Largest Bank by Customer Deposit as Nigerians Keep over N37.63trn in 9 Commercial Banks

Largest Bank by Customer Deposit as Nigerians Keep over N37.63trn in 9 Commercial Banks

  • The list of Nigerian largest banks in Nigeria by customer based has been revealed led by Access Bank
  • Access Bank tops the list and accounts for at least 15% of the total share of customers deposits in banks
  • 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

Total customer deposits in nine Nigerian banks listed on the Nigerian exchange hit N37.63 trillion in 2021.

The figures are contained in their unaudited financial records submitted to the Nigerian exchange and captured by Legit.ng.

The banks are Access Bank, Fidelity Bank, FCMB Group, FBN Holdings, GTCO, Union Bank, United Bank for Africa (UBA), Zenith Bank, Stanbic IBTC, Sterling Bank, Fidelity, and First City Monument Bank.

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Nigerian biggest banks by customers deposits
Customer Deposit Commercial Banks Credit: asdt
Source: UGC

According to the table, Access Bank leads the highest number of deposits followed by Zenith and United Bank for Africa (UBA).

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Breakdown of customer deposits

For the largest banks based on customers' deposit

  1. Access Bank –N7.49 trillion.
  2. Zenith Bank- N7.25trn
  3. UBA – N6.65 trillion
  4. FBN Holdings –N6.13 trillion
  5. GTCO – N4.04 trillion

Others include

  • FCMB-N2.06 trillion
  • Stanbic IBTC– N1.2 trillion
  • Sterling Bank- N1.2 trillion
  • Fidelity-N1.57 trillion

In an earlier report, Legit.ng shows that he number of bank accounts in Nigeria is now 191.4 Million as at the end of December 2021.

This is a 66.6 m million increase from the total number of bank accounts at 118.1 million as at the end of December 2019.

Zenith Bank leads the pack as Nigeria’s most valuable bank, GTCo next

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Recall that Legit.ng has reported that Zenith Bank is Nigeria’s most capitalised bank listed on the equities market. It gained N32.97 billion in the month of February 2022 to close at N850.85 billion.

Data obtained from the Nigerian Exchange Group (NGX) show that the stock market enjoyed a bullish run in the month under review as the all-share index, the benchmark metrics used in determining the performance market, grew by 2.6 per cent to close the month at 47.395 index points.

The report shows the banking sector increased in the same trajectory as the NGX Banking Index went up by 3.2 per cent month-on-month to close at 453.53 points as of February 28, 2022.

Source: Legit.ng

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