Greenwich eyes retail banking as profit surges 71.3%

Greenwich Holdings Limited is set to enter the retail commercial banking sector, buoyed by a significant 71.3% increase in net profit for the 2025 financial year. The financial services group unveiled its expansion strategy during its Annual General Meeting in Lagos, where shareholders lauded the board for strong returns.

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The holding company structure has significantly enhanced our corporate governance, improved capital allocation, and positioned the group to unlock new growth opportunities across our key subsidiaries.

The company's audited financials reveal a substantial rise in gross earnings, which climbed 131.9% to N64.23 billion from the previous period. Profit before tax saw a 71% increase, reaching N19.29 billion, while profit after tax grew to N13.89 billion, up from N8.11 billion in 2024. The group's financial standing also improved, with total assets expanding by 69% to N309.12 billion and customer deposits increasing by 80.5% to N173.84 billion.

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Despite prevailing inflationary pressures, the company maintained strict cost discipline while continuing to invest heavily in technology, branch expansion, and service delivery improvements.

Kayode Falowo, Chairman of Greenwich Holdings, attributed the company's growth to stringent risk management and structural changes. He highlighted that the holding company structure has enhanced corporate governance and capital allocation, creating new opportunities. "Despite prevailing inflationary pressures, the company maintained strict cost discipline while continuing to invest heavily in technology, branch expansion, and service delivery improvements," Falowo stated. He also noted that Greenwich Merchant Bank maintained a zero non-performing loan ratio.

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Notably, Greenwich Merchant Bank achieved a zero non-performing loan ratio during the year, underscoring the top-tier quality of our loan portfolio.

Further details revealed that Greenwich Merchant Bank has received an Approval-in-Principle from the Central Bank of Nigeria to transition into a regional commercial bank and is currently completing the licensing process. Samson Ariyibi, Group Managing Director, emphasized the group's commitment to strengthening its capital base and expanding its retail financial services. "The group is completely dedicated to strengthening its capital base, expanding its presence in retail financial services, and advancing its digital transformation agenda," Ariyibi said, identifying capital strengthening and subsidiary expansion as top priorities for the next two years.

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The group is completely dedicated to strengthening its capital base, expanding its presence in retail financial services, and advancing its digital transformation agenda while strategically positioning itself for sustained growth across its core business lines.