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If you are a Nigerian business, small or big, or customer of a bank seeking credit, you are more likely to get it from First HoldCo and Zenith Bank as opposed to Guaranty Trust Holding Company (GTCO).
The two banks, First HoldCo and Zenith Bank, have the highest Loan-to-Assets Ratio, among the five tier-one Nigerian banks as at the nine-months period to September 2025, according to analysis done by MoneyCentral.
GTCO came in the lowest, showing a conservative lending approach, that parks more funds in investment securities than it gives out as loans to customers.
The Loan-to-Assets Ratio measures total loans to customers as a percentage of a bank’s total assets. This ratio indicates how much of the bank’s assets are tied up in loans extended to customers as opposed to other assets like cash or investment securities.
A higher ratio implies a bank is more focused on lending, which is the core of banking.
First HoldCo Plc had the highest Loan-to-Assets Ratio as at 9M, 2025 at 36%. It means 36% of its total assets were extended as loans to customers. First HoldCo had total assets of N26.39 trillion in the period, and total loans to customers of N9.55 trillion.
Assets held as investment securities were equivalent to N6.35 trillion, showing more appetite for lending by First HoldCo, as opposed to just buying government bonds and pocketing risk-free returns.
First HoldCo booked a Profit after Tax (PAT) of N450.86 billion in the period.
Zenith Bank’s Loan-to-Assets Ratio was equivalent to 30% in the period with total assets of N31.17 trillion and total loans to customers of N9.37 trillion. Zenith Bank’s holding of investment securities (N4.85 trillion) and Treasury Bills (N4.19 trillion) in the period amounted to N9.05 trillion, middle of the range among the five tier-one banks.
Interestingly Zenith Bank was still able to generate Profit after Tax (PAT) of N764.2 billion in the period, which was the highest among the five banks, showing that banks can still extend loans to customers and be profitable.
Access Holdings came in third with a Loan-to-Assets Ratio of 24.60%. Access had the highest Total Assets of N52.19 trillion for the period, with loans to customers of N12.89 trillion.
However, it held more government bonds on its books than loans with N15.25 trillion of investment securities.
Access Holdings PAT was N447.54 billion for the period.
United Bank for Africa (UBA) had a Loan-to-Assets Ratio of 22% as of the 9 Months, 2025 financial period. Total Assets were N32.49 trillion for the period, while loans to customers totaled N7.19 trillion, and investment securities were also greater than loans at N13.59 trillion.
UBA recorded Profit after Tax (PAT) of N537.52 billion in the period.
Guaranty Trust Holding Company (GTCO) was the least disposed to sweating its balance sheet on providing loans to customers.
The bank, which had the smallest total assets among the group at N16.65 trillion, booked loans of N3.24 trillion for the period, equivalent to a Loan-to-Assets Ratio of 19.45%, the lowest of the tier-one banks, and an indication of a more conservative lending approach.
GTCO’s holdings of investment securities of N4.9 trillion was however higher than the value of loans it extended to customers.
GTCO Profit after Tax (PAT) of N699.64 billion was the second highest among the group, showing its ability to generate income from government securities at the expense of loans.
GTCO holdings of government Treasury bills alone at fair value and amortised cost was equivalent to N4.11 trillion as at 9M, 2025.
The loan-to-assets ratio is a key indicator of how much of a bank’s resources are deployed into its core activity, loans and credit creation, which are a vital source of economic growth.
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