Six major Nigerian banks have collectively reported a profit after tax of over N2.4 trillion for the nine months ending September 30, representing a 20% increase from the same period in 2024. This rise in profitability is attributed to an increase in gross earnings, with the banks’ profit before tax reaching N2.895 trillion, a 2% increase from the previous year.
The banks in question, including First HoldCo Plc, Access Holdings Plc, Zenith Bank Plc, United Bank for Africa, Sterling Financial Holdings, and Wema Bank Plc, have seen significant growth in customers’ deposits. For instance, Access Holdings Plc’s customers’ deposits increased from N22.5 trillion in December 2024 to N33.1 trillion in the nine months ending September 30, 2025. Similarly, Zenith Bank Plc’s customers’ deposits rose to N23.69 trillion, while UBA Plc recorded N23.799 trillion in customers’ deposits.
Financial experts have weighed in on the development, advising banks to ensure that the increased profit translates to improved service delivery and higher dividend payments to shareholders. Prof. Uche Uwaleke, Director of the Institute of Capital Market Studies, emphasized the need for banks to demonstrate that their earnings are sustainable and not driven by short-term factors. He also stressed the importance of clearer communication and better service to customers.
Chief Okechukwu Unegbu, a former President of the Chartered Institute of Bankers of Nigeria, noted that the growth in customers’ deposits can be attributed to a renewed saving culture among citizens. He also emphasized that banks’ profits should reflect in higher dividend payments to shareholders. A Zenith Bank customer, Augustina Ode, appealed to banks to prioritize their customers’ service department to ensure improved service delivery and customer satisfaction.
The significant increase in profitability and customers’ deposits is a positive development for the Nigerian banking sector. However, experts caution that banks must ensure that this growth benefits both shareholders and customers. As the banking sector continues to evolve, it is essential for banks to prioritize sustainable growth, improved service delivery, and transparency to maintain customer trust and confidence.