First HoldCo, Ecobank, Zenith lead as eight Nigerian banks post N3.47trn profit

Eight Nigerian banks recorded a combined profit after tax of N3.47 trillion in the nine months ended September 30, 2026, a 12.5% increase from N3.08 trillion in the same period of 2025. First HoldCo topped the profit table, followed by Ecobank Transnational Incorporated and Zenith Bank.

Their combined profit before tax rose 16.3% to N4.68 trillion from N4.03 trillion. Combined loan portfolios expanded 4.9% to N61.26 trillion from N58.37 trillion, while customer deposits rose 8.9% to N149.57 trillion from N137.41 trillion. The banks continued to expand lending and attract deposits amid changing interest rate conditions.

First HoldCo, Ecobank, Zenith

First HoldCo recorded N744.45 billion in profit after tax, up 65.1% from N450.87 billion. Its interest income fell to N2.09 trillion from N2.29 trillion, while interest expenses rose to N833 billion from N791.80 billion.

Ecobank posted N707.40 billion in profit after tax, a 0.7% increase from N702.40 billion. Interest income declined to N2.28 trillion from N2.33 trillion, while interest expenses fell to N728.26 billion from N770.42 billion. Ecobank Group Chief Executive Officer Jeremy Awori attributed the resilience partly to deposit mobilisation and diversified revenue streams. He said current and savings accounts accounted for 85% of customer deposits, helping the group manage margin pressures from interest rate easing in some markets. Payments revenue rose 9%, supported by investments in technology and digital platforms, while net interest income increased 12%.

Zenith Bank recorded N675.83 billion in profit after tax, down 11.6% from N764.20 billion. Interest income fell 4.5% to N2.62 trillion from N2.74 trillion, while interest expenses declined 15.4% to N688.73 billion from N814.23 billion.

Access, Stanbic, Wema, GTCO

Access Holdings posted N474.17 billion in profit after tax, up 5.9% from N447.55 billion. Interest income rose 7.6% to N2.95 trillion from N2.74 trillion, while interest expenses rose 10.1% to N1.81 trillion from N1.65 trillion. International operations accounted for 82.2% of profit before tax. International banking subsidiaries contributed 43.7%, the rest of Africa 38.5%, and Nigeria 17.8%. Access Bank Group Managing Director and Chief Executive Innocent C. Ike said lower impairment charges, alongside growth in net interest income after impairment and net fee and commission income, showed the resilience of core earnings. He said the Scale-to-Value agenda focuses on execution capacity, risk governance, regulatory compliance, capital discipline and operating efficiency.

Stanbic IBTC Holdings recorded N370.36 billion in profit after tax, up 33% from N278.48 billion. Interest income declined 5.4% to N545.35 billion from N576.18 billion, while interest expenses rose 27.6% to N165.57 billion from N129.72 billion.

Wema Bank posted the fastest profit growth among the lenders, with profit after tax rising 72.6% to N219.84 billion from N127.40 billion. Interest income grew 37.2% to N543.56 billion from N396.14 billion, while interest expenses rose 35.6% to N217.68 billion from N160.53 billion.

Guaranty Trust Holding Company recorded N200.39 billion in profit after tax, down 20% from N250.63 billion. Interest income rose 3.5% to N1.25 trillion from N1.21 trillion, while interest expenses rose 27.7% to N356 billion from N278.73 billion. 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.

The profit growth came as lenders expanded lending and customer deposits amid changing interest rate conditions. Ecobank cited margin pressures from interest rate easing in some markets.