, underscoring continued growth in deposit mobilisation and the capacity of lenders to support economic activities through credit expansion.

First HoldCo led the group in profit after tax with N744.45 billion, representing a 65.1 per cent increase from N450.87 billion recorded 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.

Ecobank Transnational Incorporated followed with N707.40 billion profit after tax, representing a marginal 0.7 per cent increase from N702.40 billion recorded a year earlier. Its interest income declined to N2.28 trillion from N2.33 trillion, while interest expenses dropped 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, noting that customer deposits increased, with current and savings accounts accounting for 85 per cent of the total.

According to him, the growth in deposits helped mitigate margin pressures arising from the interest rate easing cycle in the markets where the group operates, while net interest income increased by 12 per cent.

“Our Growth, Transformation, and Returns strategy is clearly reflected in our efficiency and franchise performance. Our cost-to-income ratio was 47.8 per cent, ahead of our 2026 target range of 48 per cent to 50 per cent,” Awori said.

He added that payments revenue rose by nine per cent, supported by investments in technology and digital platforms, while profit before tax increased by 20 per cent in Central Eastern and Southern Africa and 10 per cent in Anglophone West Africa, offsetting softer results in Francophone West Africa and Nigeria.

Awori also said the group’s non-performing loan ratio remained broadly stable at 7.5 per cent, within its 2026 target range of six to eight per cent, reflecting continued discipline in portfolio and risk management.

Zenith Bank recorded N675.83 billion profit after tax, although this represented an 11.6 per cent decline from N764.20 billion posted in the corresponding period of 2025. Its interest income fell by 4.5 per cent to N2.62 trillion from N2.74 trillion, while interest expenses declined by 15.4 per cent to N688.73 billion from N814.23 billion.

Access Holdings posted N474.17 billion profit after tax, up 5.9 per cent from N447.55 billion. The bank’s interest income increased by 7.6 per cent to N2.95 trillion from N2.74 trillion, while interest expenses also rose by 10.1 per cent to N1.81 trillion from N1.65 trillion.

The group’s international operations remained a major contributor to earnings, accounting for 82.2 per cent of profit before tax, with international banking subsidiaries contributing 43.7 per cent and the rest of Africa accounting for 38.5 per cent. Nigeria contributed the remaining 17.8 per cent.

The group said it was leveraging its international footprint to deepen its activities in trade finance, transaction banking, payments and treasury services, as part of its strategy to translate its expanded operations into stronger shareholder value.

Group Managing Director and Chief Executive of Access Bank, Innocent C. Ike, said the significant 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.

“The significant reduction in impairment charges, together with growth in net interest income after impairment and net fee and commission income, demonstrates the resilience of our core earnings base,” Ike said.

He said the group’s Scale-to-Value agenda was focused on strengthening execution capacity, risk governance and regulatory compliance, capital discipline, operating efficiency and earnings quality.

Stanbic IBTC Holdings recorded N370.36 billion profit after tax, representing a 33 per cent increase from N278.48 billion. Its interest income declined by 5.4 per cent to N545.35 billion from N576.18 billion, while interest expenses increased by 27.6 per cent to N165.57 billion from N129.72 billion.

Wema Bank recorded one of the strongest improvements in earnings, with profit after tax rising by 72.6 per cent to N219.84 billion from N127.40 billion. Its interest income grew by 37.2 per cent to N543.56 billion from N396.14 billion, while interest expenses increased by 35.6 per cent to N217.68 billion from N160.53 billion.

GTCO’s profit after tax declined by 20 per cent to N200.39 billion from N250.63 billion. The financial holding company recorded interest income of N1.25 trillion, up 3.5 per cent from N1.21 trillion, while interest expenses rose by 27.7 per cent 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 during the period.

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, while its balance sheet remained strong, liquid and well capitalised.

“Looking ahead, we will always optimise risk-free returns wherever we see them and will always be positioned to take advantage of arbitrage opportunities as market conditions evolve, without compromising the quality of our risk assets,” Agbaje said.

He added that the group would continue to invest in its platforms and adapt to emerging technologies to meet changing customer needs, while focusing on sustainable value and returns to shareholders.

Sterling Financial Holdings recorded N75.37 billion profit after tax, an increase of 21 per cent from N62.30 billion in the corresponding period of 2025. Its interest income rose by 34.8 per cent to N353.78 billion from N262.42 billion, while interest expenses increased by 23.9 per cent to N147.88 billion from N119.38 billion.

On the lending side, Ecobank maintained the largest loan portfolio among the eight lenders at N15.95 trillion, although this represented a 5.9 per cent decline from N16.96 trillion recorded a year earlier. Access Holdings followed with N14.33 trillion, representing a 7.4 per cent increase from N13.34 trillion.

Zenith Bank’s loan book expanded by 11.4 per cent to N11.64 trillion from N10.45 trillion, while First HoldCo recorded N9.39 trillion, up 4.8 per cent from N8.97 trillion.

Wema Bank recorded a significant 44.5 per cent growth in lending to N2.51 trillion from N1.74 trillion, while Sterling Bank’s loans increased by 28.8 per cent to N1.82 trillion from N1.41 trillion. Stanbic IBTC also expanded its loan portfolio by 9.9 per cent to N2.61 trillion from N2.38 trillion.

GTCO was the only other bank, besides Ecobank, to record a contraction in its loan book, with lending declining by 4.1 per cent to N3 trillion from N3.13 trillion.

Meanwhile, customer deposits across the eight banks increased by 8.9 per cent to N149.57 trillion from N137.41 trillion in the corresponding period of 2025.

Access Holdings attracted the largest volume of customer deposits, with its deposit base rising by 6.6 per cent to N36.85 trillion from N34.56 trillion. Ecobank followed with N36.70 trillion, representing a marginal 0.7 per cent increase from N36.44 trillion, while Zenith Bank recorded N27.11 trillion, up 11.4 per cent from N24.33 trillion.

First HoldCo’s customer deposits increased by 21.3 per cent to N22.91 trillion from N18.88 trillion, while GTCO recorded a 9.4 per cent increase to N13.73 trillion from N12.55 trillion.

Stanbic IBTC’s deposits rose by 4.5 per cent to N4.57 trillion from N4.37 trillion, while Sterling Bank recorded a 28.7 per cent increase to N3.84 trillion from N2.98 trillion. Wema Bank’s customer deposits also grew by 17.4 per cent to N3.86 trillion from N3.29 trillion.

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