In October 2025, Nigeria’s business environment maintained its positive trajectory, with the Current Business Performance Index remaining in the expansion zone.

The NESG– Stanbic IBTC Business Confidence Monitor (BCM) recorded a marginal increase to 111.3 points from 107.9 points in September 2025 and 76.8 points in the same period of 2024.

This improvement reflects a mix of sectoral dynamics, particularly strengthened business performance across sectors and a surge in growth within the manufacturing sector.

A sectoral review showed that all five broad economic activities remained in the expansion region. The Manufacturing and Trade sectors recorded the strongest gains, rising by 8.8 and 7.8 points to 111.3 and 115.4, respectively, during the month. Non-Manufacturing (115.0), Agriculture (111.4), and Services (111.0) also expanded, albeit at a slower pace than in September 2025. Key BCM sub-indices—investment, exports, access to credit, and prices—posted modest improvements relative to August 2025, indicating a more positive outlook for capital formation and external trade.

During the month, the cost of doing business and input prices reversed the previous month’s improvement, though at a slower rate, suggesting a gradual easing of inflationary pressures on firms. However, lingering financing constraints, high commercial property costs, unclear policy signals, erratic power supply, and persistent insecurity continued to dampen business performance and confidence.

Comment by Stanbic IBTC

Broad sectoral improvement in activities influenced an increase in Nigeria’s business conditions for the third consecutive month, extending the expansion in general activities for the 11th month running.

More Notably, the Manufacturing sector improved the most in October, amid higher production, improved demand, and increased access to credit. We believe lower inflation and stable exchange rate supported an improvement in demand and production. Indeed, the breakdown of the Manufacturing sector showed better performance across the food & beverage; cement; and plastic & rubber products sub-sectors.

Nonetheless, the level of optimism in October was lower than that seen in September, reflecting weaker optimism level across Manufacturing sector; non-manufacturing industries; and Services. Where future sentiments increased, survey participants linked it to ongoing policy reforms, stable exchange rate, gradual recovery in consumer demand, and seasonal economic activity.

Going into 2026, the non-oil sector’s growth should remain strong amid a likely reduction in interest rates and low inflation, both of which should support aggregate demand and private investment. Further, a likely less exchange rate volatility in 2025 and 2026 based on our current estimates should support growth across trade, manufacturing, real estate, and construction.

Aside from that, the forward-linkage impact of Dangote Refinery should benefit manufacturing growth in the medium term. The IMF expects the Dangote Refinery to increase non-oil GDP growth by c.1.5% in 2026. Oil refining has already grown for a third consecutive quarter, to 15.78% y/y in Q2:25, from 11.51% y/y in Q1:25, although its contribution to the manufacturing sector remains insignificant, at 0.1%.

Headline inflation softened to 18.02% y/y in September, and we expect price moderation towards 15.84% – 16.22% y/y in October and 14.25% – 14.62% y/y in November. This is because we see food prices moderating further in the coming months in line with the ongoing main harvest season which is expected to ensure food prices remain at their seasonal low level until December, when gradual depletion of household stocks will likely commence.

Simultaneously, non-food inflation should be pressured in October amid higher fuel prices relative to September, understandably due to supply constraints and production glitches at the Dangote refinery which contributes 30.0% – 40.0% of domestic petrol supplies.

Nonetheless, the lingering local currency stability and appreciation should help provide some succour to non-food inflation in the near term.

Question: Let’s start this interview with a general introduction of yourself. Tell us about yourself as a customer of Fidelity Bank?

Response: My name is Mrs. Francesca Ogbonnaya and I am from Delta State while my husband is from Ebonyi State, South – East Nigeria.  I was born here in Kano State, which means I have been in the state for so long. I am a trader and as you can see, my business inside the market is trading. I sell fufu to different customers who buy and then resell in their restaurants or feed their families at home. I started banking with Fidelity Bank, about a year ago, that is sometime in 2024. And I have been with the bank since then.

Question: Talking of banking with Fidelity Bank, may we know what inspired you to register with the bank instead of any other bank?

Answer: I think that my relationship with my former bank was not satisfactory enough. I had been hearing about Fidelity Bank and what I heard was encouraging. And so, when it was time to change my bank, Fidelity Bank naturally came to my mind. And I can tell you that I have not been disappointed. This is because all those good things that were said about the bank before I opened an account, I have experienced them while banking with them. Their staff attend to customers very well, and whenever I call my account officer, he attends to me very well. Each time I call on him regarding my account, he is on standby to help me.

Question: When did you open an account with the bank?

Response: Like I said earlier, I opened an account with the bank last year, around January or February 2024. And I opened a Savings Account.

Question: What is your experience with the bank. Is it wonderful? And if yes, why?

Response: My experience with the bank can only be described as wonderful. Apart from all other services, this is the first time I am experiencing a thing like this. I have never experienced any bank in Nigeria where I won in a savings promo. With this alone, I will say that my experience with the bank has been wonderful, really wonderful because I never expected anything like this. I also never knew of the GAIM 6 promo. I just woke up one day and found that I have won such an amount of money from the bank. This is why I will repeat that they are a wonderful bank, they are a bank for the people.

Question: You mean you didn’t know about GAIM 6 or any promotion, that you were just putting in your regular money and you won?

Response: Yes! I had no idea of an on- going promotion by the bank. I deposit money with them every day. Every day, at the end of business, I put in something into my account, no matter how small. I make sure I put money every day and I withdraw when I want to withdraw. Any amount I seek to withdraw, they give to me without wasting time.

I really didn’t know about any promo. As you can see in the market, I don’t have time for myself, talk less of having time to know about the Fidelity Bank’s Get Alert In Millions promo. I didn’t know of it. All I know is that one day, they called me on my phone number to inform me that I had won an amount of money in season 6 of GAIM. And that is all.

Question: When you received the news that you had won some money from the bank, how did you feel?

Response:  The truth is I was sick on that day; I was actually lying on a sick bed when they called me to announce that I had won the sum of N1million from them. It was incredible. I was very, very happy and surprisingly, I jumped up and ran to my business outfit here to tell them the good news from the bank. At first, people around me did not want to believe, that it might be a scam. I told them that I trust my bank. And all they asked me to do was to go their branch to claim my money, which is what I did.

Question: Moving forward, what do you intend to do with the money you just won from the bank? Or put another way, what have you done with your money?

Response: Well, I have added it to my business capital and that has made my business bigger than what it was before the GAIM 6 promo money. I followed the advice of the bank when I won the money and I can tell you they did not just leave me. They told me what and what I should do and I can tell you that my business has recorded an improvement. We are now doing better than we were doing before the promotion money came.

Question: What is your message to the management of Fidelity Bank?

Response: First, I want to thank the bank for the efforts they are putting in ensuring that their customers are satisfied. I pray that they continue to support their customers and I beg them to continue. This is because if they extend this sort of promotion money for a longer time, they would be making more people to become rich. They would be helping hands. So, I am begging God that they should not stop or halt this promotion. It should continue and it should touch the poor, so that more customers will be made rich by the help of the bank.

Question: What is your message to Nigerians that are not yet banking with Fidelity Bank? What is your advice drawing from your experience?

Response: Well, I will say that Fidelity Bank is a good bank. It is a place you bank and you don’t have to worry about the safety of your money. Instead, your money can even make you a millionaire. The Get Alert in Million Season 6 promo can change their lives as it has changed my own. So, I urge my fellow Nigerians to come and join us at Fidelity Bank because Fidelity Bank is a bank you can trust and we their customers are proud of them.

October data pointed to improved growth momentum in the Nigerian private sector, with both output and new orders increasing at sharper rates than in September.

In turn, companies took on extra staff and expanded their purchasing activity. The pace of input cost inflation remained subdued relative to the picture over recent years, while output prices increased at the second-slowest pace for five-and a-half years.

The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “Business activity started the last quarter of 2025 on a strong note, with the headline PMI printing higher at 54.0 points in October compared to 53.4 points in September. This was on account of higher output and new orders growth.

Notably, continued softening of price pressures and launch of new products by companies helped to drive higher new orders (56.3 points vs September: 55.4 points) and this in turn, supported output (57.7 points vs September: 56.1 points) growth to its highest level since April. Output increased across all the four sectors covered by the survey, led by manufacturing.

Elsewhere, input costs increased in October but were still much weaker than levels seen in 2023 and 2024. However, the opposite was true for output prices, which rose at the second slowest pace in five-and-a-half years, just Headline inflation softened to 18.02% y/y in September, and we expect price moderation towards 15.84% – 16.22% y/y in October and 14.25% – 14.62% y/y in November.

This is because we see food prices moderating further in the coming months in line with the ongoing main harvest season which is expected to ensure food prices remain at their seasonal low level until December, when gradual depletion of household stocks will commence.

Simultaneously, non-food inflation should be pressured in October amid higher fuel prices relative to September, understandably due to supply constraints and production glitches at the Dangote refinery which contributes 30.0% – 40.0% of domestic petrol supplies.

Nonetheless, the lingering local currency stability and appreciation should help provide some succour to non-food inflation in the near term. Lower inflation, stabilizing exchange rate, and anticipation of further rate cuts ahead should support improvement in real sector activity over the medium term.

Accordingly, we see the Nigerian economy growing by 4.0% in 2025. Both Manufacturing and Services are likely to see higher growth in 2025 compared to 2024 levels, based on the results from the PMI surveys so far this year.”

The headline PMI rose to 54.0 in October from 53.4 in September, signalling a solid monthly improvement in the health of the private sector and one that was more pronounced than in the previous survey period. Business conditions have now strengthened in 11 consecutive months. Output growth hit a six-month high in October, with panellists highlighting the positive impact of rising new orders and the introduction of new products.

Business activity increased across all four broad sectors, with growth fastest in manufacturing. The launch of new products also helped to drive up customer numbers in October, thereby feeding through to rising new orders.

A recent softening of inflationary pressures also reportedly helped to boost demand. Although companies continued to increase their selling prices at a marked pace in response to higher input costs, the latest rise in charges was the second-slowest for five-and-a half years, quicker only than that seen in August.

The rate of input cost inflation ticked higher, however, amid faster increases in both purchase prices and staff costs. That said, the increase in input prices was still muted compared to those seen in 2023 and 2024. Rising new orders encouraged firms to take on extra staff in October, the fifth month running in which this has been the case. The rate of job creation was only modest, however, and softer than seen in September.

Higher employment helped firms to keep on top of workloads, but power outages and payment delays from clients led to build-ups in backlogs elsewhere.

On balance, outstanding business was broadly unchanged in October. Both purchasing activity and stocks of inputs increased as companies responded to higher new orders and the prospect of further expansions in the months ahead. Meanwhile, suppliers’ delivery times continued to shorten.

Although strategies around marketing and exporting supported confidence in the year-ahead outlook for business activity, sentiment dropped for the fourth month running in October and was the lowest since May. Around 46% of respondents predicted a rise in output over the next 12 months.

L – R: Direct Sales Executive, Fidelity Bank Plc, Adegboyega Ademokunwa; GAIM 6 Eight Monthly draw Winner, Innocent Okoro Orji; Branch Leader, Fidelity Bank Plc, Gbagada, Chinwe Umez-Eronini; and Product Manager, Savings, Fidelity Bank Plc at the GAIM 6 prize presentation ceremony held at Gbagada Building Materials market in Lagos recently.

As Nigeria looks to opening up the economy and empowering its citizens, Fidelity Bank Plc has taken a bold step to deepen financial inclusion and reward customer loyalty by extending its flagship savings campaign, the Get Alert in Millions (GAIM) Season 6 promo.

The extension adds three more months to the campaign and raises the total prize pool from ₦159 million to a record ₦189 million. This move, announced in September 2025, comes at a critical time when the country’s economic landscape demands innovative financial solutions and inclusive banking strategies. 

The Nigerian Economy and the Imperative of Financial Inclusion

Nigeria’s economy, while resilient, faces persistent challenges including inflation, currency volatility, and limited access to formal financial services.

According to the Central Bank of Nigeria (CBN), recent reforms such as exchange rate unification and bank recapitalisation are aimed at stabilising the macroeconomic environment and positioning the banking sector to support a $1 trillion economy.

The CBN’s Payment System Vision 2028 also underscores the importance of digital transformation and financial inclusion as tools for economic development.

In this context, Fidelity Bank’s GAIM 6 promo is more than a marketing campaign, it is a strategic intervention that aligns with national goals. By incentivizing savings and expanding access to banking services, the promo contributes to the broader mission of empowering underserved communities and fostering economic resilience.

World Savings Day 2025: A Global Call to Action

The extension of GAIM 6 coincides with the upcoming World Savings Day on October 31, 2025. Celebrated annually, this global observance promotes the importance of saving as a pathway to financial security and economic stability.

Fidelity Bank’s decision to extend GAIM 6 during this period amplifies the theme of the 2025 World Savings Day – “This is not a savings account”, encouraging Nigerians to cultivate smart financial habits and leverage digital banking platforms for long-term growth.

Speaking to journalists, Osita Ede, Divisional Head of Product Development at Fidelity Bank, emphasised the bank’s commitment to listening to its customers. “They asked for more opportunities to benefit from the promo, and we listened. With management and regulatory consent, we’re thrilled to keep the excitement going for another three months,” Ede said.

GAIM 6 vs. Other Savings Promos: What Sets It Apart

While several Nigerian banks run savings promotions, GAIM 6 distinguishes itself through its scale, inclusivity, and strategic design.

The campaign targets a wide demographic, including NYSC corps members, women, children, and market clusters—segments often excluded from formal banking. Winners are selected through electronic draws supervised by the Federal Competition and Consumer Protection Commission (FCCPC), ensuring transparency and fairness.

Unlike promos that focus solely on high-value deposits, GAIM 6 allows participation with deposits as low as ₦2,000. This democratises access and encourages participation from low-income earners. Moreover, the campaign integrates financial advisory support through the Fidelity SME Hub, helping winners make informed decisions about their rewards.

How GAIM 6 Works

GAIM 6 is designed to be simple, accessible, and rewarding. Customers can participate by opening a Fidelity Savings Account via the bank’s mobile app, website, USSD (77001#), or at any branch. Each ₦5,000 deposit earns an entry ticket into the monthly and grand draws.

The final draw will award ₦2 million to the second runner-up, ₦5 million to the first runner-up, and ₦10 million to the grand prize winner.

The campaign also includes targeted draws aligned with national events such as Workers’ Day, Children’s Day, and Independence Day. These draws are complemented by regional activations, campus storms, and market outreach programs that drive engagement and account openings.

A Millionaire Christmas: Transforming Lives Through GAIM 6

With over ₦47 million still available in upcoming draws – ₦30 million in monthly draws and ₦17 million in the grand draw, Fidelity Bank is poised to create a wave of new millionaires just in time for the festive season. In the 7th and 8th monthly draws alone, 20 customers received ₦1 million each.

These life-changing rewards not only boost individual financial security but also stimulate local economies through increased spending and investment.

“We are delighted to welcome our newest beneficiaries and commend their loyalty. A million Naira is a life-changing amount, and we encourage them to make the most of it,” Ede noted.

The bank’s financial advisory services at the SME Hub further enhance the impact of these rewards, guiding recipients on how to grow their winnings through smart investments and business development.

A Strategic Win for Fidelity Bank and Nigeria

The extension of GAIM 6 is a testament to Fidelity Bank’s responsiveness, innovation, and commitment to customer-centric banking. By aligning the promo with national economic goals and global observances like World Savings Day, the bank reinforces its role as a catalyst for financial empowerment.

As the campaign enters its final phase, Nigerians have a unique opportunity to save, win, and transform their financial futures by simply inculcating a healthy savings habit.

Sterling Financial Holdings Company Plc has announced its unaudited financial results for the nine-month-period ended September 30, 2025, posting an impressive 127% year-on-year growth in Profit After Tax (PAT) to ₦62.3 billion. The performance is testament to the Group’s robust earnings capacity, operational efficiency, and disciplined execution.

The Group’s gross earnings rose by 44.1% to ₦341.7 billion (September 2024: ₦237.2 billion), driven by solid performances in both interest and non-interest income lines. Interest income grew by 38.7% to ₦262.4 billion, supported by an expanded earning asset base, while non-interest income surged by 65.1% to ₦79.2 billion, reflecting the Group’s continued success in diversifying its revenue streams.

Sterling HoldCo maintained a healthy balance sheet, with total assets rising by 15.5% from ₦3.54 trillion in December 2024 to ₦4.09 trillion in September 2025, driven by growth in loans, investment securities, and liquid assets.

Customer deposits also grew by 14.3% to ₦2.88 trillion, while shareholders’ funds increased by 32.9% to ₦405.5 billion, up from ₦305.2 billion in December 2024, highlighting the Group’s solid capital

base and its capacity to sustain future expansion.

Commenting on the results, Yemi Odubiyi, Group Chief Executive, Sterling Financial Holdings Company Plc, said: “Our performance over the first nine months of 2025 demonstrates the strength and adaptability of our Group structure.

The significant growth in profit after tax underscores the success of our strategy to operate as a diversified financial services Group delivering value through both our conventional, non-interest banking, and asset management subsidiaries.

Our results highlight disciplined risk management, innovative product delivery, and an unrelenting focus on sectors that drive real economic impact. We are equally grateful to our shareholders and the investing public for their confidence in the Group, as reflected in the resounding success of our recently concluded public offer of 12.58 billion ordinary shares. As we continue to invest in technology and operational excellence, our goal remains clear: to build a resilient institution that consistently delivers sustainable returns.”

With deepening synergies across its subsidiaries, Sterling HoldCo remains firmly on course to sustain its growth momentum through the final quarter of the year.

The Group is strategically positioned to scale its presence across Nigeria’s high impact sectors, advance financial inclusion, and power innovation that drives real-sector growth. Guided by its heritage of trust and a commitment to excellence, Sterling HoldCo continues to champion sustainable finance and technology-driven solutions shaping the future of African financial services.

About Sterling Financial Holdings Company

Sterling Financial Holdings Company Plc is a leading Nigerian financial services group committed to enriching lives through innovation and impact with a diversified portfolio that includes Sterling Bank Limited, The Alternative Bank Limited, SterlingFI Wealth Management among others.

As a HoldCo, Sterling provides strategic direction, governance, and resources across its subsidiaries, enabling each to focus on its core mandate while benefiting from group wide expertise, technology, and oversight.

With a heritage of trust built over six decades, Sterling HoldCo is committed to financial innovation, advancing inclusion, and shaping sustainable growth in Nigeria’s economy.

The Group champions customer-focused solutions and socially responsible initiatives while creating value for shareholders, employees, and the communities it serves. The Group continues to pioneer offerings across its core businesses in banking, payments, and technology-driven financial services.

Following its recently released half-year financials, Africa’s Global Bank – United Bank for Africa (UBA) Plc, has announced its audited results for the third quarter ended September 30, 2025, where it recorded strong and impressive growth across all its key indicators.

As in the first two quarters of the current fiscal year, the bank’s gross earnings grew by 3.0 per cent to N2.469 trillion up from N2.398 trillion recorded in September last year, while its net Interest income which stood at N1.103 trillion at the end of the third quarter in 2024, rose by 6.2 per cent to N1.172 trillion in the period under consideration.

The bank’s financial report filed with the Nigerian Exchange Limited on Thursday also indicated a slight drop by 4.1 per cent in Profit before Tax (PBT) to N578.59 billion compared to N603.48 recorded at the end of the third quarter of 2024, while profit after tax rose by 2.3 per cent from N525.31 billion recorded a year earlier to N537.53 billion at the end of September 2025.

As in the preceding two quarters this year, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N32.492 trillion, representing a 7.2 per cent increase over the N30.323 trillion recorded at the end of December 2024, just as total deposits rose by 7.7 per cent from N24.651 trillion at the end of last year to N26.54 trillion in September 2025.

UBA shareholders’ funds remained very strong at N4.301 trillion rising by 25.8 per cent from N3.418 trillion recorded in December 2024 again reflecting a strong capacity for internal capital generation and growth.

Commenting on the result, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, said the bank continues to demonstrate the strength, resilience, and diversification of its business in a dynamic operating environment.

“We delivered solid performance supported by prudent balance sheet management, innovation, and a well-diversified earnings base across all our markets,” he stated.

According to him, with profit After tax rising to N538 billion, from N525 billion, the bank continues to reflect consistent earnings momentum and its commitment to sustainable growth, with strength in Nigeria, African network and global presence amidst persistent macroeconomic headwinds.

Updating shareholders and investors on its recent recapitalisation efforts, the GMD said, “I am pleased to report that we have made significant progress on our capital raising, as part of the mandated industry wide recapitalization exercise with the successful completion of the final phase II of the Rights Issue. This has strengthened our capital base and will support the continued, prudent expansion of our operations across our markets.”

Alawuba emphasised UBA’s unwavering focus on disciplined execution and strategic growth, ensuring the delivery of sustainable returns and long-term value to all shareholders.

UBA’s Executive Director, Finance & Risk, Ugo Nwaghodoh, who also spoke on the result, pointed out that the Group delivered steady growth in earnings, with gross earnings rising to N2.47 trillion, driven by a 10.1% increase in interest income and a 6.2% uplift in net interest income.

He noted that total assets grew by 7% to N32.5 trillion, supported by focused deposit mobilisation and increased investment in earning assets.

“Shareholders’ funds expanded by 26% to N4.3 trillion, underscoring the continued confidence of investors in the Group’s strategy, while capital adequacy and liquidity ratios remain well above regulatory thresholds and provide significant buffers to support continued growth,” he explained.

Speaking on the bank’s efforts to consolidate its performance for the rest of the 2025 financial year and beyond, Nwaghodoh said, “We remain focused on sustaining profitability, expanding our digital income streams, and delivering long-term value to our shareholders.”

About UBA

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally.

Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

Access Holdings Plc has announced its nine-month ended September 30, 2025 (Q3 2025) results, recording gross earnings of ₦3.9trillion, which represented a rise by 14.1% year-on-year over ₦3.4trillion as at Q3 2024.

This performance was driven by sustained growth in both interest and fees and commission, reflecting the strength of the Group’s diversified earnings base and improved performance from core operations across its banking and non-banking businesses.

Maintaining the same momentum, gross earnings rose by 56.2% quarter-on-quarter from ₦2.5trillion as at Half Year (H1) 2025.

Interest income rose by 21.1% year-on-year to ₦2.9 trillion in Q3 2025, compared to ₦2.4 trillion in Q3 2024. Net interest income also increased by 48.9% to ₦1.3 trillion from ₦845 billion in the same period. This performance was driven by loan book expansion, reflecting our disciplined risk management approach and a strategic focus towards higher-yielding, quality assets to strengthen portfolio returns.

On a quarter-on-quarter basis, interest income and net interest income grew by 42.1% and 27.8%, respectively, from ₦2.0 trillion and ₦984 billion in H1 2025.

There was 44.3% growth in net fee and commission to N476billion in Q3 2025 from N330billion in Q3 2024, reflecting higher transaction volumes and increased customer activity across digital and payment channels across both periods.

On a quarter-on-quarter basis, net fee and commission income also increased by 100.8% from N237billion in H1 2025.

While total non-interest income declined marginally by 8.1% to ₦872 billion in Q3 2025 from ₦984trillion in Q3 2024, the Group’s growth momentum from core operations continues to support overall earnings trajectory.

Operating income rose 18.8% to ₦2.13 trillion in Q3 2025 from ₦1.8trillion in Q3 2024.

Impairment on loans increased by 141.5% to N350billion as of Q3 2025 from N145billion in Q3 2024.

Operating expenses increased marginally by 6.7% in Q3 2025 to N1.2trillion from N1.1trillion in Q3 2024. The cost-to-income ratio (CIR) improved to 54.6% in Q3 2025 from 60.8% as at Q3 2024, as revenue growth outpaced operating expenses. We expect cost-to-income ratio to stay moderated from ongoing efficiency initiatives, cost optimization measures, and stronger revenue across the Group.

Profit before tax (PBT) increased by 10.4% to N616billion in Q3 2025 from N558billion in Q3 2024. Profit after tax moderated to N447billion in Q3 2025 from N458billion in Q3 2024.

Compared to H1 2025 performance, profitability demonstrated resilience, as profit before tax (PBT) increased by 91.9% from N321billion in H1 2025 YTD to N616billion in Q3 2025. Profit after tax (PAT) also showed improvement in the period with a 107.9% increase to N447billion in Q3 2025 from N215 billion as at H1 2025 YTD.

The Group’s balance sheet increased with total assets growing by 25.8% to N52.0trillion in Q3 2025 from N41.5trillion in FY 2024. The growth in balance sheet was supported by customer deposits, which grew by 47.0% to N33.1trillion in Q3 2025 from N22.5trillion in FY 2024.

Loans and advances increased by 19.7% to N15.6trillion in Q3 2025 from N13.0trillion in Q3 2024. The Group is positioned to unlock revenue synergies, enhance cross-border collaboration, and drive sustainable earnings growth.

The Group’s strong performance was largely driven by its non-Nigerian subsidiaries, which together contributed over 50% of consolidated results.

These subsidiaries continued to deliver strong growth across key metrics, reflecting the benefits of diversification and deepening franchise strength across our African markets.

In comparison, the Nigerian operations experienced under-performance during the period, attributable to changing macroeconomic conditions, inflationary pressures, and continued regulatory adjustments. Despite these headwinds, the Group’s diversified structure continued to provide stability and resilience.

The return on average equity (ROAE) stood at 15.4% in Q3 2025, down from 22.2% in Q3 2024, while return on average assets (ROAA) also moderated to 1.3% in Q3 2025 from 1.8% in Q3 2024. The cost-to-income ratio (CIR) improved to 54.6% in Q3 2025 from 60.8% as at Q3 2024.

Looking ahead, Access Holdings will continue to strengthen our franchise across all our markets and businesses, deepen operational resilience, and create sustainable value for all our stakeholders.