Kayode Tokede

Despite elevated provisioning due to the industry‑wide wind‑down of the Central Bank of Nigeria (CBN) forbearance regime, nine deposit money banks recorded a marked improvement in total asset quality in the first half of 2025.

Analysis of the banks’ financial results for the half year ended June 31, 2025 showed that they recorded N180.96 trillion total assets, about 9.01 per cent increase over N166 trillion declared in 2024 full financial year.

A breakdown of the results showed that Ecobank Transnational Incorporated (ETI), followed by United Bank for Africa Plc (UBA), Zenith Bank Plc and First Holdco Plc led the chart with the largest total assets.

Guaranty Trust Holding Company Plc (GTCO), FCMB Group Plc, Wema Bank Plc, and Sterling Financial Holdings Company Plc, Stanbic IBTC Holdings Plc also recorded improvement in total assets.

In the period under review, ETI declared N40.09 trillion total assets, about 13.4per cent increase over N43.3 trillion declared in 2024, while UBA announced N33.3 trillion total assets, representing an increase of 9.7 per cent when compared to N30.3 trillion declared in 2024.

However, ETI’s growth in total assets showed that deposits from customers closed June 30, 2025 at N36.56 trillion ($23.86 billion), about 16 per cent increase over N31.64 trillion ($20.42 billion) reported in audited 2024 full financial year.

Also, ETI’s loans and advances to customers stood at N16.86 trillion ($11.01 billion) as of June 30, 2025, a growth of 10 per cent from N15.35 trillion ($9.91 billion) declared in audited 2024 full financial year.

The CEO of Ecobank Group, Mr. Jeremy Awori, in a statement  said: “Our half-year results reflect strong execution of our Growth, Transformation, and Returns (GTR) strategy and the resilience of our diversified pan-African business

On its part, Zenith  Bank’s total assets stood at N30.9 trillion, a growth of 3.5 per cent from N29.96 trillion posted in 2024 full financial year while First Holdco posted N27.2 trillion total assets as of June 30, 2025, representing an increase of nearly three per  cent when compared to N26.2 trillion reported in 2024 full financial year.

The four DMBs in half year ended June 30 2025 saw a significant growth in deposits from customers that impacted on total assets.

For instance, deposits from customers contributed about 74.5 per cent of ETI’s total assets as of June 30, 2025 from 73.05 per cent in 2024, while UBA saw contribution of deposits from customers on total assets at 72.7 per cent as of June 30, 2025 from per cent in 2024.

UBA in a presentation to investors stated that the strong deposit from customers growth as of June 30, 2025 was due to extensive product offerings, preferred banking partner, and service efficiency/quality.

“The 27 per cent CAGR in customer deposits showcases impressive traction in mobilizing funds, underscoring its competitive strength and market share expansion across geographies. Customer deposits continue to dominate the Bank’s funding mix (83per cent), which demonstrates combined efforts at deepening our wallet share of the Corporate, Commercial, and Retail business.  Low-cost deposit instrumental to achieving a modest cost of funds,” UBA said.

The proportion of deposits from customers/ total assets of Zenith Bank increased to 75.8 per cent as of June 30, 2025 from 73.3 per cent in 2024, while that of First Holdco closed June 30, 2025 at 65.8 per cent from 64.7 per cent in 2024 full financial year. 

The Group Managing Director/CEO, of Zenith Bank, Dr. Adaora Umeoji, in a statement said, “Our H1 2025 performance reaffirms the strength and resilience of the Zenith brand. In the face of elevated provisioning due to the industry‑wide wind‑down of the CBN forbearance regime, our total asset quality has recorded a marked improvement while our balance sheet remains strong, liquid and well positioned to capture emerging opportunities across our core markets.”

“Customer deposits grew by seven per cent from N22 trillion in December 2024 to N23 trillion in June 2025. Gross loans closed at N10.2 trillion as at June 2025 compared to the N11 trillion as at December 2024 due to the write‑off of forbearance loans.  In spite of this, the Bank’s total assets grew by three per cent from N30 trillion as at December 2024 to N31 trillion as at June 2025,” she said.

Furthermore, GTCO announced N16.69 trillion total assets as of June 30, 2025, about 12.8 per cent increase over N14.8 trillion in 2024

GTCO noted that the growth in its total assets was largely driven by 20.5 per cent and 15.6 per cent growth in Loan book and Investment securities, respectively.

“Well-diversified asset base structure across all the Group Business Verticals with Loans accounting for 20.1per cent, a pointer to future  opportunities for growth; Investment Securities – 28.7per cent, Cash & Cash equivalent -28.7per cent, a further indication of the Group’s strong liquidity position and robust earning capacity,”  GTCO explained in a presentation to investors.   

Stanbic IBTC Holdings posted N8.1 trillion total assets as of June 30, 2025, a significant increase of 17.5 per cent increase over N6.9 trillion in 2024, while FCMB Group announced N7.54 trillion total assets as of June 30, 2025, representing an increase of 6.9 per cent from N7.05 trillion reported in 2024.

While Sterling Financial Holdings Company closed June 30, 2025 with N4.08 trillion total assets, a growth of 15 per cent from N3.54 trillion in 2024, Wema Bank reported N3.97 trillion total assets as of June 30, 2025, up by 11 per cent from N3.59 trillion it closed in 2024.   

Commenting, the Vice President, Highcap Securities, Mr. David Adnori said, “The substantial N180.96 trillion total assets by the nine commercial banks as of June 2025 underscores the banking sector’s robust growth and resilience.

“This asset expansion highlights the strength of Nigeria’s banking industry, which plays a pivotal role in Nigeria, and other regions’ economic stability. Factors contributing to this growth include increased capital inflows, enhanced lending strategies, and ongoing recapitalization efforts within the sector.”

Access Holdings Plc and Fidelity Bank Plc have not announced results for half year ended June 30, 2025 to the investing public as at the time of filing this reports.