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Four of the five FUGAZ banks operating licensed banking subsidiaries in the United Kingdom (Access, GTCO, Zenith, and UBA) posted approximately N399.2 billion combined pre-tax profit from those UK operations for the year ended 31 December 2025.

This is according to the full-year 2025 audited financial statements of Nigeria’s tier-one banks, collectively known as FUGAZ, which were filed with the Nigerian Exchange (NGX) Limited.

Extracts of subsidiary condensed results disclosed in the parent group annual reports represent a net improvement on the 2024 aggregate suggesting growing strategic importance of the UK corridor for Nigeria’s largest banks.

The standout performer was The Access Bank UK Limited, which posted a pre-tax profit of N288.6 billion, the highest among FUGAZ UK subsidiary and equivalent to more than 72% of the entire FUGAZ group’s combined UK pre-tax profit.

Access UK performance was up approximately 11.4% from N259.1 billion in 2024, cementing the UK entity as one of Access Holdings’ most productive international assets.

Zenith Bank (UK) Limited also delivered growth, with PBT rising 17.6% to N98.9 billion from N84.1 billion the prior year, reinforcing its status as the second-largest FUGAZ earner in the UK market.

Guaranty Trust Bank (UK) Limited saw its pre-tax profit contract by about 18.3%, from N21.9 billion in 2024 to N17.9 billion in 2025, while UBA UK Limited swung to pre-tax loss of N6.2 billion from a profit of N19.3 billion the prior year.

A look at the individual pre-tax and post-tax profit performances of the four FUGAZ banks with disclosed UK subsidiary results in 2025 paints a picture of widening divergence within a segment that was broadly profitable just a year ago.

Beyond the headline profit numbers, the balance sheet trends across the UK subsidiaries add important context to how each institution is navigating the UK market.

The slight asset appreciation with the pretax loss is consistent with the broader group’s 2025 headwinds: a N140.6 billion net FX loss, a 54% increase in impairment charges, and a 70.8% surge in operating expenses that together drove group PBT down 47% on the year.

The UK subsidiary performances are best understood against the backdrop of how each parent banking group fared in its full-year 2025 results.

UBA’s diversified pan-African structure, with operations across 24 markets, continued to provide geographic breadth, though it was insufficient to offset the scale of the macro headwinds in 2025.