Nigeria’s ten largest listed banks collectively recorded a pretax profit of ₦2.7 trillion in the first half (H1) of 2025, according to their published financial statements.
While the figure represents a 12% year-on-year drop from ₦3.16 trillion in H1 2024, analysts note that the results demonstrate the resilience and adaptability of the Nigerian banking industry amid inflationary pressures, exchange rate volatility, and tighter monetary policy.
Profit before tax (PBT) remains a crucial measure of banks’ performance — reflecting how much they earn after operational and credit costs but before taxes. Despite macroeconomic headwinds, most banks managed to sustain solid margins and revenue growth, underpinned by rising interest income, digital banking expansion, and effective risk management.
1. Zenith Bank — ₦642.5 Billion
Zenith Bank Plc retained its position as Nigeria’s most profitable bank in H1 2025, with a pretax profit of ₦642.5 billion, up from ₦613 billion in the same period of 2024.
The bank’s performance was driven by strong growth in interest income, effective cost control, and sustained foreign exchange revaluation gains.
Zenith’s total assets rose above ₦25 trillion, cementing its leadership among tier-1 institutions.
2. Access Holdings — ₦578.9 Billion
Access Holdings Plc posted a PBT of ₦578.9 billion, a solid improvement from ₦543 billion last year.
The Group benefited from increased lending, non-interest revenue, and regional expansion through its African subsidiaries.
Access continues to leverage its digital banking infrastructure and customer base to grow transaction income and maintain profitability.
3. United Bank for Africa (UBA) — ₦520.4 Billion
UBA recorded a pretax profit of ₦520.4 billion in H1 2025, underscoring its status as one of Africa’s most diversified and profitable financial institutions.
The bank’s performance was supported by robust cross-border earnings, especially from its operations in 20 African countries, as well as foreign exchange revaluation gains and high yield from interest-bearing assets.
4. Guaranty Trust Holding Company (GTCO) — ₦468.1 Billion
GTCO reported a PBT of ₦468.1 billion, marking consistent profitability amid a difficult operating environment.
The group’s performance was fueled by growth in net interest income, disciplined operational cost management, and strong fee-based income from digital banking and payments.
GTCO’s balance sheet remains one of the strongest in the industry, with total assets surpassing ₦15 trillion.
5. FBN Holdings — ₦324.7 Billion
FBN Holdings Plc delivered a pretax profit of ₦324.7 billion, sustaining the turnaround momentum achieved in the last few years.
The Group’s earnings were boosted by higher interest margins, strong trading income, and lower impairment charges, reflecting improvements in asset quality and credit risk management.
6. Stanbic IBTC Holdings — ₦232.9 Billion
Stanbic IBTC posted ₦232.9 billion in pretax profit for H1 2025, maintaining its reputation for steady and disciplined growth.
Its wealth and asset management divisions continued to perform strongly, supported by fee-based income and foreign exchange gains, even as higher operating expenses slightly moderated margins.
7. Ecobank Transnational Incorporated (ETI) — ₦198.3 Billion
Ecobank recorded a pretax profit of ₦198.3 billion, reflecting the Group’s diverse pan-African operations.
The bank’s regional balance across West, Central, and East Africa helped cushion FX volatility and economic challenges in its Nigerian business, ensuring consistent profit contribution from subsidiaries.
8. Fidelity Bank — ₦124.2 Billion (Estimate pending full results)
Although Fidelity Bank’s full H1 2025 report is yet to be published, early indicators from its Q2 filings suggest a PBT of around ₦124 billion, maintaining its status as one of Nigeria’s fastest-growing tier-2 banks.
The bank continues to expand aggressively in retail and SME lending, supported by strong digital adoption and prudent balance-sheet management.
9. Wema Bank — ₦62.4 Billion
Wema Bank posted a pretax profit of ₦62.4 billion in H1 2025, representing a significant improvement year-on-year.
The growth was driven by ALAT, its digital banking platform, which continues to expand customer acquisition and transaction volumes.
Wema’s cost-to-income ratio improved notably, reflecting enhanced efficiency.
10. Jaiz Bank — ₦14.7 Billion
Jaiz Bank Plc closed the top 10 list with a pretax profit of ₦14.7 billion, up 27.6% from ₦11.5 billion a year earlier.
The non-interest bank recorded a 31.9% rise in financing income to ₦19.6 billion, driven mainly by Murabaha and Ijara transactions.
Total gross income reached ₦44 billion, with ₦2.4 billion earned in fees and commissions, despite operating expenses of ₦18.4 billion.
Assets stood at ₦964 billion by mid-2025, while retained earnings remained stable at ₦15.6 billion.
Sector Overview
The combined ₦2.7 trillion profit reaffirms the profitability and resilience of Nigeria’s banking industry, despite currency pressures, inflation, and increased regulatory compliance costs.
Analysts attribute the sector’s stability to robust capitalization, digital innovation, and diversified income streams.
While the 12% year-on-year decline signals margin compression due to tighter monetary policy, banks remain well-positioned to deliver sustainable earnings in the second half of 2025.
With the Central Bank of Nigeria (CBN) maintaining a high interest rate regime and liquidity tightening measures, attention now turns to how banks balance profitability, risk management, and credit growth in the months ahead.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
