The Ghanaian subsidiaries of Nigeria’s largest banks, collectively known as FUGAZ (First HoldCo, UBA, GTCO, Access Bank, and Zenith Bank), reported a combined pre-tax profit of ₵1.20 billion (Ghana cedis) or N184.5 billion for the first quarter ended March 31, 2025.
This represents a healthy 6.59% increase from the ₵1.13 billion (N173.2 billion) recorded in the same period in 2024, largely driven by a solid rise in interest income.
Interest income across the five banks climbed to ₵1.88 billion (N288.4 billion), up from ₵1.67 billion (N256.3 billion) a year earlier, reflecting a 12.54% increase due to stronger returns from lending and investment activities.
Non-interest income also saw a significant boost, with fees and commissions surging 59.29% to ₵548.2 million (N83.9 billion), compared to ₵344.1 million (N52.6 billion) in the first quarter of the previous year.
The banks demonstrated robust balance sheet growth, as customer deposits rose to ₵59.06 billion (N9.03 trillion) from ₵41 billion (N6.27 trillion), while total assets increased by 42.30% to ₵75.4 billion (N11.5 trillion), highlighting stronger customer confidence and an expanding financial base.
Overall, the Ghanaian subsidiaries of FUGAZ delivered strong, broad-based growth. Their solid earnings and balance sheet performance indicate their expanding footprint in Ghana’s banking sector.
However, while the consolidated figures tell a story of strength, a closer look at the individual performance of each bank will provide deeper insights and enable meaningful comparisons.
For clarity, all currency conversions to Nigerian naira (N) were made using the current exchange rate of 1 Ghana cedi (₵) to N153.3.
Income performance: GTCO leads the pack
In the first quarter of 2025, GTCO Ghana reported the highest pre-tax profit among the FUGAZ banks operating in Ghana, earning an impressive ₵386.3 million (N59.1 billion). This represents a 14.11% increase from the ₵338.5 million (N51.8 billion) recorded in the same period last year.
Zenith Bank Ghana followed with a pre-tax profit 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 ahead of Access Bank Ghana, which recorded ₵280.9 million (N42.9 billion), a slight dip of 0.55%.
Further down the list, UBA Ghana reported a decline in profit, falling to ₵116.2 million (N17.7 billion) from ₵152.2 million (N23.2 billion) the previous year.
- However, the biggest surprise came from FirstBank Ghana. Despite reporting the lowest profit at ₵112.2 million (N17.1 billion), it more than doubled its previous figure of ₵51.4 million (N7.8 billion).
The growth in profitability across most banks was largely fueled by rising interest income.
- Zenith Bank Ghana led this category with ₵515.9 million (N78.9 billion), closely followed by GTCO Ghana at ₵493.2 million (N75.4 billion).
- Access Bank Ghana came in third with ₵384.5 million (N58.8 billion), followed by UBA Ghana at ₵270.3 million (N41.3 billion), and FirstBank at ₵221.1 million (N33.8 billion).
When it came to fees and commissions, Access Bank Ghana took the lead, generating ₵233.8 million (N35.7 billion)—the highest among its peers.
- GTCO Ghana reported ₵148.1 million (N22.6 billion), followed by Zenith Bank with ₵96.9 million (N14.8 billion).
- UBA Ghana earned ₵59.2 million (N9.06 billion), while FirstBank Ghana brought in a modest ₵9.9 million (N1.5 billion).
In summary, GTCO Ghana stood out as the most profitable FUGAZ subsidiary in the country, with Zenith Bank and Access Bank rounding out the top three, while UBA and FirstBank occupied the lower end of the ranking.
Customer deposits & total assets
All FUGAZ subsidiaries in Ghana recorded growth in customer deposits during the first quarter of 2025.
- Zenith Bank Ghana led the category with ₵16.4 billion (N2.51 trillion), reflecting a 30.15% year-over-year increase.
- GTCO Ghana followed with ₵15.3 billion (N2.35 trillion), up 56.61%, while Access Bank Ghana reported ₵14.4 billion (N2.21 trillion), an increase of 41.30%.
- UBA Ghana posted ₵8 billion (N1.23 trillion), up 29.76%, and FirstBank Ghana reported ₵4.5 billion (N701.8 billion), a 129.12% rise over the previous year.
While Zenith Bank attracted the highest deposit base—indicating strong customer confidence—FirstBank, despite more than doubling its deposit volume, recorded the smallest among the group.
Asset growth followed a similar trend, with total assets across the five banks reaching ₵75.4 billion (N11.56 trillion), up 42.3% from ₵53.01 billion (N8.13 trillion) in Q1 2024.
- Zenith Bank Ghana again led with ₵21.2 billion (N3.25 trillion) in total assets, a 40.89% increase from the previous year.
- GTCO Ghana came next with ₵18.3 billion (N2.81 trillion), up 49.03%, narrowly edging out Access Bank Ghana, which recorded ₵18.2 billion (N2.79 trillion), up 33.13%.
- UBA Ghana reported ₵10.6 billion (N1.62 trillion), while FirstBank Ghana remained at the lower end with ₵6.9 billion (N1.06 trillion) in total assets, despite a notable year-on-year increase of 79.37%.
