- The figures are based on public information from the banks audited accounts published on the Nigerian exchange website
- Customer deposits remain one of the most competitive items in the banking sector since it is from this medium that loans are issued out and other investments are made
- The bank leading the charge is United Bank of Africa and accounts for at least 15% of the total share of customers deposits in banks
Total customer deposits in nine Nigerian banks climbed to N30.81 trillion at the end of the first quarter of this year, up from N29.73 trillion in December 2020, according to unaudited financial records.
United Bank for Africa Plc was the top bank in terms of customer deposits as of March 31, 2021, with deposits growing to N5.79 trillion from N5.68 trillion in December.
Access Bank Plc came in second, boosting client deposits to N5.68 trillion in March from N5.59 trillion at the end of last year, while Zenith Bank Plc increased deposits to N5.67 trillion from N5.34 trillion.
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FBN Holdings Plc, the holding company of First Bank of Nigeria Limited, had customer deposits of N5.09 trillion as of March 31, up from N4.89 trillion at the end of 2020.
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Customer deposits in Guaranty Trust Bank Plc increased to N3.60 trillion in March 2021 from N3.51 trillion in December 2020 while that of Fidelity Bank Plc rose to N1.75 trillion from N1.69 trillion.
FCMB Group Plc grew its customer deposits to N1.32 trillion from N1.26 trillion while deposits in Sterling Bank Plc increased to N1.04trillion from N950.84 billion.
Customer deposits in Stanbic IBTC Holdings Plc rose to N866.97 billion from N819.94 billion.
Union Bank of Nigeria Plc, Wema Bank Plc and Unity Bank Plc saw their customer deposits decline to N1.12trillion, N795.54 billion and N348.35 billion in March from N1.13 trillion, N804.87 billion and N356.62 billion respectively in December 2020.
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EFCC Tells Nigerian Banks to Query Their Customers’ Sources of Income
In a recent report, Nigerian banks have been urged to screen their potential customers to ensure that they are not recipients of slush funds.
EFCC boss, Abdulrasheed Bawa, tasked the banks to be more prudent and watchful when engaging new customers.
The financial institutions were also warned that where there are established cases of institutional complicity in the fraud, they will face the consequences