The Ghanaian subsidiaries of Nigeria’s largest banks, collectively referred to as FUGAZ (First HoldCo, UBA, GTCO, Access Bank, and Zenith Bank), reported a mixed pre-tax revenue of ₵1.20 billion (Ghana cedis) or N184.5 billion for the primary quarter ended March 31, 2025.
This represents a wholesome 6.59% improve from the ₵1.13 billion (N173.2 billion) recorded in the identical interval in 2024, largely pushed by a strong rise in curiosity earnings.
Curiosity earnings throughout the 5 banks climbed to ₵1.88 billion (N288.4 billion), up from ₵1.67 billion (N256.3 billion) a 12 months earlier, reflecting a 12.54% improve because of stronger returns from lending and funding actions.
Non-interest earnings additionally noticed a major enhance, with charges and commissions surging 59.29% to ₵548.2 million (N83.9 billion), in comparison with ₵344.1 million (N52.6 billion) within the first quarter of the earlier 12 months.
The banks demonstrated strong steadiness sheet progress, as buyer deposits rose to ₵59.06 billion (N9.03 trillion) from ₵41 billion (N6.27 trillion), whereas whole belongings elevated by 42.30% to ₵75.4 billion (N11.5 trillion), highlighting stronger buyer confidence and an increasing {financial} base.
General, the Ghanaian subsidiaries of FUGAZ delivered sturdy, broad-based progress. Their strong earnings and steadiness sheet efficiency point out their increasing footprint in Ghana’s banking sector.
Nonetheless, whereas the consolidated figures inform a narrative of energy, a more in-depth take a look at the person efficiency of every {bank} will present deeper insights and allow significant comparisons.
For readability, all forex conversions to Nigerian naira (N) have been made utilizing the present trade fee of 1 Ghana cedi (₵) to N153.3.
Within the first quarter of 2025, GTCO Ghana reported the best pre-tax revenue among the many FUGAZ banks working in Ghana, incomes a powerful ₵386.3 million (N59.1 billion). This represents a 14.11% improve from the ₵338.5 million (N51.8 billion) recorded in the identical interval final 12 months.
Zenith Bank Ghana adopted with a pre-tax revenue of ₵310.04 million (N47.4 billion), marking a modest 1.17% rise year-over-year. It comfortably held second place, staying ₵29.1 million forward of Access Bank Ghana, which recorded ₵280.9 million (N42.9 billion), a slight dip of 0.55%.
Additional down the record, UBA Ghana reported a decline in revenue, falling to ₵116.2 million (N17.7 billion) from ₵152.2 million (N23.2 billion) the earlier 12 months.
The expansion in profitability throughout most banks was largely fueled by rising curiosity earnings.
When it got here to charges and commissions, Access Bank Ghana took the lead, producing ₵233.8 million (N35.7 billion)—the best amongst its friends.
In abstract, GTCO Ghana stood out as probably the most worthwhile FUGAZ subsidiary within the nation, with Zenith Bank and Access Bank rounding out the highest three, whereas UBA and FirstBank occupied the decrease finish of the rating.
All FUGAZ subsidiaries in Ghana recorded progress in buyer deposits in the course of the first quarter of 2025.
Whereas Zenith Bank attracted the best deposit base—indicating sturdy buyer confidence—FirstBank, regardless of greater than doubling its deposit quantity, recorded the smallest among the many group.
Asset progress adopted an identical development, with whole belongings throughout the 5 banks reaching ₵75.4 billion (N11.56 trillion), up 42.3% from ₵53.01 billion (N8.13 trillion) in Q1 2024.
