FirstHoldCo Plc, First City Monument Bank (FCMB) Group Plc, and Wema Bank Plc recorded improvements across all key profitability and efficiency metrics, positioning them as the most attractive Nigerian lenders to investors as they continue delivering returns to shareholders, while peers including Zenith Bank and GTCO posted deteriorating performance.
Net Interest Margin comparison (March 2026 vs. March 2025)
| Bank | Mar 2026 | Mar 2025 | Change |
|---|---|---|---|
| Wema Bank | 12.00% | 4.98% | +7.02% |
| FCMB Group | 10.70% | 7.50% | +3.20% |
| FirstHoldCo | 10.10% | 7.50% | +2.60% |
| UBA | 7.30% | 9.15% | -1.85% |
| GTCO | 9.60% | 14.50% | -7.60% |
| Fidelity Bank | 8.50% | 11.80% | -3.30% |
| Stanbic IBTC | 3.28% | 4.30% | -1.02% |
| Access Bank | 3.60% | 3.90% | -0.30% |
An improvement in lending profitability means these lenders are wisely investing their assets, earning more money in interest on loans compared to the amount paid in interest on deposits.
Cost-to-Income Ratio (CIR) comparison
FirstHoldCo, FCMB and Wema have spent less in generating a unit of revenue, indicating more efficient and profitable banks. A lower CIR signals operational efficiency, while banks whose operating expenses consume a larger portion of revenue show operational inefficiencies.
| Bank | Mar 2026 | Mar 2025 | Change |
|---|---|---|---|
| Wema Bank | 38.72% | 37.28% | +1.44% |
| FirstHoldCo | 31.60% | 24.70% | +6.90% |
| FCMB Group | 30.90% | 18.20% | +12.70% |
| Stanbic IBTC | 36.80% | 44.40% | -7.60% |
| Fidelity Bank | 24.10% | 36.70% | -12.60% |
| GTCO | 24.80% | 36.30% | -11.50% |
| Zenith Bank | 24.90% | 40.00% | -15.10% |
Outlook
The divergence in performance across Nigeria’s banking sector highlights a clear split between banks executing disciplined asset-liability management and those facing operational challenges. FirstHoldCo’s 10.10% NIM, up from 7.50%, combined with its 45.20% CIR—down 7.10 percentage points—demonstrates the company’s ability to expand lending margins while cutting operating costs.
Wema Bank’s standout 12% NIM, nearly doubling from 4.98% year-on-year, reflects aggressive pricing discipline and strong loan demand. The bank’s 38.72% ROAE, the highest among the three top performers, signals exceptional returns on shareholder equity.
FCMB’s 16.10 percentage-point CIR improvement from 62.80% to 46.70% represents one of the most dramatic cost-efficiency transformations in the sector. The bank’s ROAE surge to 30.90% from 18.20% confirms management’s ability to translate cost savings into profitability.
The deterioration at peers is stark. Zenith Bank’s CIR jumped to 24.90% from 10.30%, its ROAE fell to 24.90% from 40%, and its NIM performance remains likely pressured. GTCO’s NIM collapsed 7.60 percentage points to 6.90% from 14.50%, while ROAE dropped to 24.80% from 36.30%.
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