Despite the challenging operating environment, the top five Nigerian banks reported combined gross earnings of N13.88 trillion for their nine-month operations, representing a 15 per cent increase from the N12.14 trillion recorded in the corresponding period in 2023.

The top five banks – First HoldCo, United Bank for Africa (UBA), GTCO, Access Holdings and Zenith Bank – achieved gross earnings of N13.88 trillion.

The growth was largely driven by high-interest-rate earnings, foreign exchange revaluation gains, and strong growth in non-interest income.

Analysts had predicted that the era of bonus profits from foreign-exchange revaluations and excessively high lending spreads may be coming to an end as stabilisation in the naira takes hold, with interest rates beginning to moderate.

They noted that the focus of banks should be on building their core operations, expanding interest income through quality lending, growing non-interest incomes (fees, commissions, digital banking revenue) and optimising costs and risk management rather than depending on windfalls.

According to them, banks with strong balance sheets, diversified revenue streams (including via cross-border or non-banking financial services), and robust risk governance will likely outperform peers.

Improved pricing of risk assets has enabled banks to better balance return and credit quality, as well as optimise profitability.

Also, strong growth in non-interest income, especially from trading activities and digital channels, has provided a significant boost to overall revenue.

In addition, the increasing adoption of e-banking platforms and digital transaction volumes has not only diversified income streams but also reinforced the banks’ resilience in a challenging macroeconomic environment, contributing to their sustained performance in the first half of the year.

A breakdown of the performance showed that Access Bank topped with a gross earning of N3.9 trillion, reflecting a 14.7 per cent increase from N3.4 trillion recorded in 2024.
Zenith followed closely, posting a 16 per cent surge in gross earnings. It was up to N3.4 trillion from N2.9 trillion in the previous year.

FirstHoldCo and UBA also posted strong performances, with gross earnings of N2.64 trillion and N2.5 trillion, respectively, surpassing their 2023 figures (N2.25 trillion and N2.4 trillion).

GTCO also recorded a 20 per cent leap in gross earnings, from N1.2 trillion in 2024 to N1.44 trillion in 2024.

According to the Head of Research at Cowry Asset Management, Charles Abuede, the 15 per cent rise in gross earnings among Nigeria’s top five banks reflects the sector’s sustained resilience despite macroeconomic headwinds.

Higher interest rates, improved risk asset pricing and strong non-interest income growth, particularly from trading and e-channels, have supported topline expansion for these banks so far in 2025.

Abuede expects the full-year performance to remain upbeat, driven by elevated yields in the fixed-income market, expanding digital transaction volumes and continued balance sheet optimisation.

However, he noted, cost pressures from inflation and foreign exchange revaluation losses may slightly moderate bottom-line growth.

President of the New Dimension Shareholders Association of Nigeria, Patrick Ajudua, commended the top five banks for recording a 15 per cent rise in gross earnings within the first nine months of the year. He described the performance as impressive and reflective of the banks’ resilience and strategic positioning in a challenging economic environment.