Foreign operations have become increasingly important to Nigeria’s largest banks, with four members of the FUGAZ group generating a combined N1.949 trillion in pre-tax profit from their international subsidiaries in 2025.
The figure represented 54.77% of their combined group pre-tax profit of N3.56 trillion, highlighting the growing strategic importance of offshore operations to the earnings profile of Nigeria’s tier-one banks.
Despite the strong contribution from foreign subsidiaries, combined group pre-tax profit declined by approximately 11%, largely due to higher impairment charges, reduced foreign exchange-related gains, and elevated operating expenses across domestic operations.
For example, United Bank for Africa reported that its Nigerian business accounted for over 90% of the group’s impairment charges, while Zenith Bank disclosed that its Nigerian operations contributed more than 97% of total impairments recorded in 2025.
Ranking of Foreign Subsidiary Profit Contributions
The ranking of foreign subsidiary pre-tax profits among the four FUGAZ banks was as follows:
| Bank | Foreign Subsidiary PBT (2025) |
| United Bank for Africa | N671.1 billion |
| Access Holdings | N571.3 billion |
| Guaranty Trust Holding Company | N375.3 billion |
| Zenith Bank | N331.8 billion |
First HoldCo did not disclose a detailed breakdown of foreign subsidiary earnings for 2025.
Zenith Bank: Foreign Operations Contributed 26% of Profit
Zenith Bank generated N331.76 billion in pre-tax profit from its subsidiaries in Ghana, Sierra Leone, Gambia, and the United Kingdom.
This represented 26.26% of the group’s total pre-tax profit of N1.263 trillion, up from 14.07% in 2024 and 16.5% in 2023.
The strongest performer was Zenith Bank Ghana, which delivered N193.37 billion in pre-tax profit, a 135% year-on-year increase. Zenith Bank UK followed with N98.87 billion.
Nevertheless, the Nigerian operation remained the dominant earnings contributor, generating N923 billion of the group’s total pre-tax profit.
GTCO: Offshore Contribution Continues to Rise
GTCO recorded N375.32 billion in foreign subsidiary pre-tax profit, up 37% from N273.14 billion in 2024.
Foreign operations accounted for 30.49% of group pre-tax profit, compared to 21.57% in 2024 and 21.44% in 2023.
The group’s international network spans multiple African markets alongside the UK, with operations in Ghana, Liberia, Tanzania, Côte d’Ivoire, Gambia, Sierra Leone, Kenya, and the United Kingdom.
GT Bank Ghana emerged as the largest contributor, generating N196 billion, representing more than half of total offshore earnings.
The only loss-making foreign operation was GT Bank Tanzania, which reported a relatively modest loss of N149 million, an improvement from the N1.1 billion loss recorded in 2024.
Within the group, Nigerian banking operations contributed N871.92 billion, while non-banking subsidiaries such as asset management, pensions, and payment businesses contributed N20.47 billion.
Access Holdings: International Operations Now Generate Majority of Profit
Access Holdings generated N571.31 billion in pre-tax profit from its 15 international subsidiaries, representing a 24.2% increase from the previous year.
Foreign subsidiaries accounted for 56.73% of the group’s adjusted pre-tax profit of N1.007 trillion, making Access the first among its peers where offshore operations contribute more than half of total earnings.
This compares with 53% in 2024 and just 27.32% in 2023, illustrating the rapid expansion of the group’s international earnings base.
The standout performer remained The Access Bank UK Limited, which generated N288.5 billion in pre-tax profit, contributing more than half of the group’s foreign earnings.
While operations in South Africa and Kenya reported losses, the Mozambique subsidiary returned to profitability after recording losses in 2024.
Access Holdings also reported N5.53 trillion in gross earnings, with foreign subsidiaries contributing approximately N1.4 trillion.
UBA: Foreign Network Generated 92% of Group Profit
UBA recorded the strongest foreign subsidiary performance among the FUGAZ banks, generating N671.1 billion in pre-tax profit from its extensive African and UK network.
The figure represented an extraordinary 92% of group pre-tax profit before adjustments of N729.79 billion.
This marks a dramatic increase from 53% in 2024 and 29.69% in 2023.
The numbers indicate that UBA’s foreign operations have become the primary earnings driver for the group, while the Nigerian operation contributed only N50.12 billion, equivalent to about 8% of total pre-tax profit.
Among its subsidiaries, UBA Côte d’Ivoire generated the highest earnings at N126.58 billion, followed by UBA Ghana (N78.17 billion) and UBA Sierra Leone (N65.58 billion).
Only UBA Tanzania and UBA UK recorded losses during the year.
A notable positive development was the decline in foreign subsidiary impairment charges by 54% year-on-year to approximately N25.6 billion.
First HoldCo Remains an Unknown
Unlike its peers, First HoldCo did not disclose detailed foreign subsidiary earnings in its 2025 results.
The group previously reported that international operations contributed N219.03 billion, or 27.5% of total pre-tax profit in 2024, making it the fourth-largest foreign profit contributor among the FUGAZ banks that year.
Given the group’s earnings recovery and strong recent performance, investors will be watching closely for fuller disclosure when more detailed 2025 financial information becomes available.
What It Means
The 2025 results highlight a significant structural shift within Nigeria’s banking industry. Foreign subsidiaries are no longer supplementary earnings contributors; they are increasingly becoming core profit drivers.
For UBA and Access Holdings in particular, international operations now account for the majority of group earnings, helping diversify revenue sources and reduce dependence on the domestic economy.
The trend also suggests that future growth for Nigeria’s largest banks may increasingly be driven by regional expansion, cross-border banking opportunities, and international financial services rather than solely by growth within Nigeria.
