In a clear sign that Nigeria’s banks are going global — and doing it well — five major financial giants raked in a combined N1.695 trillion in pre-tax profits (PBT) from their foreign subsidiaries in 2024.

That figure represents a robust 33.5% of their total N5.060 trillion group profit — an impressive performance, especially against the backdrop of economic headwinds at home. While their domestic operations still pull the most weight, these offshore earnings show just how important international business has become for Nigeria’s banking elite.

🔍 A Boost from Policy and the FX Market

The solid results were largely driven by macroeconomic policy shifts — particularly the elevated interest rates and the Naira’s devaluation. These conditions boosted foreign exchange gains, while also increasing interest income from loans and investments in instruments like Treasury Bills and government bonds.

As a result, the combined gross earnings of First Holdco, UBA, GTCO, Access Holdings, and Zenith Bank surged 82% year-on-year, from N9.55 trillion in 2023 to N17.397 trillion in 2024.

That revenue boom translated into a 56% jump in pre-tax profit, reaching N5.060 trillion — a clear indicator of the positive financial momentum.

🏦 Zenith Bank: Strong Performance from a Few Subsidiaries

Zenith Bank earned N187 billion in pre-tax profit from just four offshore subsidiaries — located in Ghana, Sierra Leone, Gambia, and the UK. While that accounted for 14% of its total group PBT of N1.327 trillion, it was down slightly from the 16.5% recorded in 2023.

Still, Zenith’s UK and Ghana units stole the spotlight:

Zenith Bank UK made N84.1 billion, up a staggering 71.3% YoY

Zenith Bank Ghana contributed N82 billion, up from N75 billion the year before

Despite the gains abroad, Zenith Nigeria remained dominant, contributing N1.133 trillion — that’s over 84% of total group PBT.

🌍 First Holdco: Quiet Global Influence

First Holdco Plc, the parent of First Bank of Nigeria, reported N219.03 billion in foreign pre-tax profit, making up 27.5% of its N796.47 billion group total.

The group has six subsidiaries across Africa and one in the UK, along with representative offices in China and France, reinforcing its strategic global spread — even if it didn’t break down the earnings by country.

💰 GTCO: Steady Offshore Growth with a Few Bumps

GTCO’s foreign subsidiaries brought in N273 billion in 2024 — a 109% surge from N130.66 billion in 2023. That placed offshore earnings at 21.57% of the total N1.266 trillion group PBT.

GT Bank Ghana led with N118.96 billion (up 81% YoY)

All subsidiaries were profitable except GT Bank Tanzania, which posted a N1.1 billion loss

GTCO also saw impressive gains from its non-banking businesses, including Habari Pay Ltd, asset management, and pension operations — which jointly contributed N14.59 billion, up from N5.96 billion in 2023.

Still, GTCO Nigeria remained the powerhouse, delivering N1.003 trillion in pre-tax profit — more than 79% of group earnings.

🚀 Access Holdings: Foreign Units Now Pull More Than Half

Access Holdings emerged as a breakout player in 2024, with its 15 offshore subsidiaries generating N459.99 billion — a massive 131% YoY growth. That accounted for 53% of its N867.02 billion in adjusted pre-tax profit, more than doubling the 27.32% contribution from 2023.

The star performer?

Access Bank UK, which contributed a whopping N259.1 billion

However, the group did experience losses in South Africa, Mozambique, and Kenya.

On the earnings side, Access posted N4.878 trillion in total revenue, with N1.1 trillion coming from foreign markets — proving that its international expansion is paying off.

🌐 UBA: Foreign Subsidiaries Now Lead the Pack

UBA took the crown for foreign earnings, generating N556.36 billion in pre-tax profit from operations in 20 African countries and the UK.

That’s a hefty 69.22% of its N803.73 billion group profit — a huge leap from the 29.69% recorded in 2023. In fact, for the first time, UBA’s foreign subsidiaries out-earned its Nigerian base, which brought in N486.53 billion.

Top performers included:

UBA Cameroon – N96.63 billion

UBA Côte d’Ivoire – N57.24 billion

Only UBA Kenya and UBA Tanzania recorded losses. But overall, impairment losses across subsidiaries fell 64.3% to about N53 billion, led by UBA Ghana at N24 billion.

Operating revenue from offshore operations hit N1.577 trillion, up 106% YoY — a strong indication of UBA’s growing strength abroad.

💡 What It All Means

The surge in foreign profits is more than just a win on paper — it’s a validation of Nigerian banks’ regional and global expansion strategies.

Offshore subsidiaries are helping these banks diversify revenues, reduce exposure to domestic volatility, and position themselves as Pan-African giants in an increasingly globalized economy.

With 2025 on the horizon, one thing is clear: Nigerian banks are no longer just local champions — they’re international contenders.