Nigerian Banks Record N2.4 Trillion Profit as Customer Deposits Surge Across Sector
Six leading Nigerian banks have collectively posted more than N2.4 trillion in Profit After Tax (PAT) for the nine months ending September 30, 2025—surpassing the N2 trillion recorded in the same period of the 2024 financial year. The performance reflects a 20 per cent year-on-year increase in profitability across the banking sector.
According to financial disclosures obtained by PulseNets from the Nigerian Exchange Group (NGX), the banks’ unaudited Q3 financial statements show significant growth in gross earnings, driven by stronger asset repricing, rising yields, and increased customer activity.
The institutions reviewed include First HoldCo Plc, Access Holdings Plc, Zenith Bank Plc, United Bank for Africa (UBA) Plc, Sterling Financial Holdings, and Wema Bank Plc.
Their combined Profit Before Tax (PBT) for the nine-month period rose marginally to N2.895 trillion, compared with N2.8 trillion posted during the same period of the 2024 financial year—representing a two per cent uptick.
PulseNets learnt that customers’ deposits across most of the banks also grew sharply within the review period, reflecting rising savings behaviour among Nigerians amid economic uncertainties.
First HoldCo Plc reported N17.89 trillion in customer deposits, up from N17.1 trillion in December 2024.
Access Holdings Plc recorded a dramatic increase, rising to N33.1 trillion from N22.5 trillion within the same period.
Zenith Bank Plc posted N23.69 trillion in nine-month deposits, compared to N21.959 trillion in the 2024 financial year, with deposits classified under demand, savings, and term categories.
UBA Plc’s customer deposits rose to N23.799 trillion, from N21.89 trillion in the previous year.
Sterling Financial Holdings Plc saw its deposits climb to N2.879 trillion, above N2.5 trillion in 2024.
Wema Bank Plc also reported growth to N2.7 trillion, up from N2.5 trillion recorded at the end of 2024.
Financial analysts who spoke to PulseNets urged banks to ensure that the profit surge translates into stronger dividends for shareholders and improved service delivery for customers.
The Director of the Institute of Capital Market Studies at Nasarawa State University, Keffi, Prof. Uche Uwaleke—who is also President of the Capital Market Academics of Nigeria (CMAN)—emphasised the need for banks to demonstrate that their earnings are durable.
He stated,
“Some banks delivered impressive Q3 profits, but it is no surprise that shareholders and customers remain cautious. These results show the banks’ ability to reprice assets and benefit from higher yields, which boosts profit on paper. Yet many Nigerians are still dealing with harsh economic conditions, rising fees, and concerns about whether these profits can be sustained.
The gap between the big numbers and the lived realities is widening. Banks must prove that these earnings are stable and ensure customers feel the impact through better service and clearer communication. That is what restores confidence.”
A former President of the Chartered Institute of Bankers of Nigeria (CIBN), Okechukwu Unegbu, also stressed that bank profits should reflect in shareholder returns.
According to him,
“When banks declare such profits, dividends should naturally rise. But many banks are traditionally reluctant to increase dividend payouts. The surge in customer deposits shows people are saving more because they want to avoid financial pressure in emergencies. Most individuals simply prefer to keep whatever little they have for a rainy day.”
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For customers, service quality remains a pressing concern.
A Zenith Bank account holder, Augustina Ode, appealed for reforms in customer support structures.
She said,
“Banks have to prioritise customer service. People want efficiency, responsiveness, and respect. If deposits and profits keep rising, service delivery should also improve.”
