- Five Nigerian financial institutions recorded a combined profit before tax of N2.29 trillion in the first half of 2026, with FirstHoldCo leading at N653.5 billion
- Stanbic IBTC posted the strongest profit growth among the five, followed by Sterling Financial at 21.9%, while Zenith Bank and GTCO recorded slower growth
- Higher interest income, trading gains, improved asset quality and increased non-interest revenue supported the lenders’ performance
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Five Nigerian financial institutions reported a combined profit before tax (PBT) of N2.29 trillion in the first half of 2026, supported by higher interest income, trading gains, improved asset quality and growth in non-interest revenue.
According to Daily Trust, FirstHoldCo Plc, Zenith Bank Plc, Guaranty Trust Holding Company Plc (GTCO), Stanbic IBTC Holdings Plc and Sterling Financial Holdings Company Limited recorded a combined PBT of N2.291 trillion for the six months ended June 30, 2026.
Source: UGC
FirstHoldCo led the group with N653.5 billion, followed by Zenith Bank at N637.6 billion, GTCO at N603.03 billion, Stanbic IBTC at N341.57 billion and Sterling Financial at N55.5 billion.
Meanwhile, some major lenders, including United Bank for Africa and Fidelity Bank, reportedly received regulatory approval to extend the deadline for releasing their half-year results.
Five Financial Institutions and Their H1 2026 Profits
1. FirstHoldCo
FirstHoldCo emerged as the most profitable institution among the five, recording an 83.5% year-on-year increase in PBT to N653.5 billion.
Its gross earnings rose by 16.7% to N1.93 trillion, while operating income increased by 25.8% to N1.38 trillion. Non-interest income reached N497.1 billion, driven by electronic banking, trade services, brokerage and fund transfers.
The group also improved its cost-to-income ratio to 44.2% from 50.5% a year earlier. Impairment charges declined by 37.4%, while recoveries from legacy exposures reached N91.9 billion.
FirstBank's capital adequacy ratio also recovered to 16.7%, ahead of the group's planned timeline.
2. Zenith Bank
Zenith Bank posted the second-highest PBT of N637.6 billion, representing a 1.91% increase from N625.63 billion recorded in the first half of 2025.
Lower funding costs and stronger transaction-related income supported its performance. Interest expenses fell by 13% to N421.8 billion, while net interest income stood at N1.25 trillion. Net fee and commission income grew by 39.6% to N178.77 billion.
The bank's impairment charges dropped by 81% to N141.1 billion, reducing its cost of risk to 2.2% from 14.3%.
Gross loans increased by 14% to N12.57 trillion, while customer deposits rose by 8% to N26.35 trillion. Total assets also expanded to N32.65 trillion.
3. GTCO
GTCO reported a PBT of N603.03 billion, representing a modest 0.4% increase year-on-year.
Interest income and trading income grew by 7.5% and 24.7%, respectively. However, a N46.2 billion fair-value loss limited overall profit growth.
The group's total assets stood at N18.6 trillion, while shareholders' funds reached N3.3 trillion. Customer deposits increased by 10.3% to N14.19 trillion, although its net loan book grew by just 0.5% to N3.15 trillion.
GTCO reported a capital adequacy ratio of 34.9% and a cost-to-income ratio of 31.5%. Its payments, pensions and funds management businesses also contributed to its diversification strategy.
4. Stanbic IBTC
Stanbic IBTC recorded a 40.13% increase in PBT to N341.57 billion from N243.74 billion in the corresponding period of 2025.
Gross earnings climbed by 27.15% to N650.31 billion, while profit after tax rose by 38.2% to N239.68 billion.
Non-interest revenue more than doubled to N278.02 billion, supported by trading revenue of N126.36 billion. Net fee and commission revenue increased by 27.08% to N145.26 billion, while impairment losses fell by 33.75% to N7.36 billion.
However, net interest income declined by 14.34% to N266.28 billion as interest income fell and interest expenses increased.
Total assets grew by 26.59% to N10.91 trillion, while customer deposits reached N4.63 trillion. The board also proposed an interim dividend of N4.50 per share, up from N2.50 a year earlier.
5. Sterling Financial
Sterling Financial recorded the lowest PBT among the five institutions but delivered strong growth across several financial indicators.
Its PBT rose by 21.9% to N55.5 billion, while profit after tax increased by 20.4% to N50.3 billion. Gross earnings climbed by 31.5% to N279.6 billion, supported by a 33.7% increase in interest income to N223.6 billion.
Net interest income rose by 41% to N137.4 billion, while non-interest income increased by 23.3% to N56 billion.
Total assets expanded by 19.3% to N4.67 trillion, and customer deposits grew by 21.1% to N3.62 trillion. Shareholders' funds increased by 27.8% to N547.7 billion, partly supported by N96.6 billion raised through a public share offer.
The group's return on average equity stood at 20.6%, while return on average assets improved to 2.35% from 2.05%.
Source: UGC
What drove the banks' profitability?
The results show that the institutions benefited from different revenue sources. FirstHoldCo recorded the strongest absolute profit and growth, while Stanbic IBTC and Sterling Financial delivered substantial year-on-year increases.
Zenith Bank benefited from lower funding costs and reduced impairment charges, while GTCO maintained strong capital adequacy and operational efficiency despite a fair-value loss.
Overall, stronger non-interest income, improved risk management and expanding deposits helped support the lenders' first-half performance, although pressure on traditional interest income remained a challenge for some institutions.
Source: Legit.ng