First Bank

By Sabiu Abdullahi

Six of Nigeria’s leading listed banks recorded a combined profit after tax of ₦3.11tn in the nine months ended September 30, 2026, representing a 7.5 per cent increase from the ₦2.90tn reported in the corresponding period of 2025.

Their combined total assets also expanded by 6.73 per cent, rising from ₦182.79tn to ₦195.08tn, according to their unaudited financial statements.

The banks covered in the report are Access Holdings Plc, Ecobank Transnational Incorporated, Zenith Bank Plc, First HoldCo Plc, Guaranty Trust Holding Company (GTCO) and Stanbic IBTC Holdings Plc.

The lenders collectively added ₦12.29tn to their asset base within the period.

However, banking analysts noted that the growth was unevenly distributed, with First HoldCo and Zenith Bank accounting for a significant share of the increase.

Olamide Ologunagbe, an Associate in Investment Research and Consulting at Afrinvest, described the expansion as a positive development but cautioned that a larger balance sheet does not necessarily translate into better asset quality or stronger earnings capacity.

She noted that First HoldCo and Zenith Bank jointly contributed ₦9.01tn, representing approximately 73 per cent of the total asset growth recorded by the six lenders.

According to her, increased investment in securities, particularly government instruments, alongside higher lending, accounted for much of the expansion.

Ngozi Odum, a Senior Associate in Financial Services Research at CardinalStone, also observed that the growth was concentrated among the larger institutions, particularly First HoldCo and Zenith Bank.

Access Bank retains lead in asset size

Access Holdings remained the largest institution by total assets, recording ₦52.60tn as of September 30, 2026, compared with ₦52.20tn a year earlier. This represented a modest increase of 0.78 per cent.

Ecobank followed with ₦47.92tn, while Zenith Bank reported ₦34.39tn. First HoldCo recorded ₦32.20tn, GTCO had ₦18.37tn, and Stanbic IBTC posted ₦9.60tn.

Ecobank’s naira-denominated assets declined marginally by 0.11 per cent from ₦47.97tn to ₦47.92tn. However, its assets increased by 10.9 per cent in dollar terms, rising from $32.43bn to $35.96bn.

Odum explained that Ecobank’s performance was better assessed in dollars because of its extensive operations across Africa, noting that exchange-rate movements could distort its performance when measured solely in naira.

She added that the naira had appreciated by 7.5 per cent against the dollar since the beginning of the year, making the growth in Ecobank’s dollar assets appear considerably smaller when converted into the local currency.

First HoldCo records highest asset growth

First HoldCo recorded the strongest expansion among the six banks, with its total assets increasing by 21.95 per cent from ₦26.40tn to ₦32.20tn.

Its investment securities rose by 62.4 per cent to ₦10.31tn from ₦6.35tn, while financial assets measured at fair value through profit or loss increased more than sixfold, reaching ₦2.22tn from ₦352.38bn.

The bank’s property and equipment also more than doubled, rising from ₦258.97bn to ₦548bn.

Stanbic IBTC ranked second in asset growth, recording a 14.53 per cent increase from ₦8.38tn to ₦9.60tn.

Its other assets rose to ₦1.21tn from ₦640.38bn, while loans and advances increased by 16 per cent to ₦3.04tn.

Zenith Bank recorded a 10.30 per cent increase in total assets, moving from ₦31.18tn to ₦34.39tn.

Its loans and advances grew by 24.2 per cent to ₦11.64tn from ₦9.37tn, while cash balances held with the Central Bank of Nigeria increased to ₦7.66tn from ₦6.85tn.

However, its Treasury bills holdings declined from ₦4.19tn to ₦3.28tn, partly offsetting the growth recorded in other asset categories.

GTCO’s total assets rose by 10.29 per cent, increasing from ₦16.66tn to ₦18.37tn.

Its investment securities held at fair value through profit or loss surged to ₦605.55bn from ₦13.61bn. However, loans to customers declined by 7.4 per cent to ₦3tn.

Access Holdings recorded an 11.2 per cent increase in customer loans, which rose to ₦14.33tn. However, its cash balances dropped by 27.6 per cent from ₦8.73tn to ₦6.32tn, contributing to its relatively slow overall asset growth.

Ologunagbe said the sustainability of the banks’ expansion would depend on whether it translated into improved earnings, stronger asset quality and adequate capital levels.

Profit rises despite decline in interest income

A comparison of income and profit performance was based on the five banks with consistent nine-month figures for both years: First HoldCo, Ecobank, Zenith Bank, GTCO and Stanbic IBTC.

Combined interest income for First HoldCo, Zenith Bank, GTCO and Stanbic IBTC declined by 4.28 per cent to ₦6.55tn from ₦6.84tn recorded in the corresponding period of 2025.

GTCO was the only one of the four to report an increase, with interest income rising by 4.96 per cent to ₦1.29tn.

First HoldCo’s interest income fell by 8.69 per cent to ₦2.09tn, while Stanbic IBTC recorded a 5.35 per cent decline to ₦545.35bn. Zenith Bank’s figure also dropped by 4.52 per cent to ₦2.62tn.

Despite the decline in interest income, the five banks recorded an increase in overall profitability.

Their combined profit before tax rose by 12.37 per cent from ₦3.79tn to ₦4.26tn, while profit after tax increased by 7.5 per cent to ₦3.11tn.

The improvement was attributed partly to lower impairment charges recorded by First HoldCo, Zenith Bank and GTCO, alongside stronger fee and trading income at First HoldCo and Stanbic IBTC. Ecobank also maintained a relatively steady performance.

The figures indicate that while the six lenders continued to expand their balance sheets, the extent of growth and the factors driving profitability varied considerably across the institutions.