See the list of top 10 largest banks in Nigeria by customer deposit

2 weeks ago 1

Nigerian commercial banks have recorded an increase in customer deposits so far in 2024 despite the economic situation
United Bank for Africa leads the list, followed by Access Holdings, the parent company of Access Bank
The CBN has consistently assured Nigerians that Nigerian banks are safe and funds in customers' accounts are fully secured

Total customer deposits in 10 commercial banks in Nigeria listed on the Nigerian exchange have increased to N108.50 trillion at the end of September 2024.

This is N35.03 trillion, or 47.67% increase, from N73.47 trillion reported in September 2023.

The figures are captured in the third quarter report of the financial institutions submitted in the NGX.

The banks analysed are United Bank for Africa (UBA), Access Holdings, Zenith Bank, FBN Holdings, Guaranty Trust Holding Company (GTCO), Fidelity Bank, Stanbic IBTC Holdings, Sterling Financial Holdings Company, Wema Bank, and Jaiz Bank.

Why is a bank deposit important?

Customer deposits are among the most competitive assets in the banking sector, as they serve as the primary source for issuing loans and funding other investments.

The funds are the primary funding source for most banks and, as a result, significantly affect a bank's liquidity.

10 banks with the highest customers' deposit

Here is the breakdown of customers' deposits in the 10 banks.

United Bank for Africa (UBA)

Checks by Legit.ng show that UBA reported the highest value of deposits from customers in the nine-month period of 2024, with N22.97 trillion.

The amount is 54.24% or N8.08 trillion increase when compared to N14.89 trillion in September 2023.

Access Holdings

Access Holdings Plc followed behind as its customer deposits grew by 45.41% from N15.32 trillion in 2023 to N22.28 trillion as of the end of September 2024.

Zenith Bank

Zenith Bank ranks third in its customer deposits, which increased by 42.20% or N6.40 trillion to N21.57 trillion.

The amount is an improvement from N13.38 trillion reported at the end of September 2023.

FBN Holdings

Customer deposits reported by FBN Holdings hit N16.72 trillion in September 2024. A 56.84% increase of N6.06 trillion when compared to N10.66 was reported in December 2023.

Guaranty Trust Holding Company (GTCO)

GTCO’s customer deposits grew by 44.14% to N10.68 trillion in the nine-month period of 2024. This is a N3.27 trillion increase compared to the N7.41 trillion reported as at September 2023.