Richest Banks in Nigeria 2026: Ranked by Assets and Profit

Updated 28 September 2026 · Wigmore Trading, Lagos

Biggest banks in Nigeria by total assets

Total assets means everything a banking group owns: loans to customers, government securities, cash, and so on. It is the usual way to measure the “biggest” or “largest” bank. These are the audited group figures as at 31 December 2025, published between March and May 2026.

Sources: each bank’s FY2025 audited results as reported by the bank, Nairametrics, Proshare and New Telegraph (March–May 2026). FCMB is from Legit.ng’s May 2026 ranking. Group figures include foreign subsidiaries.

Access Holdings is far ahead of the rest. Its balance sheet grew 24.3% in 2025. UBA and Zenith are close together in second and third, less than ₦2 trillion apart.

Richest banks by profit (FY2025)

If “richest” means who makes the most money, Zenith and GTCO lead the market. The table below uses profit before tax (PBT) and profit after tax (PAT) for the 2025 financial year.

Sources: Zenith (Nairametrics, April 2026); GTCO press release (31 March 2026); Access, UBA and First HoldCo (Proshare/Nairametrics, April–May 2026); Stanbic (Nairametrics, April 2026); Fidelity (New Telegraph, 2026). “–” means our sources didn’t give a like-for-like comparison.

Why did the big names fall in 2025? In 2024, the naira’s steep devaluation handed banks huge one-off foreign-exchange revaluation gains. In 2025 most of those gains disappeared. Zenith’s trading line swung from a ₦1.1 trillion gain to a ₦63.1 billion loss. UBA took ₦331 billion in loan-loss provisions and ₦278 billion in derivative losses. First HoldCo made heavy provisions to clean up bad loans as the Central Bank of Nigeria (CBN) ended its regulatory forbearance. Core business, meaning interest and fee income, actually grew at most banks.

Efficiency is a different story from size. GTCO is only fifth by assets but second by profit. It reported a 28.3% return on equity and a 27.9% cost-to-income ratio for 2025, among the best in Nigerian banking.

How 2026 is going so far

Most tier-one banks have not yet published half-year (H1) 2026 results. As of mid-September 2026, GTCO, Access Holdings, UBA and Fidelity had permission from the Nigerian Exchange to delay until 30 September. Zenith had until 9 October. The main hold-up, according to Tribune, is waiting for CBN clearance. First HoldCo and FCMB published earlier.

First-quarter 2026 figures (January–March, unaudited) give the latest like-for-like view:

Sources: ThisDay (3 May 2026); First HoldCo figure from Proshare (May 2026). Quarterly figures are unaudited.

The standout is First HoldCo. After its clean-up year, it reported unaudited H1 2026 profit before tax of ₦653.5 billion, up 83.5%, with total assets of ₦30.65 trillion at 30 June 2026. If the other banks’ delayed H1 numbers don’t keep pace, FirstBank could move up the 2026 profit table. We’ll update this page when the remaining H1 results are out.

The industry also finished a major recapitalisation. The CBN required banks with international licences to hold at least ₦500 billion in capital, national banks ₦200 billion and regional banks ₦50 billion, by 31 March 2026. BusinessDay reports that all 33 banks met the requirement, raising about ₦4.6 trillion between them.

The top five banks at a glance

Access Holdings: the biggest

This is Nigeria’s largest banking group by assets, at ₦51.57 trillion. Access Bank grew largely through mergers at home, including Intercontinental Bank and Diamond Bank (merged in 2019), and subsidiaries across Africa and in the UK. In 2025 it made ₦1.01 trillion before tax. Management now says it is entering a more deliberate optimisation phase, with more emphasis on returns on capital than on further expansion.

Zenith Bank: the most profitable

Zenith made the highest profit of any Nigerian bank in 2025: ₦1.26 trillion before tax on ₦31.4 trillion of assets. It paid a total dividend of ₦10.00 per share for 2025. It also had the biggest Q1 2026 profit, at ₦360.92 billion.

GTCO: the most efficient

GTCO is smaller than the other four by assets, but it made nearly as much as Zenith: ₦1.23 trillion before tax. It announced what it called a record dividend for 2025 and reported a capital adequacy ratio of 43.8%.

UBA: the most pan-African

UBA is second by assets at ₦33.17 trillion and operates in 20 African countries, plus the UK, US and France. Its 2025 profit roughly halved on provisions and derivative losses, but its balance sheet still grew 9.4% in 2025.

First HoldCo (FirstBank): the comeback

FirstBank’s parent took a hit in 2025, with profit after tax down 79%, while it provided for problem loans. Its early 2026 numbers are the strongest recovery in the sector so far.

Why the rankings keep changing

• The naira. Most big banks hold dollar assets. When the naira falls, those assets are worth more in naira and profits jump, as they did in 2024. When the naira is stable, as in 2025, those gains vanish.
• CBN rules. The end of regulatory forbearance, the provisioning it forced and a 2025 directive stopping dividends at banks still under forbearance all affect reported profit.
• Group vs bank. Access, First HoldCo, GTCO, FCMB and Stanbic report as holding companies that include insurance, asset management or foreign units. Zenith and UBA report as banks with subsidiaries. Comparisons are close, but not perfect.
• Timing. Quarterly figures are unaudited and can be restated. Always compare the same period.

What this means if you’re choosing a bank

A big balance sheet doesn’t guarantee good service, and a high profit doesn’t guarantee low charges. For a business account, compare:

1. Charges. Ask for the account maintenance fee, transfer fees and POS settlement terms in writing.
2. Collections. If you sell to many retailers, check how fast the bank settles POS and virtual-account payments into your account.
3. Credit. Ask whether the bank offers invoice discounting, trade finance or distributor finance linked to the manufacturers you buy from.
4. Branches near your customers. This still matters for cash-heavy trade outside Lagos and Abuja.
5. Safety. Only pay suppliers through verified account details. Never switch accounts because of a WhatsApp message alone. Our anti-scam page explains how fraudsters pose as suppliers, including Wigmore.

If you’re working out whether a trade deal makes sense after bank and FX costs, our free landed cost calculator helps you price imports. The commercial invoice generator gives you paperwork your bank will accept for Form M and other transactions.

Frequently asked questions

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Sources: Nairametrics – Zenith FY2025 (April 2026); GTCO FY2025 release (March 2026); Proshare – Access (May 2026); Nairametrics – UBA (April 2026); First HoldCo H1 2026 release (July 2026); Nairametrics – Stanbic (April 2026); Fidelity Bank (2026); ThisDay – Q1 2026 (May 2026); Tribune – H1 delays (September 2026); BusinessDay – recapitalisation (March 2026). Figures are group figures from published results. Check the banks’ investor-relations pages for the latest filings.