Nigeria’s biggest banks continued to strengthen their international presence in 2025, as four major FUGAZ banks generated a combined pre-tax profit of about N399.2 billion from their banking operations in the United Kingdom.
The figures were revealed in the audited 2025 financial statements submitted to the Nigerian Exchange (NGX) by the banks. The results show that the UK market is becoming increasingly important for Nigeria’s top lenders despite global economic pressures and changing market conditions.
Among the banks, Access Bank UK recorded the strongest performance. The bank posted a pre-tax profit of N288.6 billion in 2025, representing an 11.4 percent increase from the N259.1 billion reported in 2024. This means Access Bank UK alone contributed more than 70 percent of the total profit earned by the FUGAZ banks in the UK.
The impressive performance further confirms Access Bank’s growing international expansion strategy. The bank has continued to expand across several global markets including the UAE, Paris, Hong Kong, Malta, Mauritius, and France.
Zenith Bank UK also delivered strong growth during the year. Its pre-tax profit rose by 17.6 percent to N98.9 billion, compared to N84.1 billion in 2024. After-tax profit also increased to N74.1 billion from N62.7 billion recorded the previous year.
Zenith Bank’s UK operation remained one of the strongest among Nigerian banks abroad, especially in customer deposits. The subsidiary recorded deposits of N3.65 trillion, making it the largest deposit base among all FUGAZ UK subsidiaries. Analysts believe this reflects Zenith’s strong relationship with institutional investors, commodity traders, and wealthy African clients operating in the UK.
However, not all the banks recorded growth.
GTBank UK experienced a decline in profitability during the year. The bank’s pre-tax profit dropped by 18.3 percent from N21.9 billion in 2024 to N17.9 billion in 2025. Industry analysts linked the decline partly to reduced foreign exchange gains compared to the previous year.
Despite the weaker earnings, GTCO achieved a major milestone in 2025 after becoming the first FUGAZ banking group to secure a dual listing on both the Nigerian Exchange and the London Stock Exchange. The listing was seen as a major step toward attracting more international investors.
UBA UK recorded the weakest performance among the four banks. The subsidiary moved from a pre-tax profit of N19.3 billion in 2024 to a pre-tax loss of N6.2 billion in 2025. The sharp decline reflected broader challenges faced by the UBA Group during the year, including foreign exchange losses, rising operating costs, and increased impairment charges.
Even though UBA UK’s total assets grew from N727 billion to N881.5 billion, the growth was not enough to offset the financial pressures affecting the bank’s operations.
Further analysis of the balance sheets showed that Access Bank UK achieved the fastest asset growth among the banks. Its total assets expanded significantly during the year, crossing multi-trillion naira levels as the bank continued aggressive expansion across international markets.
At the parent company level, Access Holdings remained the strongest-performing FUGAZ bank in 2025. The group recorded more than N1 trillion in profit before tax, supported by growth in loans, trade finance activities, and rising foreign exchange income.
Zenith Bank also maintained solid earnings despite slower growth, while GTCO remained one of the most efficient banks in terms of capital strength and risk management.
Overall, the 2025 results highlight the growing importance of international banking operations for Nigerian lenders, especially in the UK market, where competition, trade finance, and cross-border transactions continue to create major business opportunities.
