Nigerian Banks Double Kenya Deposits Despite Profit Struggles

Three Nigerian banks' Kenyan subsidiaries have more than doubled deposits since 2021, showing aggressive expansion but revealing mixed profitability results. GTCO Kenya led with ₦226.4 billion deposits in 2025 (up 164% from ₦85.6B in 2021), while UBA Kenya reached ₦180.3B (up 334%) and Access Bank Kenya hit ₦137B (up 300%). Despite this growth, only GTCO has consistently been profitable throughout the period, reporting ₦3.47B profit in 2025. UBA recently turned profitable with ₦5.03B in 2025 after years of losses, while Access continues struggling with ₦12.2B loss in 2025—its third consecutive year in the red. The deposits-versus-profit gap stems from lending challenges: GTCO loans fell 52% despite deposit growth, while Access has struggled to convert balance expansion into earnings. Zenith Bank joined the fray in April 2026 with its acquisition of Paramount Bank Kenya, injecting fresh competition into the East African banking market.

SOURCE: https://techcabal.com/2026/06/08/nigerian-banks-found-growth-in-kenya-now-they-need-profits/