The combined profit before tax of Nigeria’s leading deposit money banks reached N1.6 trillion in the same quarter. Access Holdings Plc’s banking sector contributed significantly, accounting for 93% of its consolidated profit.

In FY 2025, Access Holdings crossed the N1 trillion mark with a profit before tax of N1.01 trillion. However, the bank faced challenges as its net impairment charge rose to N73.81 billion in Q1 2026, a staggering 239% increase from N21.77 billion in Q1 2025.

Other major banks reported varying results: Zenith Bank Plc posted a profit before tax of N360.92 billion, while Guaranty Trust Holding Company Plc recorded N302.89 billion. Wema Bank Plc saw an impressive increase of 41.2%, reaching N72.6 billion.

No final dividend was declared for Access Holdings Plc for FY 2025, raising questions among investors about future distributions. KPMG signed off on Access Holdings’ audited results on April 30, 2026.

The robust performance came amid persistent economic pressures such as inflation and exchange rate volatility. Observers note that these factors could impact future profitability and investor sentiment.

Investment banker Tajudeen Olayinka pointed out that most tier-one banks maintain net long US dollar positions, which indicates their foreign currency assets exceed liabilities.

As Access Holdings continues to navigate these challenges, its focus remains on driving sustainable earnings through customer relationships and technology deployment.

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The bank’s profit after tax climbed to N314.02 billion. This robust performance placed Zenith Bank at the forefront of Nigeria’s financial landscape, where the combined profit before tax of seven major banks reached N1.6 trillion in Q1 2026.

Key financial highlights:

• Zenith Bank retained its position as Nigeria’s most profitable lender in Q1 2026.
• The combined profit after tax of these banks rose to N1.27 trillion.
• The aggregate profit before tax of the banks grew by 6.77% from N1.5 trillion in Q1 2025.
• The performance was buoyed by elevated yields on government securities and strong interest income from loans and advances.

The banking sector in Nigeria has shown resilience amid economic challenges such as inflationary pressures and exchange rate volatility. Despite these issues, Zenith Bank’s earnings growth remained steady, even with rising impairment charges and operating costs.

The Central Bank of Nigeria reported that as of March 6, 2026, 30 banks have met new minimum capital requirements. Access Holdings Plc also reported a profit before tax of N272.21 billion, up by 22.2% from the previous year.

This recapitalisation initiative, introduced in 2024, aims to reinforce the stability and long-term capacity of Nigeria’s banking system. Yet, Access Holdings noted a decline in interest income compared to Q1 2025.

The future remains uncertain as financial institutions navigate through these economic challenges while striving to maintain profitability and stability.

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Key financial metrics:

• Interest income declined by 9% to N895.034 billion in Q1 2026.
• Non-interest income grew by 19% to N444.683 billion in Q1 2026.
• Impairment charges increased by 239% to N73.81 billion in Q1 2026.
• Profit after tax for Q1 2026 was N216.537 billion, up 18.49% year-on-year.
• Total operating expenses reached N411.268 billion, a rise of 26.16% year-on-year.

The bank’s performance signals its strong position within the Nigerian banking industry. Access Holdings crossed the N1 trillion profit mark for the first time in FY 2025, with a pre-tax profit of N1.01 trillion, marking a 16% increase from the previous year.

Innocent C. Ike remarked, “Our 2025 performance reflects both the resilience of the Access franchise and the strength of the institution we have built over time.” He emphasized that Africa remains one of the most compelling long-term growth frontiers globally.

The bank’s total assets grew by about 4% in Q1 2026, while retained earnings increased by 19.36% to N1.997 trillion as of this period. The bank’s share price stood at N27 as of May 1, 2026.

Yet, despite these gains, net interest income after impairment charges grew by only 34% year-on-year to N265 billion, which is lower than the net non-interest income of N444.683 billion.

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Key statistics:

• Interest income grew by 17.5% year-on-year.
• Fee income rose by 7.1% year-on-year.
• The loan book increased by 1.3% to N3.17 trillion.
• Deposit liabilities grew by 6.3% to N13.69 trillion.
• Total assets stood at N18.7 trillion.
• Shareholders’ funds closed at N3.6 trillion.
• The Capital Adequacy Ratio remained at 39.5%.

GTCO’s financial statements reflect solid growth across its core income lines. The decline in IFRS 9 Stage 3 loans to 4.4% from 5.0% in December 2025 indicates improved asset quality. Additionally, the cost of risk improved significantly to 0.2%, down from 2.2% in December 2025.

Mr. Segun Agbaje, CEO of GTCO, emphasized the importance of these results, stating, “Our Q1 2026 results mark a defining shift in the quality and composition of our earnings.” He noted the company’s focus on driving sustainable earnings through customer relationships and technology deployment.

The outlook remains positive as GTCO sees significant headroom across payments and wealth management sectors in Nigeria and other African markets.

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In addition to its impressive profit figures, Access Holdings experienced growth across several key financial metrics. Net interest income rose to N1.36 trillion. Furthermore, net fees and commission income grew by 40.9% to N585.1 billion. Total assets increased by 24.3% to N51.57 trillion.

Customer deposits also saw significant growth, rising by 53.4% to N34.56 trillion. Shareholders’ funds increased by 15% to N4.33 trillion, reflecting strong financial health for the institution.

However, earnings per share declined by 19.33% year-on-year to N13.48, and the impairment charge surged by 113.42% to N523.550 billion, indicating some challenges ahead.

The cost-to-income ratio improved, declining to 51.7% from 56.7% in 2024. Additionally, the bank’s fair value and foreign exchange gain was N1.05 trillion, reflecting a remarkable 152% year-on-year growth.

Innocent Ike, CEO of Access Holdings, commented on the bank’s performance: “Our 2025 performance reflects both the resilience of the Access franchise and the strength of the institution we have built over time.” He added that they have entered a more deliberate optimization phase focused on returns on capital and long-term value creation.

The bank’s gross earnings reached N5.529 trillion, marking a 13.34% increase compared to the previous year. Despite a dynamic operating environment, Access Holdings delivered strong earnings supported by diversified income streams and disciplined execution.

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