Q1 2025: Six big banks declare  5.7% drop in profit to N1.53trn 

A total of six big banks have announced a profit before tax of N1.53 trillion in the first quarter (Q1) of 2025,  about 5.7 per cent decline from N1.62 trillion declared in the first quarter of 2024. 

The investigated six banks from the Q1 2025 unaudited financial statements are: Zenith Bank Plc, Ecobank Transnational Incorporated (ETI), First Holdings Plc, Access Holdings Plc, Guaranty Trust  Holding Company Plc (GTCO), and United Bank for Africa Plc (UBA). 

WESTERN POST also gathered that profit after tax of the six financial institutions  closed Q1 2025 at N1.3trillion, representing a decline of 4.7per cent from N1.36 trillion in Q1 2024.  

Among   the six banks, two financial institutions, GTCO and First HoldCo, declared decline, while Zenith Bank, and the remaining banks grew profit before tax. 

In the period under review,  Zenith  Bank maintained its position as the most profitable DMBs operating within Nigeria, Sub Shara African countries and across the globe.  

Zenith Bank recorded N350.82 billion in Q1 2025, about 10 per cent increase over N320.19  billion in Q1 2024, while profit after tax  stood at N311.8 billion in Q1 2025, an increase of 20.7 per cent from N 258.3billion reported in Q1 2024. 

Zenith Bank  in 2024FY had emerged as the  most  profitable  financial  institution  in  Nigeria, followed by GTCO.

For instance, Zenith Bank in 2024FY declared N1.33 trillion profit before tax,  up by 66.7per cent from  N795.96 billion  in 2023, while GTCO posted N1.27 trillion profit before tax,  representing an increase of 108 per cent from N609.31 billion declared in 2023. 

GTCO in Q1 2025 declared profit before tax of N300.4 billion, about 41per cent decline from  N509.4 billion in Q1 2024, while First Holdco posted N186.5billion profit before tax in Q1 2025, a decline of 20.4 per cent from N234.2billion reported in Q1 2024. 

 The N300.4 billion growth in  GTCO’s profit before tax is on the back of strong performance posted on the core earnings lines of interest income which grew by 41.1per cent and fee income up by 41.2per cent.

As  ETI reported N267.3 billion profit  before tax in Q1 2025, an increase of 33  per cent from N201.46 billion in Q1 2024, Access Holdings posted N222.78 billion profit before  tax, representing an increase of nearly 10 per cent from N202.74 billion in 2024. 

UBA announced N204.3 billion profit before tax in Q1 2025, up by 31 per cent from N156.3 billion in Q1 2024,  as UBA’s Group Managing Director, Mr. Oliver Alawuba, in a statement said the bank is on a solid start for the 2025 financial year which, according to him, reflects its disciplined execution of its strategy and the sustained momentum of the business model of driving strong earnings growth, maintaining robust asset quality, and expanding market share. 

He said, “Our results this quarter underscore the effectiveness of our focus on core banking operations, prudent risk management, and ongoing investments in customer-centric innovation. 

The GMD noted that UBA remains focused on disciplined growth and continued investment in technology, data, innovation, and talent in ensuring that customer experience is consistently enhanced to create long-term value for all stakeholders.