Zenith Bank remained Nigeria's most profitable bank in 2024, with a profit after tax (PAT) of ₦1.03 trillion, a 53% increase from the 2023 value

Key takeaways:

  • Zenith Bank Plc led the profitability ranking with a Profit After Tax (PAT) of ₦1.03 trillion.
  • Guaranty Trust Holding Company followed closely with ₦1.02 trillion in PAT.
  • Each of the top six banks recorded profits exceeding ₦600 billion.
  • The total PAT for the top ten banks rose by 53%, from ₦3.39 trillion in 2023 to ₦5.54 trillion in 2024.
  • FCMB Group Plc was the only bank among the top ten to record a year-on-year decline in PAT.
  • Ecobank, First Holdco, Fidelity Bank, and Wema Bank each recorded over 100% growth in PAT compared to 2023.

The Nigerian banking sector posted robust financial results in 2024, with the ten most profitable banks collectively reporting a profit after tax (PAT) of ₦5.54 trillion. This marks a significant 53% increase from the ₦3.39 trillion recorded in 2023.

 

Zenith Bank Plc topped the profitability chart with a PAT of ₦1.03 trillion, closely followed by Guaranty Trust Holding Company, which posted ₦1.02 trillion. United Bank for Africa (UBA) and Ecobank ranked third and fourth with ₦766.6 billion and ₦735.9 billion, respectively. First Holdco Plc and Access Holdings also recorded strong profits, each exceeding ₦600 billion.

 

Other banks on the top ten list include Fidelity Bank, Stanbic IBTC, Wema Bank, and FCMB Group Plc, with profits ranging from ₦279 billion to ₦73 billion. Notably, FCMB was the only bank on the list to experience a decline in profit compared to the previous year.

Source:

NGX

Period:

2024
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GTCO turned ₦40 of every ₦100 earned into profit
  • GTCO had the strongest profit conversion in 2025.
  • GTCO turned about ₦40 of every ₦100 earned into profit.
  • Stanbic IBTC followed with about ₦34 profit per ₦100 earned.
  • Zenith made the highest profit, but not the strongest conversion.
  • First HoldCo had the weakest profit conversion among the banks reviewed.
 
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  • Zenith Bank currently has the highest capital among the banks shown, reaching about ₦614 billion.
  • Access Holdings has about ₦602.8 billion in total capital.
  • Fidelity Bank raised the largest single capital injection in the group, about ₦437.85 billion, pushing its total capital to ₦564.5 billion.
  • FCMB has the highest previous capital base among the banks listed (₦266.5 billion) before the recapitalisation injection.
Nigeria had about 135 bank accounts per 100 people in 2025, up from 32 bank accounts in 2017
  • Active bank accounts grew from 65 million in 2016 to over 320 million in 2025 — almost a fivefold increase.
  • Bank accounts per 100 people rose from about 32 in 2017 to nearly 135 in 2025.
  • Nigeria now averages more than one bank account per person.
  • The fastest growth phase occurred between 2019 and 2024.
  • Digital banking and fintech adoption played a major role in the surge.
  • The jump after 2020 suggests technology-driven access, not just population growth.
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Nigeria saw an increase of 2.9 million deployed POS in 2024, following the naira redesign in 2023
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UBA is the only Tier 1 bank in Nigeria that grew its profit in the first three quarters of 2025 compared to 2024
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  • Access Bank recorded the lowest PAT among the FUGAZ
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