The United Kingdom operations of four major Nigerian tier-one banks delivered a combined pre-tax profit of approximately N399.2 billion in 2025, highlighting the growing strategic importance of the UK market to Nigeria’s largest financial institutions.
The figures, drawn from the audited full-year 2025 financial statements filed with the Nigerian Exchange (NGX), cover the UK banking subsidiaries of Access Holdings Plc, Guaranty Trust Holding Company Plc, Zenith Bank Plc, and United Bank for Africa Plc — collectively known within the industry as the FUGAZ banks.
The latest numbers represent an overall improvement from 2024 and reinforce the UK corridor as a major earnings and international expansion hub for Nigerian banks.
Access Bank UK Dominates Earnings
Among the banks, The Access Bank UK Limited emerged as the standout performer, recording a pre-tax profit of N288.6 billion in 2025, up from N259.1 billion the previous year.
The result accounted for more than 72 per cent of the combined UK earnings posted by the FUGAZ banks, further cementing Access Bank UK’s position as one of the group’s strongest international assets.
Analysts say the subsidiary’s performance reflects Access Holdings’ aggressive global expansion strategy, supported by growing operations across the UAE, Paris, Hong Kong, Malta, Mauritius, and France.
Zenith Bank UK Strengthens Position
Zenith Bank (UK) Limited also delivered strong growth, posting a pre-tax profit of N98.9 billion compared to N84.1 billion in 2024 — an increase of approximately 17.6 per cent.
Its post-tax profit rose to N74.1 billion from N62.74 billion, reflecting steady operational performance despite a challenging global financial environment.
The bank also maintained the largest customer deposit base among all FUGAZ UK subsidiaries, with deposits rising to N3.65 trillion from N3.47 trillion.
Industry observers attribute Zenith UK’s strength to deep institutional relationships, particularly with commodity traders, multinational businesses, and high-net-worth clients linked to Nigeria and Sub-Saharan Africa.
GTBank UK Profit Slips
Guaranty Trust Bank (UK) Limited experienced a softer year, with pre-tax profit declining by 18.3 per cent to N17.9 billion from N21.9 billion in 2024.
While the subsidiary’s total assets rose slightly to N1.127 trillion, analysts believe the weaker earnings were partly due to the absence of the large foreign exchange revaluation gains that boosted results in the previous year.
Despite the dip, GTCO recorded 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 historic listing, completed in July 2025, expanded access for international institutional investors to trade GTCO shares in London.
UBA UK Slips Into Loss
UBA UK Limited posted the weakest performance among the four banks, swinging from a pre-tax profit of N19.3 billion in 2024 to a pre-tax loss of N6.2 billion in 2025.
The reversal represented a negative swing of approximately N25.5 billion.
Although total assets increased moderately to N881.52 billion from N727 billion, the loss mirrored broader pressures faced by the parent company, including rising impairment charges, higher operating expenses, and significant foreign exchange losses.
UK Operations Becoming More Strategic
The widening gap between the banks’ UK performances highlights differing international growth strategies and operational efficiencies among Nigeria’s biggest lenders.
Access Bank UK widened its earnings lead over Zenith UK from N175 billion in 2024 to nearly N190 billion in 2025, reflecting the scale of its international footprint and aggressive cross-border expansion.
Meanwhile, Zenith Bank UK’s relatively stable balance sheet and dominant deposit position point toward a more conservative but resilient strategy focused on institutional banking and liquidity strength.
The UK market continues to serve as a critical gateway for trade finance, foreign currency transactions, correspondent banking, and diaspora-linked financial services for Nigerian banks seeking broader global relevance.
Parent Banks Also Posted Mixed Results
At the group level, Access Holdings remained one of the strongest performers among the FUGAZ banks in 2025.
The group reported gross earnings of N5.53 trillion and pre-tax profit of N1.007 trillion, driven largely by strong loan growth, resilient trade finance operations, and a sharp rise in foreign exchange income.
Zenith Bank Plc recorded pre-tax profit of N1.26 trillion, supported by strong interest income growth despite weaker FX trading income.
Guaranty Trust Holding Company Plc maintained its reputation for operational efficiency, posting one of the strongest capital adequacy ratios among peers at 43.82 per cent.
Meanwhile, United Bank for Africa Plc faced significant macroeconomic pressure, with profit before tax declining by more than 47 per cent amid rising impairment charges, FX losses, and escalating operating costs.
Analysts say the 2025 results collectively show that while domestic banking conditions remain challenging, international subsidiaries — particularly in the UK — are increasingly becoming important earnings stabilisers and growth drivers for Nigeria’s largest banking groups.