Nigeria’s banking sector continues to show resilience, with six leading financial institutions reporting a combined profit after tax (PAT) of more than ₦2.4 trillion for the first nine months of 2025 — a 20 per cent increase compared to the same period in 2024.
The data, drawn from unaudited filings on the Nigerian Exchange Group (NGX), highlight a steady performance from FBN Holdings, Access Holdings, Zenith Bank, UBA, Sterling Financial Holdings, and Wema Bank, all of which also reported substantial growth in customer deposits and gross earnings.
Collectively, the six banks recorded a profit before tax (PBT) of ₦2.895 trillion, up slightly from ₦2.8 trillion a year earlier. Analysts say this modest rise reflects a balance between improved interest income and an increasingly tight operating environment.
Deposits across the institutions rose sharply. Access Holdings’ deposits jumped to ₦33.1 trillion from ₦22.5 trillion, while Zenith Bank and UBA reported ₦23.69 trillion and ₦23.8 trillion respectively. FBN Holdings, Sterling, and Wema also showed strong growth, bringing total industry liquidity to record highs.
Experts attribute the deposit surge to a combination of monetary tightening, defensive saving by households, and digital banking expansion. But questions remain about the sustainability of the profit growth and whether it translates into benefits for investors and customers.
Economist and capital market scholar Professor Uche Uwaleke noted that many of the impressive figures reflect the impact of higher yields and asset repricing.
“The headline numbers look good, but they don’t always tell the full story,” he said. “Banks have leveraged interest rate movements to grow profits on paper, but customers are still struggling with high fees and difficult economic conditions. The challenge is turning these short-term gains into long-term value.”
Former CIBN President Chief Okechukwu Unegbu added that the growth should be reflected in improved dividends. “Banks must reward shareholders adequately,” he said. “At the same time, the increase in deposits shows Nigerians are saving defensively — a response to the uncertainty in the economy.”
For customers like Augustina Ode, however, the focus remains on service. “Profit should mean better customer experience, not just bigger numbers,” she said.
Despite the concerns, analysts believe the results reaffirm Nigeria’s banking sector as one of Africa’s most profitable — driven by digital innovation, balance sheet expansion, and regulatory reforms under the Central Bank’s recapitalisation drive.
