May 27, (THEWILL) — Access Bank UK emerged as the clear leader among the United Kingdom subsidiaries of Nigeria’s FUGAZ banks after posting a staggering N288.6 billion pre-tax profit for the 2025 financial year, accounting for more than 72 percent of the combined earnings recorded by the group’s UK operations.
Audited financial statements filed on the Nigerian Exchange (NGX) showed that four FUGAZ banks with licensed UK subsidiaries Access Bank, Zenith Bank, GTCO, and UBA generated a combined pre-tax profit of about N399.2 billion in 2025, highlighting the growing strategic importance of the UK market to Nigeria’s largest banking groups.
Access Bank UK retained its dominance with an 11.4 percent increase in profit from N259.1 billion recorded in 2024, reinforcing its status as one of Access Holdings’ strongest international assets.
The performance also widened the earnings gap between Access Bank UK and its closest rival, Zenith Bank UK.
Zenith Bank UK delivered a solid outing, posting N98.9 billion pre-tax profit, up 17.6 percent from N84.1 billion in the previous year.
Its post-tax profit also climbed to N74.1 billion, reflecting sustained growth in institutional banking relationships and customer deposits.
In contrast, GTBank UK reported weaker earnings as pre-tax profit fell 18.3 percent to N17.9 billion, largely due to the absence of the foreign exchange revaluation gains that boosted 2024 earnings.
UBA UK recorded the weakest performance among the group, swinging from a N19.3 billion profit in 2024 to a N6.2 billion loss in 2025 amid rising impairment charges, FX losses, and mounting operating expenses across the broader UBA Group.
Beyond profitability, Access Bank UK also recorded the fastest asset growth among the FUGAZ lenders, while Zenith Bank UK maintained the largest deposit base in the segment, underlining the increasingly competitive race for dominance in the UK financial corridor.
Access Bank UK led all FUGAZ lenders in Britain with a N288.6 billion pre-tax profit in 2025, contributing over 72 percent of the group’s combined UK earnings.
Zenith Bank UK followed with strong growth, while GTBank UK recorded weaker earnings and UBA UK slipped into a loss position.
The results underscore the rising importance of the UK market to Nigeria’s biggest banking groups amid expanding international operations and shifting global financial dynamics.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
