Access Holdings and Stanbic IBTC Holdings
The combined total assets of six of Nigeria’s biggest listed banks rose 6.73 per cent to N195.08tn on 30 September, 2026, from N182.79tn at the same point in 2025. Profit after tax grew 7.50 per cent to N3.11tn from N2.90tn, according to their unaudited financial statements.
The six lenders are Access Holdings Plc, Ecobank Transnational Incorporated, Zenith Bank Plc, First HoldCo Plc, Guaranty Trust Holding Company and Stanbic IBTC Holdings Plc. Their combined balance sheets grew by N12.29tn over the period.
In separate phone interviews with The PUNCH, banking analysts said the expansion was positive but concentrated.
An Associate, Investment Research and Consulting at Afrinvest, Olamide Ologunagbe, said, “The 6.73 per cent growth in the combined asset base of the six banks to N195.08tn is a positive indicator of balance-sheet expansion. However, there is a difference between growth in asset size and improvement in asset quality or earnings capacity.”
Five of the six banks expanded their balance sheets. First HoldCo and Zenith together contributed N9.01tn of the N12.29tn gain, about 73 per cent. Growth came mainly from larger holdings of investment securities and a rise in lending.
“However, growth appears to have been driven partly by increased holdings of investment securities, reflecting banks’ preference for government securities amid elevated interest rates,” Ologunagbe said.
“First HoldCo and Zenith accounted for 73 per cent of the aggregate increase, indicating that expansion was concentrated among a few players,” she added.
A Senior Associate, Financial Services Research at CardinalStone, Ngozi Odum, said, “For the banks, the balance sheet is growing, but slowly. You can also see that FirstHoldco and ZenithBank contributed most of this growth, which reflects their size and market share.”
Access Holdings remained the largest bank by assets at N52.60tn, up 0.78 per cent from N52.20tn.
As of 30 September, 2026, Access Holdings’ assets stood at N52.60tn, Ecobank at N47.92tn, Zenith Bank at N34.39tn, First HoldCo at N32.20tn, GTCO at N18.37tn and Stanbic IBTC at N9.60tn.
Ecobank’s naira total assets were flat, slipping 0.11 per cent to N47.92tn from N47.97tn. In dollar terms, its assets rose 10.9 per cent to $35.96bn from $32.43bn.
Odum said the naira figure understates the bank’s performance. “It is best to analyse ETI in dollars because it is a pan-African bank, and currency movements – in this case, the naira – may misrepresent the movements in the business,” she said.
She said the naira had appreciated by 7.5 per cent against the dollar since the start of the year, so growth in dollar assets translated into a much smaller gain in naira terms.
“This is why relying on Naira values can be misleading,” Odum said.
First HoldCo posted the sharpest growth, with total assets up 21.95 per cent to N32.20tn from N26.40tn. Its investment securities rose 62.4 per cent to N10.31tn from N6.35tn. Its financial assets at fair value through profit or loss jumped more than sixfold to N2.22tn from N352.38bn. Its property and equipment also more than doubled to N548.00bn from N258.97bn.
Stanbic IBTC ranked second with a 14.53 per cent rise to N9.60tn from N8.38tn. Its other assets climbed to N1.21tn from N640.38bn, while loans and advances grew 16 per cent to N3.04tn.
Zenith Bank placed third with growth of 10.30 per cent to N34.39tn from N31.18tn. Its loans and advances rose 24.2 per cent to N11.64tn from N9.37tn, and its cash balances with the central bank grew to N7.66tn from N6.85tn. A fall in Treasury bills to N3.28tn from N4.19tn partly offset those gains.
GTCO finished just behind Zenith, with assets up 10.29 per cent to N18.37tn from N16.66tn. Its investment securities held at fair value through profit or loss surged to N605.55bn from N13.61bn, but loans to customers fell 7.4 per cent to N3.00tn.
Access Holdings grew its loans to customers by 11.2 per cent to N14.33tn. Its cash balances fell 27.6 per cent to N6.32tn from N8.73tn, which kept total asset growth below one per cent.
Ologunagbe said the real test lies ahead. “Ultimately, the sustainability of this growth will depend on its translation into higher earnings, improved asset quality and stronger capital adequacy,” she said.
Income and profit comparisons cover First HoldCo, Ecobank, Zenith, GTCO and Stanbic IBTC, the five banks with consistent nine-month figures for both years.
Combined interest income for First HoldCo, Zenith, GTCO and Stanbic IBTC fell 4.28 per cent to N6.55tn from N6.84tn in the corresponding period of 2025. GTCO was the only one of the four to record growth, with interest income up 4.96 per cent to N1.29tn. First HoldCo’s fell 8.69 per cent to N2.09tn, Stanbic IBTC’s dropped 5.35 per cent to N545.35bn, and Zenith’s declined 4.52 per cent to N2.62tn.
Even so, profit before tax for the five banks rose 12.37 per cent to N4.26tn from N3.79tn. Profit after tax grew 7.50 per cent to N3.11tn from N2.90tn. Lower impairment charges at First HoldCo, Zenith and GTCO, stronger fee and trading income at First HoldCo and Stanbic IBTC, and a steady result at Ecobank offset the fall in interest income.
