Nigeria’s leading tier-1 banks, commonly referred to as FUGAZ – comprising First Bank, UBA, GTBank, Access Holdings, and Zenith Bank – have reported their full-year 2024 financial results, revealing a year of significant profitability, robust asset growth, and varied levels of return on assets (RoA). The figures reflect strong resilience and performance amidst economic headwinds and changing monetary dynamics in the country.
Zenith Bank and GTBank Cross ₦1 Trillion Profit Mark
In what has been described as a historic performance, both Zenith Bank and Guaranty Trust Bank (GTBank) surpassed the ₦1 trillion milestone in Profit After Tax (PAT) – a first for many in the Nigerian financial sector. Zenith Bank led the chart with ₦1.03 trillion in PAT, closely followed by GTBank with ₦1.02 trillion. This milestone signals strong cost management, increased interest income, and operational efficiency.
UBA, which has significantly expanded its footprint across Africa and other global markets, also posted an impressive ₦766.57 billion in PAT, reflecting its improved cross-border operations and diversified income sources. Access Holdings, another pan-African banking group, recorded ₦642.22 billion in PAT, continuing its trend of growth after its transformation into a HoldCo structure.
First Bank’s 2024 profit figures are still pending publication as of the time of this report.
Access Holdings Tops Asset Table with ₦41.50 Trillion
In terms of asset accumulation, Access Holdings solidified its position as Nigeria’s most asset-rich financial institution, closing 2024 with total assets of ₦41.50 trillion. This reflects its aggressive expansion strategy, mergers and acquisitions, and diversified investment portfolio.
UBA followed with ₦30.32 trillion in total assets, underscoring the strength of its Pan-African banking operations. Zenith Bank recorded ₦29.96 trillion, while GTBank, despite its smaller footprint compared to its peers, managed ₦14.80 trillion in total assets.
The continued asset growth across FUGAZ banks points to strong customer deposits, growth in loan portfolios, and strategic investments in treasury instruments and digital banking infrastructure.
GTBank Tops in Asset Efficiency with Highest RoA
Beyond size and profit, Return on Assets (RoA) provides a critical insight into how effectively banks use their assets to generate profits. GTBank stood out with the highest RoA of 6.89%, reflecting high operational efficiency and superior profitability relative to its asset base. This is a notable achievement, especially given its relatively leaner asset book compared to its rivals.
Zenith Bank recorded an RoA of 3.44%, UBA followed with 2.53%, and Access Holdings posted 1.55%. These numbers highlight the varied strategic approaches and business models across the institutions, with some favoring scale while others focus on efficiency and niche banking.
Sector Outlook Remains Positive Despite Challenges
The 2024 results from FUGAZ banks come at a time when Nigeria’s financial ecosystem is undergoing transformation due to regulatory reforms, inflationary pressures, FX market fluctuations, and evolving customer expectations. The performance of these banks suggests a resilient and adaptive banking sector, positioned to play a crucial role in supporting economic stability and growth.
As stakeholders await First Bank’s full-year report, analysts anticipate that the FUGAZ group, as a collective, will continue to be the bellwether for Nigeria’s banking industry, driving innovation, inclusion, and sustainable profitability.
Data Source: FY 2024 Bank Reports, Compiled by Statisense
