5 top Nigerian banks declare 10% drop in profit to N3.58trn

A total of five leading Nigerian banks declared N3.58trillion profit before tax in nine months ended September 2025, about 10 per cent drop when compared to N3.99 trillion declared in nine months of 2024.

The five banks are: Zenith Bank Plc, Access Holdings Plc, United Bank for Africa Plc (UBA), First Holdco Plc and Guaranty Trust Holding Company Plc (GTCO).

As gathered by WESTERNPOST, the reported N3.58trillion profit before tax revealed that Zenith Bank remains the most profitable bank in Nigeria, followed by GTCO.

Zenith Bank declared N917.4billion profit before tax in nine months of 2025, about 8.5 per cent drop from N1 Trillion declared in nine months of 2024, while GTCO posted N900.8billion profit before tax in nine months of 2025, representing a decline of 26 per cent from N1.22 trillion posted in profit before tax in nine months of 2024.

Key contributors to Zenith Bank and GTCO drop in profit before tax include impairment charge, and significant hike in operating expenses. In the period under review, GTCO saw its operating expenses at N364.98 billion, up by 24 per cent from N294.35 billion in nine months of 2024.

Zenith Bank declared N781.52 billion impairment charge in nine months of 2025, about 64  per cent increase over N477.77 billion declared in nine months of 2024 and  N762.67 billion operating expenses in nine months of 2025, up by per cent from N656.07 billion reported in nine months of 2024.

In the period under review, Access Holdings declared N616 billion profit before tax , a growth of 10.4 per cent from N558 billion in corresponding period of 2024 as   UBA posted N578.6billion profit before tax in nine months of 2025, a drop of 4.1  per cent from N604.48 billion declared in nine months of 2024.

In addition, First Holdco declared N566.54 billion profit before tax in nine months of 2025,  a drop of 7.3 per cent when compared to N610.86 billion reported in nine months of 2024.

The Group Managing Director/CEO, Zenith Bank, Dame Dr. Adaora  Umeoji, said the “the Bank’s robust performance is an attestation to the resilience of the Zenith brand, our result‑driven strategy, and the adaptability of our people in an evolving operating environment.

“We have fortified our capital base, reset our asset quality, and are well positioned for sustainable and profitable growth”

The Group Chief Executive Officer, GTCO, Mr. Segun  Agbaje, in a statement said: “Our third quarter performance underscores the consistency and resilience of our business model, as well as the continued strength of our diversified financial services ecosystem. We are seeing steady,sustainable growth across our banking and non-banking businesses, supported by disciplined execution and a strong focus on operational efficiency. The improvements we have made to our digital and payments infrastructure are enhancing customer experience, deepening engagement, and driving greater integration across our ecosystem.”

The Group’s strong performance was largely driven by its non-Nigerian subsidiaries, which together contributed over 50per cent of consolidated results. These subsidiaries continued to deliver strong growth across key metrics, reflecting the benefits of diversification and deepening franchise strength across our African markets.

“In comparison, the Nigerian operations experienced underperformance during the period, attributable to changing macroeconomic conditions, inflationary pressures, and continued regulatory adjustments. Despite these headwinds, the Group’s diversified structure continued to provide stability and resilience,” the Company Secretary, Access Holdings , Sunday Ekwochi said in a statement.

In the nine months of 2025 under consideration, Nigeria and some Sub-Saharan African countries where these D-SIBs operate have seen their Central Banks shifting away from extreme tightening as inflation trended downward albeit cautiously and unevenly. Economies with relatively better inflation metrics e.g., South Africa, Kenya and Nigeria initiated meaningful easing.

The Central Bank of Nigeria (CBN) at the last Monetary Policy Committee  (MPC) cut its Monetary Policy Rate to 27 per cent from 27.5 per cent.

Inflation remained elevated across many African economies, driven primarily by currency depreciation, high import costs, and lingering food price pressures. While headline  inflation is still above target in several markets, a gradual softening trend suggests scope for more accommodative monetary policy in the months ahead.

However, Nigeria’s headline inflation moderated to 18.02 per cent in September 2025 from 24.8per cent in January, supported by a slight easing in food prices. Economic activity remained resilient, with second quarter (Q2) Gross Domestic Product (GDP) expanding 4.23 year-on-year, albeit below prior expectations.