Ten Nigerian Deposit Money Banks (DMBs), including Zenith Bank Plc and Fidelity Bank Plc, recorded a combined profit before tax of ₦1.83 trillion in the first quarter of 2025, marking a 3.5 per cent increase compared to the ₦1.77 trillion posted during the same period in 2024.

A review of their unaudited Q1 2025 financial statements shows the banks sustained profitability despite economic headwinds such as foreign exchange volatility, persistent inflation, and rising operational costs. The results reflect continued earnings from high-yield government securities, customer loans, and foreign currency trading.

Zenith Bank led the chart with ₦350.82 billion profit before tax, a 10 per cent rise from ₦320.19 billion recorded in Q1 2024. Its profit after tax also increased by 20.7 per cent to ₦311.8 billion. Fidelity Bank posted a profit before tax of ₦105.77 billion, up 168 per cent from ₦39.5 billion in Q1 2024.

GTCO and First Holdco were the only banks that saw a dip in pre-tax earnings. GTCO recorded ₦300.4 billion, down 41 per cent from ₦509.4 billion in Q1 2024, while First Holdco posted ₦186.5 billion, a 20.4 per cent drop from ₦234.2 billion.

In contrast, Wema Bank’s profit surged by 269 per cent to ₦41.2 billion from ₦11.15 billion in Q1 2024. UBA posted ₦204.3 billion, a 31 per cent rise from ₦156.3 billion last year. Access Holdings and Ecobank also reported double-digit growth in their Q1 earnings.

Fidelity Bank’s Chief Executive, Nneka Onyeali-Ikpe, described the performance as a reflection of the bank’s solid strategy. “We started the year with triple-digit growth in profit and sustained momentum in our earning assets growth. This shows the resilience of our business model,” she said.

UBA’s Group Managing Director, Oliver Alawuba, attributed the bank’s growth to prudent risk management and customer-centric innovation. “Our results underscore the effectiveness of our core banking focus,” he noted.

Financial analyst Tajudeen Olayinka observed that the banks’ strong profits were partly driven by gains from currency revaluation and structured US dollar positions. “Most DMBs positioned their balance sheets to benefit from forex adjustments and high-yield assets,” he said.