Nigeria’s Best-Performing Banks in 2022, as They Haul in N501 Billion in Profit

Nigeria’s Best-Performing Banks in 2022, as They Haul in N501 Billion in Profit

  • Nigerian banks had some fantastic periods in the first half of this year, posting impressive records
  • Available statistics say that some banks led in customer deposits, loan ratio and asset base
  • The performances of the banks came despite fear of economic recession and surging energy costs

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The bank landscape in Nigeria continues its excellent performance into the first half of 2022, according to the banks’ records last year.

According to reports, 13 banks trading on the floor of the Nigerian Stock Exchange made a net profit of N1trillion in 2021 from 887.1 billion recorded in 2020.

Best banks, First Bank, Unity Bank, Wema Bank
Managing directors of Zenith, FCMB and WEMA Bank
Source: Getty Images

13 banks kept Nigerian burse busy

In the first six months of this year, the 13 banks posted a net profit of N501.1 billion, representing an increase of 13.1 per cent compared to N443.17 billion recorded in 2021.

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The banks grew their profit despite the uncertain global economy as the energy crisis skyrocketed and activated a surge in the cost of operations.

While some banks were forced to ration operating hours, others stayed afloat.

Best banks by total assets

The 13 banks grew their total assets by 8.1 per cent from N58.83 trillion recorded as of December 2021 to N63.59 trillion as of the end of June 2022, indicating a net loan of N4.76 trillion in six months.

Access, Zenith and First Bank recorded the most significant asset value during the period under review.

The position is, however, different for other banks in terms of growth rate.

The banks that grew in assets are.

  • Stanbic IBTC: +14.8 per cent
  • Wema Bank: +13 per cent
  • Access Bank: +12.5 per cent
  • Fidelity Bank: +12.3 per cent
  • Jaiz Bank: +12.1 per cent

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Stanbic IBTC was the leading bank among those which grew their assets in the first half of the year by 14.8% to stand at N3.15 trillion from N2.74 trillion recorded as of the beginning of the year. Wema and Access Bank followed in that order with 13 per cent and 12.5 per cent asset growth, respectively.

Leading banks by customer deposits

Customers’ deposits in the 13 banks grew by 9 per cent in the first half of this year to stand at N41.61 trillion from N38.17 trillion recorded as of December 2021.

Access, Zenith, and UBA recorded the highest customer deposits as of June 2022.

Top banks by customer deposits

  • Wema Bank: +30.2 per cent
  • Fidelity Bank: +13.1 per cent
  • Unity Bank: +12.8 per cent
  • Access Bank: +12.7 per cent
  • Zenith Bank: +10.5 per cent

Wema Bank led the list of banks with the highest customer deposit growth of 30.2 per cent, while Fidelity and Unity banks followed with 13.1 per cent and 12.8 per cent, respectively.

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Leading Banks by loan book

According to the loan books of the 12 banks examined, customer loans grew by 8.7 per cent to stand at N22.53 trillion in June 2022 from N20.73 trillion recorded as of January this year.

As of the period under review, Access Bank witnessed the highest customer loans at N4.62 trillion, followed by Zenith Bank and First Bank with N3.49 trillion and N3.38 trillion, respectively.

  • Unity Bank: +23 per cent
  • Wema Bank: +19.9 per cent
  • First Bank: +17.3 per cent
  • Stanbic IBTC Bank: +15.4 per cent
  • Fidelity Bank: +15.3 per cent

Unity Bank led with a growth of 23 per cent in customer loans to stand at N303.63 billion from N246.9 billion recorded as of the beginning of the year. Wema Bank and First Bank followed with 19.9 per cent and 17.3 per cent, respectively.

Leading banks by profit after tax (PAT)

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  • FCMB: +80.8 per cent
  • Wema Bank: +48.7%
  • First Bank: +48.6 per cent
  • Sterling Bank: +40.8 per cent
  • Stanbic IBTC: +36 per cent

FCMB crowned the list of banks with the highest profit growth in the period under review.

Africa’s 10 biggest banks by asset base, Nigerian banks missing

Recall that reported that despite their claim of continental spread, Nigerian banks have missed out on the latest list of the 10 biggest banks in Africa.

Banks in Africa’s biggest economy have been aggressive in their push for a continental expansion in recent years but have not been able to catch up with their counterparts elsewhere as they have been dwarfed by assets of much larger banks in Africa.

United Bank for Africa (UBA) has a presence in 20 countries and is regarded as one of the fastest-growing banks on the continent.


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