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.

 

GTCO had the strongest profit conversion among listed Nigerian banks reviewed in 2025, turning 40.3% of gross earnings into profit after tax.

That means for every ₦100 GTCO earned, about ₦40 became profit. Stanbic IBTC followed with ₦33.5, while Wema Bank and Jaiz Bank each converted about ₦29 of every ₦100 earned.

The ranking shows that bigger earnings did not always mean stronger profit conversion. Zenith Bank recorded the highest profit after tax in absolute terms at ₦1.04 trillion, but converted 24.8% of gross earnings into profit.

First HoldCo had the lowest conversion rate, with only ₦4.1 of every ₦100 earned becoming profit after tax.

Source:

Banks’ financial statements; Intelpoint calculations

Period:

2025
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
Jaiz Bank spent the highest share of revenue on staff among NGX-listed banks
Jaiz Bank spent the highest share of revenue on staff in 2025. Jaiz spent nearly ₦18 on staff for every ₦100 of revenue. ETI and UBA followed with the next highest staff-cost-to-revenue ratios. GTCO had the lowest staff-cost burden among the listed banks. ETI spent the most in absolute staff costs, at ₦782.8 billion.
Kenyan banks’ non-performing loan ratios fell, with KCB’s ratio down 2.9 points
  • All eight selected Kenyan banks reduced their NPL ratios in 2025.
  • KCB recorded the largest improvement, with a 2.9% point drop.
  • KCB still had the highest NPL ratio in the group at 16.9%.
  • Co-operative Bank remained highly stressed at 15.7%, despite some improvement.
  • Equity Bank and Absa Bank Kenya both ended 2025 at 11.5%.
  • Standard Chartered Kenya had the lowest NPL ratio in the group at 5.5%.
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.
  • The recapitalisation exercise is being driven by the Central Bank of Nigeria’s requirements, with the deadline expected in March 2026.
  • 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.
  • Multiple account ownership is now common among users.
Nigeria saw an increase of 2.9 million deployed POS in 2024, following the naira redesign in 2023
  • Deployed POS terminals grew from about 156,000 in 2017 to 8.4 million in 2025.
  • Nigeria added more than eight million terminals in eight years, indicating rapid adoption of digital payments.
  • Growth accelerated sharply after 2020, marking a major shift toward cashless transactions.
  • The highest year-on-year growth (116.8%) occurred in 2024, following the naira redesign.
  • About three million terminals were added in 2024 alone.
  • POS agents became critical financial access points during the period of cash shortage.
  • POS terminals now function as mini-banks in many communities.
  • Financial inclusion has expanded through agent-based banking and POS networks.
UBA is the only Tier 1 bank in Nigeria that grew its profit in the first three quarters of 2025 compared to 2024
  • FUGAZ posted a combined ₦2.91 trillion in profit from Q1 to Q3 of 2025.
  • Access Bank recorded the lowest PAT among the FUGAZ
  • UBA recorded a 3% year-on-year increase in PAT
  • FUGAZ recorded an average year-on-year percentage change of -11.2% for the period
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved