Nigerian Banks Record ₦1.83 Trillion Profit in Q1 2025 Despite Economic Challenges
Top Banks Show Resilience with 3.5% Growth
Ten leading Nigerian Deposit Money Banks (DMBs), including Zenith Bank Plc and Fidelity Bank Plc, reported a combined profit before tax of ₦1.83 trillion in the first quarter of 2025. This marks a 3.5% increase compared to the ₦1.77 trillion recorded during the same period in 2024.
Strong Performance Amid Economic Headwinds
Despite challenges such as foreign exchange volatility, persistent inflation, and rising operational costs, the banks maintained profitability. Their unaudited Q1 2025 financial statements highlight earnings from high-yield government securities, customer loans, and foreign currency trading.
Top Performers and Decliners
Zenith Bank led the sector with a ₦350.82 billion profit before tax, reflecting a 10% increase from Q1 2024. Its profit after tax also surged by 20.7% to ₦311.8 billion. Fidelity Bank posted an impressive 168% growth, reaching ₦105.77 billion.
However, GTCO and First Holdco saw declines in pre-tax earnings. GTCO’s profit dropped by 41% to ₦300.4 billion, while First Holdco reported a 20.4% decrease to ₦186.5 billion.
In contrast, Wema Bank recorded a staggering 269% surge in profit to ₦41.2 billion. UBA also performed strongly with a 31% rise to ₦204.3 billion, while Access Holdings and Ecobank reported double-digit growth.
Bank Executives and Analysts Weigh In
Nneka Onyeali-Ikpe, CEO of Fidelity Bank, attributed the success to the bank’s robust 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.”
Oliver Alawuba, Group Managing Director of UBA, credited prudent risk management and innovation for the bank’s performance: “Our results underscore the effectiveness of our core banking focus.”
Financial analyst Tajudeen Olayinka noted that currency revaluation and structured US dollar positions contributed to the strong profits. “Most DMBs positioned their balance sheets to benefit from forex adjustments and high-yield assets,” he explained.