Ecobank, Zenith, Wema, and 6 Other Nigerian Banks Shine as Customers' Deposits Rise by 21.43% in 2022
- Nigerian banks recorded an increase in the number of customer deposits in 2022
- Ecobank reported the highest deposits, followed by Zenith and United Bank for Africa
- Customer deposits remain one of the most competitive items in the banking sector
Nine banks listed on the Nigerian Stock Exchange reported increased customer deposits in 2022.
According to banks' unaudited financial records obtained by Legit.ng, customers' deposits increased by 21.43% to N37.63 trillion in 2022 from N27.26 trillion in the previous year.
Source: Getty Images
The banks are Fidelity Bank, Ecobank, First City Monument Bank, First Bank of Nigeria, Unity Bank, United Bank for Africa (UBA), Zenith Bank, Stanbic IBTC, Jaiz Bank, and Wema Bank.
Access Bank has not yet released its figures, including Guaranty Trust Bank and a few others.
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Here is a breakdown of customers' deposits by banks
Banks | Customers deposit 2022 | Customers deposit 2021 |
Ecobank | N9.597 trn | N8.361 trn |
Zenith | N8.976 trn | N6.472 trn |
UBA | N7.825 trn | N6.369 trn |
Fidelity | N2.592 trn | N2.025 trn |
FCMB | N1.945 trn | N1.554 trn |
Stanbic | N1.245 trn | N1.245 trn |
Wema | N1.166 trn | N927.471 bn |
Unity | N327.430bn | N322.285 bn |
Jaiz | N140.815 bn | N111.559 bn |
CBN moves to close bank accounts
In an earlier report, Legit.ng revealed that the Central Bank of Nigeria plans to close inactive bank accounts of tier-one customers across 24 commercial banks in Nigeria.
Data shows that there are 191.4 million bank accounts in Nigeria, out of which 133.5 million were active as of December 2021.
The figures are expected to have increased significantly, given the CBN's naira redesign policy and drive for a cashless economy.
List of Nigeria's most valuable banks after Q1, 2023
In another report, the Nigerian banks with the highest market capitalisation for the first quarter of 2023 have been unveiled.
Zenith Bank and GT Bank retained their positions as the most highly valued commercial banks in the Nigerian market, which they held at the beginning of the year.
However, First Bank experienced a decrease in its market value during the same period.
Source: Legit.ng
