FirstHoldCo Takes Lead in Profit Growth Among Nigeria’s Top Banks

By Lydia Adenike

First HoldCo, the parent of FirstBank of Nigeria, saw its profit for last year surge 118.13 percent the most of any tier-1 bank in the country.

The holding company, chaired by billionaire Femi Otedola, posted a profit of N677 billion compared to N310.37 billion in 2023.

Guaranty Trust Holding Company (GTCO) reported the second-biggest profit increase as its net income jumped 89.23 percent to N1.02 trillion.

Zenith Bank, second to GTCO in market value, posted a profit rise of 52 percent to N1.03 trillion.

The net income of the United Bank for Africa was up 14.38 percent to N766.67 billion, while Access Holdings saw the least growth of 3.69 percent to N642.2 billion.