Six banks post N3.11tn profits, assets hit N195tn
AI Executive Briefing
Gemini Flash AI~45s readSix of Nigeria's leading banks reported a combined profit after tax of N3.11tn and total assets of N195.08tn for the period ending September 30, 2026. Despite the growth, analysts highlighted that the expansion was unevenly distributed, with two banks accounting for the majority of the gains.
Context & Background
- ✦The banking sector is currently navigating an environment of elevated interest rates, which has influenced banks to prioritize government securities over traditional lending.
- ✦Reliance on naira-denominated figures can be misleading due to currency fluctuations, necessitating a more nuanced look at dollar-denominated performance for pan-African institutions.
Key Figures & Named Entities
•Olamide Ologunagbe (Afrinvest) and Ngozi Odum (CardinalStone) provided expert analysis on the concentration of growth.•First HoldCo and Zenith Bank contributed N9.01tn of the total N12.29tn asset growth, representing 73 per cent of the aggregate increase.
Outlook & Next Steps
Future sustainability of this growth will depend on the banks' ability to translate asset expansion into higher earnings, improved asset quality, and stronger capital adequacy.
Key Takeaways
AI Summary- Six major Nigerian banks recorded a combined profit after tax of N3.11tn and total assets of N195.08tn as of September 30, 2026.
- Asset growth was heavily concentrated, with First HoldCo and Zenith Bank contributing 73 per cent of the total N12.29tn increase.
- While balance sheets expanded, analysts noted that growth was driven largely by increased holdings of investment securities rather than just lending, raising questions about long-term earnings quality.
Key Facts:September 30, 2026: The combined total assets of the six banks grew from N182.79tn in 2025 to N195.08tn by September 30, 2026.N3.11tn: Combined profit after tax for the banks rose by 7.50 per cent to reach N3.11tn.
Editorial Excerpt
Six of Nigeria’s biggest banks, including Access and Zenith, saw combined profits rise to N3.11tn and total assets grow to N195.08tn as of September 2026.
Frequently Asked Questions About This Story
Which bank holds the largest asset base among the six listed?
Access Holdings remains the largest bank by assets, with its total assets standing at N52.60tn as of September 30, 2026.
Why is Ecobank's asset performance analyzed in dollars?
Analysts suggest analyzing Ecobank in dollars because it is a pan-African bank, and naira currency movements can misrepresent the actual business performance.
