- Access Bank, Zenith Bank, First Bank, and seven other commercial banks have emerged as Nigeria’s biggest banks by assets.
- In the first six months of 2023, these banks increased their asset base to N90.4 trillion.
- The amount is about a 34% increase from the N67 trillion recorded in the same period of 2023
Nigeria houses some of the biggest banks in Africa and boasts a robust financial services sector in Africa.
These banks employ a mix of traditional and innovative banking practices to adapt to the dynamic financial environment in the country.
Credit: @nairarates
Source: Getty Images
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Top banks in Nigeria increase assets by N90.4 billion
The banks extend their services across the African continent and have expanded their services across Africa and beyond.
They use a combination of strategic acquisitions and mergers to extend their profit margins in Africa and beyond.
A select group of commercial banks in Nigeria boasting huge assets have positioned themselves as top leaders in the financial services industry.
In the first half of 2023, the banks showed impressive resilience by expanding their assets amid the volatile economic environment.
BusinessInsider reports that Nigeria’s nine largest banks recorded a total asset of N90.4 trillion, a 35% increase from the N67 trillion recorded at the end of 2022.
Access Bank and Zenith Bank lead top banks by asset base in H1 2023
The banks are led by Access Bank, with about N20.8 billion in total assets in the first half of 2023.
Zenith follows with N16 billion, First Bank with N14.1 billion, and UBA with N15.3 billion in the same period.
Others are Guaranty Trust Bank, with N8.5 billion; Fidelity Bank, with N5 billion; Stanbic IBTC, with N4.4 billion; FCMB, with N3.7 billion; and Sterling Bank, with N2.2 billion.
CBN debits banks N1.62 trillion over CRR in six months
Recall that the Central Bank of Nigeria recently debited these banks for failing to meet their required 32.5% Cash Reserve Ratio.
CBN debited the banks about N1.62 trillion in the first half of this year for failing to meet the required CRR threshold set by the apex bank.
Additionally, these banks are among the top banks facing substantial liquidity issues and have increased their borrowings from the CBN.
Legit.ng reported that in 22 days in September 2023, these banks borrowed about N3.03 trillion from the financial institution’s regulator as non-performing loans skyrocketed.
Currency in circulation surpasses N2 trillion as new CBN Governor assumes duty, faces N1k per dollar.
Legit.ng reported that currency in circulation in Nigeria spiked by N1.7 trillion following increased cash transactions.
Data from the Central Bank of Nigeria as of Thursday, September 21, 2023, shows that the currency in circulation hit about N2.7 trillion as of the end of August 2023.
In February 2023, the country had a mere N982.1 billion as currency in circulation following the naira redesign policy of the CBN.
Source: Legit.ng
