Access, Zenith Are the leading Commercial Banks in Nigeria by Total Assets in 2022
- The list of Nigerian top commercial banks has been revealed, with Access Bank and Zenith bank leading
- The Nigerian banking sector is among the few sectors of the economy that witnessed growth in 2022
- A breakdown shows the 13 banks surveyed combined asset growth of 8.1% in the first six months of the year
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Nigerian banks have emerged stronger in the face of economic uncertainty, increasing their asset base by over N4.76 trillion in the first six months of 2022.'
Data obtained from the Nigerian Exchange showed that 13 banks increased the value of their assets at the end of June 2022 by 8.1% to N63.59 trillion, up from N58.83 trillion at the start of the year.
Access Bank, Zenith, and FBN Holdings retained their positions as the top three commercial banks based on asset base.
What are bank assets?
Bank assets refer to the things owned by a bank that helps to bring value, which is generally more specific to money-related assets and interest.
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Bank assets can range from investments to physical assets to loans to customers.
Breakdown of banks assets
Nairametrics reports that Access Holdings Plc tops the list with a total asset value of N13.19 trillion as of June 202.
This is followed by Zenith Bank, with a reported total asset value of N10.12 trillion, while FBN Holdings posted a total asset valuation of N9.53 trillion.
United Bank for Africa and Guaranty Trust Holding Company Plc (GTCO) ranks fourth and fifth on the list with a total value asset of N8.99 trillion and N5.69 trillion.
Others in the top 10
- Fidelity Bank – N3.69 trillion
- Stanbic IBTC – N3.15 trillion
- FCMB – N2.65 trillion
- Union Bank – N2.54 trillion
- Sterling Bank – N1.81 trillion
Nigeria’s digital-only Bank, Kuda, lays off 23 staff as cost skyrocket
Legit.ng reported that Nigeria’s first digital-only bank, Kuda bank, has become one of the lasted startup and tech firms to lay off staff.
TechCrunch reported that the news was confirmed in an email by the company after a source tipped it off about the sack.
The company said it laid off less than 5 per cent of its 450 workforce, which is about 23 people.