Six Major Nigerian Banks Post ₦3.11 Trillion Combined Profit as Assets Reach ₦195 Trillion

LAGOS, Nigeria — Six of Nigeria's biggest listed banks recorded a combined profit after tax of ₦3.11 trillion in the first nine months of 2026, while their combined total assets rose to ₦195.08 trillion, according to their unaudited financial statements.

The combined profit after tax increased by 7.5% from ₦2.90 trillion recorded during the corresponding period of 2025. Meanwhile, the banks' combined asset base rose by 6.73%, from ₦182.79 trillion a year earlier.

The six banking groups covered in the analysis were Access Holdings Plc, Ecobank Transnational Incorporated, Zenith Bank Plc, First HoldCo Plc, Guaranty Trust Holding Company Plc and Stanbic IBTC Holdings Plc. Together, they added approximately ₦12.29 trillion to their combined balance sheets during the period.

Access Holdings Remains Largest by Assets

Access Holdings remained the largest of the six banks by total assets, reporting ₦52.60 trillion as of September 30, 2026.

Ecobank followed with ₦47.92 trillion in naira-denominated assets, while Zenith Bank reported ₦34.39 trillion. First HoldCo recorded ₦32.20 trillion, GTCO had ₦18.37 trillion and Stanbic IBTC reported ₦9.60 trillion.

However, asset growth was not evenly distributed across the six institutions.

According to the analysis, First HoldCo and Zenith Bank accounted for approximately ₦9.01 trillion, or about 73%, of the total ₦12.29 trillion increase in the combined asset base.

This concentration is important because a larger overall banking-sector balance sheet does not necessarily mean every institution is expanding at the same pace or improving its financial strength equally.

First HoldCo Records Strongest Asset Growth

First HoldCo recorded the fastest asset growth among the six banks, with total assets increasing by 21.95% to ₦32.20 trillion from ₦26.40 trillion.

Stanbic IBTC followed with asset growth of 14.53%, while Zenith Bank's total assets increased by 10.30%. GTCO recorded growth of 10.29%.

Analysts said the expansion of the banks' balance sheets was driven partly by increased holdings of investment securities and growth in lending.

Access Holdings, for example, increased loans to customers by 11.2% to ₦14.33 trillion. Zenith Bank's loans and advances rose by 24.2% to ₦11.64 trillion.

The figures demonstrate continued expansion in parts of Nigeria's banking industry, although the pace and sources of growth differed significantly among the institutions.

Profit Rises Despite Pressure on Interest Income

The improvement in profitability came despite a decline in combined interest income among several of the banks.

For First HoldCo, Zenith Bank, GTCO and Stanbic IBTC, combined interest income fell 4.28% to ₦6.55 trillion from ₦6.84 trillion in the corresponding period of 2025.

However, the banks benefited from other sources of earnings and lower impairment charges in some cases.

The combined profit before tax of five banks with consistent nine-month figures rose 12.37% to ₦4.26 trillion from ₦3.79 trillion.

Their combined profit after tax subsequently increased to ₦3.11 trillion, reflecting the resilience of the banking groups despite changes in interest income and other operating pressures.

A separate analysis of eight Nigerian Exchange-listed banking groups also found that sharply lower credit impairment charges provided significant support for profitability during the nine-month period.

Analysts Urge Caution

While the figures show continued growth, analysts cautioned that increasing asset size alone should not be viewed automatically as evidence of stronger banking performance.

The long-term sustainability of the expansion will depend on factors including asset quality, earnings capacity and capital strength.

Banks must also manage the risks associated with expanding their loan books and investment portfolios, particularly in an economic environment where interest rates, inflation and operating costs can affect profitability.

For Nigeria's banking sector, the latest results show that the country's largest lenders continue to operate on a significant scale, with six institutions controlling a combined asset base of more than ₦195 trillion.

The key question going forward will be whether continued balance-sheet growth translates into stronger, sustainable earnings and improved capacity to support businesses and economic activity across Nigeria.

For now, the nine-month results provide evidence of continued expansion in Nigeria's major banking groups, with combined profits reaching ₦3.11 trillion and total assets climbing to ₦195.08 trillion by the end of September 2026.