Top 10 most profitable Nigerian banks in the first half of 2025 

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Nigeria’s top ten banks on the NGX reported a combined pretax profit of N2.7 trillion for the six months ended June 2025.

Although this represents a 12% decline from the N3.16 trillion recorded in the same period last year, it still highlights the sector’s solid performance.

Profitability remains one of the most important measures of financial health and operational efficiency, an indicator that investors and analysts closely track to assess how well institutions are performing.

Pretax profit, in simple terms, shows how much a company earns after accounting for operating expenses, impairments, and other costs, but before taxes are deducted.

This article examines the performance of Nigeria’s top banks in their H1 2025 financial results, most of which have been published, except for Fidelity Bank, which has yet to release its numbers.

The focus here is on the pretax profit amount generated during the six-month period, rather than on year-on-year changes in performance.

With that context, here are the 10 most profitable Nigerian banks in the first half of 2025.

Jaiz Bank (N14.7 billion)

Jaiz Bank Plc takes the 10th spot with a pretax profit of N14.7 billion for the first half of 2025, representing a 27.64% rise from N11.5 billion a year earlier.

The bank’s top-line performance was strong, with income from financing contracts climbing 31.9% to N19.6 billion.

• Murabaha transactions contributed the most at N13.8 billion, followed by Ijara deals at N4.7 billion, with other income sources making up the rest.

Income from investing activities reached N24.3 billion, pushing total gross income to N44 billion. After accounting for an impairment charge of N351.5 million, net income after provisions stood at N43.6 billion, up 29.5%.

Fee and commission revenue totaled N2.4 billion, and even after operating expenses of N18.4 billion, Jaiz Bank closed the period with a healthy N14.7 billion profit before tax.

• Total assets stood at N964 billion, slightly lower by 10.8%, while retained earnings held steady at N15.6 billion.

Sterling Bank (N45.5 billion)

Sterling Financial Holdings Company Plc ranked 9th with a pretax profit of N45.5 billion, soaring 162.6% from N17.3 billion in the same period last year.

Interest income rose sharply to N167.1 billion, driven mainly by loans and advances at N115.4 billion, and debt instruments at N27.8 billion.

• Despite an interest expense of N69.7 billion, net interest income grew 69.2% to N97.4 billion.

The bank also earned N22 billion in fees and N13 billion in trading income, bringing total operating income to N142.8 billion. After an impairment of N5.2 billion, net operating income reached N137.6 billion, up 63%.

Even with N92.1 billion in total expenses, Sterling delivered a strong N45.5 billion pretax profit in H1 2025.

Total assets expanded 15.3% to N4.08 trillion, while retained earnings climbed to N95.5 billion from N63 billion.

FCMB (N79.1 billion)

FCMB Group Plc secured the 8th position with a pretax profit of N79.1 billion, a 23.2% increase from N64.2 billion last year.

Gross earnings surged 41.3% to N529.2 billion, with interest income at N458.4 billion, up 70.3%.

• Loans and advances to customers were the main drivers at N299.1 billion, compared to N192.4 billion the previous year.

After interest expenses of N251 billion, net interest income rose to N207.4 billion from N106.1 billion, nearly doubling year-on-year.

FCMB generated N47.3 billion in fees and N22.1 billion in trading income. Following an impairment of N36.2 billion on financial instruments, operating profit stood at N79.3 billion, with pretax profit at N79.1 billion.

The balance sheet remained solid, with total assets at N7.5 trillion, up from N7.05 trillion, and retained earnings rising 27.3% to N239.9 billion.

Wema Bank (N100.5 billion)

Wema Bank Plc ranked 7th with a pretax profit of N100.5 billion for the first half of 2025, up 229% from N30.5 billion in the same period last year.

Gross earnings grew 69.5% to N303.7 billion, driven by a 64.8% rise in interest income to N240.6 billion.

• Loans and advances contributed N141 billion, while investment securities added N97.6 billion.

After interest expenses of N111.4 billion, net interest income doubled to N129.2 billion. Following an impairment charge of N532.5 million, net interest income stood at N128.6 billion.

The bank earned N45.3 billion in net fees and commissions, contributing to operating income which rose 109% to N191.7 billion.

Despite higher expenses, Wema held on to a strong N100.5 billion profit before tax. Its balance sheet grew, with total assets reaching N3.9 trillion up 10.53%, and retained earnings up 64% to N169.3 billion.

Stanbic IBTC (N243.7 billion)

Stanbic IBTC Holdings Plc claimed the 6th spot with a pretax profit of N243.7 billion, up 65.8% from N147 billion in H1 2024. Interest income surged 56.3% to N384.7 billion, while net interest income stood at N316 billion after expenses.

Net fee and commission revenue came in at N114.3 billion, slightly below last year’s figure, bringing total operating income to N433.9 billion.

After accounting for N11.1 billion in impairments and N179 billion in operating expenses, pretax profit settled at N243.7 billion.

On the balance sheet, total assets grew to N8.1 trillion from N6.9 trillion, while reserves rose 24.3% to N686.7 billion.

Access Holdings (N320.5 billion)

Access Holdings Plc sits comfortably in 5th place with a pretax profit of N320.5 billion, down 8.1% from N348.9 billion last year.

• Interest income surged 51% to N1.9 trillion, led by loans and advances to customers at N944 billion and investment securities at N857.9 billion.

After accounting for interest expenses of N1.05 trillion, net interest income rose 91.8% to N984.6 billion, before impairments of N230 billion brought it to N754.5 billion.

Net fee and commission income also improved to N237.6 billion, up 16.10%. Due to higher operating costs, the group delivered a N320.5 billion pretax profit, down 8.12%.

On the balance sheet, total assets expanded to N42.4 trillion, with retained earnings rising to N1.3 trillion.

First HoldCo (N356.1 billion)

First HoldCo Plc ranked 4th with a pretax profit of N356.1 billion, a 13.6% drop from N411.9 billion in H1 2024.

Interest income climbed to N1.4 trillion, driven mainly by customer loans of N910.3 billion.

After interest expenses of N532.5 billion, net interest income settled at N904 billion, up 75.7%. Following impairments of N185.3 billion, the figure settled at N719.4 billion.

Net fee and commission income came in at N138.6 billion, while operating profit totaled N355.9 billion.

Despite the decline, the group’s balance sheet strengthened, with total assets at N27.1 trillion and retained earnings up to N1.37 trillion, a 23.1% gain.

UBA (N388.4 billion)

United Bank for Africa Plc took the 3rd position with a pretax profit of N388.4 billion, slightly lower than N401.5 billion last year.

• Interest income climbed 32.9% to N1.3 trillion, with treasury bills contributing N366.4 billion, corporate term loans N319 billion, and bonds N279.2 billion. Other income sources made up the rest.

Net interest income grew 14.6% to N773 billion, and after impairments, stood at N741 billion.

Net fee and commission income reached N147 billion, though higher operating costs, particularly personnel and administrative expenses, trimmed overall profitability.

Nonetheless, UBA maintained a solid footing with total assets of N33.2 trillion, up 9.7%, and retained earnings of N1.6 trillion, up 12.9%.

GTCO (N600.9 billion)

Guaranty Trust Holding Company Plc ranked 2nd with a pretax profit of N600.9 billion, down 40.1% from N1 trillion in H1 2024.

On the top line, Interest income grew 31.4% to N789.4 billion, while net interest income rose 28.6% to N632.2 billion after expenses. Following impairments of N54.9 billion, net interest income stood at N577.2 billion.

Non-interest streams such as fee and commission income grew 33.7% to N135.1 billion, while trading and other income contributed a combined N108.8 billion.

Due to high operating costs, GTCO closed the period with N600.9 billion pretax profit, down 40.1%. On the balance sheet, total assets expanded to N16.6 trillion, with retained earnings rising 9.5% to N1.4 trillion.

Zenith Bank (N625.6 billion)

Zenith Bank Plc maintained its position at the top, reporting a pretax profit of N625.6 billion for H1 2025, down 13.95% from N727 billion last year.

• Interest income surged to N1.8 trillion, fueled by loans and advances to customers of N935.7 billion, treasury bills of N522.7 billion, and bonds of N258.7 billion.

After interest expenses of N484.5 billion, net interest income settled at N1.3 trillion, nearly doubling year-on-year. Following impairments of N760.8 billion, net interest income stood at N593.9 billion.

Net income on fees and commission came to N128 billion, while trading gains added N467.7 billion.

Due to higher operating expenses of N411.2 billion, up 23%, Zenith Bank’s pretax profit settled at N625.6 billion, lower than N727 billion of H1 2024.

On the balance sheet, total assets rose by 3.5% to N30.9 trillion, while retained earnings increased by 21.7% to N2.4 trillion.