Access Bank consistently led in gross earnings among selected Nigerian banks, reaching N4.9T in 2024, a significant jump from N2.6T in 2023

  • Access Bank led all Nigerian banks with ₦4.9T in gross earnings in 2024, nearly doubling its 2023 performance.
  • FirstHoldCo saw a sharp rise in earnings to ₦3.2T in 2024
  • Zenith Bank grew consistently, crossing the ₦4T mark in 2024 from ₦1T in 2022, showing strong operational expansion.
  • Wema Bank, despite being the smallest, quadrupled its earnings over two years, from ₦0.1T to ₦0.4T.
  • Fidelity and FCMB nearly tripled their gross earnings between 2022 and 2024, showing rising momentum among mid-tier banks.

Access Bank has maintained a firm grip at the top of the earnings chart, with its gross earnings skyrocketing from ₦2.6 trillion in 2023 to ₦4.9 trillion in 2024—almost doubling in just a year. This consistent lead displays its growing dominance in the Nigerian banking space. Following behind, Zenith Bank and FirstHoldCo also saw significant earnings growth, with both surpassing the ₦3 trillion mark in 2024, up from ₦2.1 trillion and ₦1.6 trillion, respectively, in 2023.

What’s most striking is the steep growth curve between 2022 and 2024 for many banks. For example, GTCO jumped from ₦0.5 trillion in 2022 to ₦2.2 trillion in 2024—more than quadrupling its earnings in just two years. Even smaller players, such as Wema Bank, recorded meaningful gains, increasing from ₦0.1T in 2022 to ₦0.4T in 2024. This sharp rise in earnings across the board suggests that Nigerian banks are not just recovering from past economic shocks but are actively expanding and deepening their revenue base.

Source:

Banks’ audited financial reports

Period:

2022-2024
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Internationally authorised Nigerian banks have raised over ₦3.3tn since March 2024
  • Internationally authorised Nigerian banks have raised and injected over ₦3.3 trillion in new capital since March 2024.
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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.
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  • POS agents became critical financial access points during the period of cash shortage.
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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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GTCO declared ₦476b profit in H1 2025, with Nigeria contributing over 70% of African operations
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  • Tanzania (₦46m) and Uganda (₦505m) contributed negligible profits compared to peers.
  • GTCO subsidiaries across Africa collectively generated around ₦476b profit after tax in the first half of 2025.
GTCO declared ₦476b profit in H1 2025, with Nigeria contributing over 70% of African operations
  • Nigeria dominates with ₦339.6b, contributing over 70% of GTCO’s total profit after tax in Africa.
  • Ghana (₦61.9b) and Côte d’Ivoire (₦28.2b) followed as the strongest non-Nigerian subsidiaries.
  • Tanzania (₦46m) and Uganda (₦505m) contributed negligible profits compared to peers.
  • GTCO subsidiaries across Africa collectively generated around ₦476b profit after tax in the first half of 2025.
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