A total of 10 banks generated an estimated N1.83 trillion profit before tax in the first quarter (Q1) of 2025, about 3.5per cent growth from N1.77 trillion reported in first quarter Q1 2024.
From the Q1 2025 unaudited financial statements the 10 banks investigated by WESTERN POST: Zenith Bank Plc, Ecobank Transnational Incorporated (ETI), First Holdings Plc, Access Holdings Plc, Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa Plc (UBA), Wema Bank Plc, Fidelity Bank Plc, and Stanbic IBTC Holdings Plc.
In the period under review, Zenith Bank maintained its position as the most profitable DMBs operating within Nigeria, Sub Sharan African countries and across the globe. GTCO and First Holdco were the only DMBs with a decline in PBT, while Wema Bank saw its PBT increasing significantly.
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 from N609.31 billion declared in Q1 2024. GTCO in Q1 2025 declared profit before tax of N300.4 billion, about 41per cent decline from N509.4 billion 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 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.
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.
Other DMBs: Stanbic IBTC Holdings announced N116.42 billion profit before tax in Q1 2025, an increase of 86 per cent from N62.7 billion in Q1 2024; Fidelity Bank declared N105.77 billion profit before tax in Q1 2025, 168per cent growth from N39.5billion in Q1 2024; Wema Bank reported N41.2 billion profit before tax in Q1 2025, a growth of 269 per cent from N11.15 billion in Q1 2024 and FCMB Group posted N35.02 billion profit before tax in Q1 2025, about 12 per cent increase when compared to N31.3 billion declared in Q1 2024.
The MD/CEO of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe commenting on the Q1 2025 results, stated that: “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth. “This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”