Access Bank UK Tops FUGAZ Profit

Four of Nigeria’s tier-one banks with licensed banking subsidiaries in the United Kingdom generated a combined pre-tax profit of about N399.2 billion in 2025, according to audited financial statements filed with the Nigerian Exchange Limited.

The banks include Access Holdings Plc, Guaranty Trust Holding Company Plc, Zenith Bank Plc and United Bank for Africa Plc.

The results showed improved aggregate performance compared to the previous year, reflecting the growing contribution of UK operations to the earnings profile of Nigeria’s largest banking groups.

Among the lenders, The Access Bank UK Limited emerged as the highest profit contributor after posting a pre-tax profit of N288.6 billion for the year ended December 31, 2025.

The figure represented more than 72 per cent of the combined pre-tax profit recorded by the four FUGAZ banks in the UK market.

Access Bank UK’s performance also reflected an increase of about 11.4 per cent compared to the N259.1 billion recorded in 2024.

The subsidiary maintained its position as one of the strongest international operations within Access Holdings’ network.

Zenith Bank (UK) Limited recorded the second-highest earnings among the FUGAZ UK subsidiaries after posting a pre-tax profit of N98.9 billion in 2025.

The figure represented a 17.6 per cent increase from the N84.1 billion recorded in the previous year.

Zenith Bank UK also reported a post-tax profit of N74.1 billion, reflecting an 18.1 per cent increase from N62.74 billion recorded in 2024.

Guaranty Trust Bank (UK) Limited, however, recorded weaker earnings performance during the period.

The bank posted a pre-tax profit of N17.9 billion in 2025, representing a decline of approximately 18.3 per cent from the N21.9 billion reported in 2024.

UBA UK Limited recorded a pre-tax loss of N6.2 billion in 2025 compared to a pre-tax profit of N19.3 billion in the previous year.

The result represented a negative swing of about N25.5 billion, making UBA UK the only FUGAZ banking subsidiary in the United Kingdom to post a loss during the year under review.

The earnings gap between Access Bank UK and Zenith Bank UK widened further in 2025.

The difference increased from about N175 billion in 2024 to approximately N189.7 billion in 2025, reflecting Access Bank’s expanding international operations across the United Arab Emirates, Paris and Hong Kong, alongside subsidiaries in Malta, Mauritius and France.

Balance sheet figures also showed significant differences in the scale and growth of the UK banking subsidiaries.

Access Bank UK crossed the N16.7 trillion threshold in total assets during the year, with its balance sheet expanding significantly from N867 billion to N9.5 trillion.

The performance positioned the bank as the fastest-growing FUGAZ UK subsidiary by asset size in 2025.

Zenith Bank UK maintained the largest customer deposit base among the FUGAZ UK subsidiaries.

Customer deposits rose to N3.65 trillion from N3.47 trillion in the previous year.

The deposit figure also exceeded the combined deposit base of Zenith Bank’s African subsidiaries in Ghana, Sierra Leone and The Gambia, which stood at N3.1 trillion.

The bank’s total assets increased moderately from N4.1 trillion to N4.3 trillion during the period.

GTBank UK recorded marginal asset growth, with total assets increasing slightly from N1.124 trillion to N1.127 trillion.

The decline in profitability was linked to the absence of the major foreign exchange revaluation gains recorded in 2024.

The period also coincided with GTCO’s admission to the London Stock Exchange in July 2025 as a secondary-listed international commercial company, making it the first FUGAZ banking group with dual listings in Lagos and London.

UBA UK’s total assets increased from N727 billion to N881.52 billion despite the pre-tax loss recorded during the year.

The loss position aligned with broader challenges within the UBA Group, including a N140.6 billion net foreign exchange loss, a 54 per cent increase in impairment charges and a 70.8 per cent rise in operating expenses, all of which contributed to a decline in group profitability for 2025.