As of 2023, Nigeria’s banking industry has witnessed significant growth and expansion. The top 10 biggest banks in the country have been ranked by their total assets, with some familiar names maintaining their positions at the top. These banks have continued to play a crucial role in driving the economy through their various products and services, making them integral players in Nigeria’s financial sector.
the banking industry has also experienced a shift towards digitalization, with many of these top banks investing in innovative technology to improve customer experience and increase efficiency. This trend is expected to continue in the coming years as more Nigerians embrace digital banking solutions. Overall, the future looks bright for Nigeria’s banking sector as it continues to evolve and adapt to changing market conditions.
10. Wema Bank – N5.3 trillion
9. Sterling Bank – N6.1 trillion
Sterling Bank Plc, a leading commercial bank in Nigeria, has reported a profit after tax of N19.3 billion for the year ended December 2022. This represents a 28.5% increase from the N15 billion reported in the previous year. The bank’s gross earnings for the period also increased by 16.6% to N175 billion, from N150 billion in 2021.
8. Union Bank: N7.9 trillion
Union Bank of Nigeria has been posting strong financial results in recent years, with customer profits increasing significantly. In 2022, the bank’s profit before tax (PBT) grew by 47% to N30.2 billion, from N20.5 billion in 2021. This was driven by a number of factors,
customer deposits increased by 9% to N1.48 trillion in 2022, from N1.36 trillion in 2021. This provided the bank with a strong foundation to lend to businesses and individuals, which helped boost its earnings.
The bank’s gross loans increased by 11% to N1 trillion in 2022, from N899.1 billion in 2021. This was driven by the bank’s focus on lending to vital economic sectors, such as agriculture, manufacturing, and trade.
The bank’s non-performing loan (NPL) ratio fell to 2.1% in 2022, from 3.3% in 2021. This was due to the bank’s continued focus on risk management and its efforts to recover bad debts.
7. First City Monument Bank (FCMB) – N8.6 trillion
First City Monument Bank (FCMB) is a commercial bank in Nigeria with a customer base of over 10 million people. The bank has been in operation for over 50 years and has a strong track record of profitability. In 2022, FCMB reported a profit of N22 billion, up from N199.4 billion in 2021. The bank’s growth was driven by a number of factors, including strong customer growth, increased lending activity, and improved asset quality.
FCMB’s customer base has grown steadily in recent years. In 2022, the bank added over 1 million new customers, bringing its total customer base to over 10 million. The bank’s customer growth has been driven by its focus on providing convenient and affordable banking services to Nigerians. FCMB offers a wide range of banking products and services, including savings accounts, checking accounts, loans, and investments. The bank also has a strong online and mobile banking platform, which makes it easy for customers to manage their finances.
6. Stanbic IBTC – N9.4 trillion
Stanbic IBTC Holdings, a leading financial services group in Nigeria, reported a profit of N81 billion for the full year 2022. This represents a 42.3% increase from the previous year. The growth in profit was driven by a number of factors, including:
- A 39.3% increase in gross earnings to N287.9 billion
- A 62.5% increase in trading revenue to N34.7 billion
- A 15.6% increase in net interest income to N143.6 billion
- A 12.1% increase in non-interest income to N144.3 billion
5. Guaranty Trust Holding Company (GTCO) – N11.7 trillion
Guaranty Trust Bank (GTBank) is a leading African bank with a strong customer base and a track record of profitability. In 2022, GTBank reported a profit before tax of ₦214.2 billion, representing a 3.3% dip from ₦221.5 billion posted in the corresponding year ended December 2021. The decline in profit was attributed to a ₦35.6 billion impairment recognized on Ghanaian sovereign securities.
Despite the decline in profit, GTBank’s customer base continued to grow in 2022. The bank’s total customer accounts increased by 10.6% to 18.2 million, while its total deposits increased by 12.3% to ₦5.0 trillion. GTBank’s loan book also grew in 2022, increasing by 10.1% to ₦2.0 trillion.
4. United Bank for Africa (UBA) – N11.95 trillion
United Bank for Africa (UBA) has been growing its customer base and profits in recent years. In 2022, the bank reported a profit of N170 billion, up 43.5% from the previous year. This was driven by a number of factors, including strong growth in loan book, customer deposits, and non-interest income.
UBA’s customer base has grown steadily in recent years, reaching 20 million customers in 2022. This growth has been driven by the bank’s expansion into new markets, as well as its focus on digital banking. UBA is now present in 20 African countries, as well as the United Kingdom and the United States.
3. Zenith Bank: N12.29 trillion
Zenith Bank is one of the largest banks in Nigeria, with a customer base of over 10 million people. The bank has been consistently profitable over the years, and its customer profits have grown significantly in recent years. In 2022, Zenith Bank’s customer profits grew by 24% to N945.5 billion.
2. Ecobank Nigeria: N13.37 trillion
Ecobank Nigeria’s profit grew by 13% to N156.551 billion in the financial year ended December 2022, from N146.328 billion recorded in 2021. The bank’s net interest income surged to N1 billion at the end of the 2022 financial year, up by 7% from N0.94 billion in 2021. Interest income climbed 14% to N690.5 billion at the end of the financial year, from N603.3 billion in 2021. The bank’s customer base also grew by 12% to 15 million customers in 2022, from 13.4 million customers in 2021. The bank’s digital banking platform, EcobankXpress, recorded a significant increase in usage, with over 10 million transactions processed in 2022.
1. Access Bank: N15 trillion
Access Bank is one of the largest banks in Nigeria, with over 20 million customers. In 2022, the bank reported a profit of N160.2 billion, which was a 51.1% increase from the previous year. This was driven by strong growth in both interest and non-interest income. Interest income grew by 37.5% to N827.5 billion, while non-interest income grew by 24.3% to N197.6 billion.
The bank’s customer base also grew significantly in 2022. The number of active customers increased by 12.3% to 20.2 million, while the number of savings accounts increased by 14.2% to 16.2 million. This growth was driven by the bank’s continued investment in digital banking and its focus on providing affordable and accessible financial services to Nigerians.
These banks are all well-established and offer a wide range of financial products and services to their customers. They are also all regulated by the Central Bank of Nigeria, which helps to ensure that they are safe and secure.
It is important to note that the size of a bank is not necessarily an indication of its quality. There are many smaller banks in Nigeria that offer excellent customer service and competitive products. However, the banks listed above are all large and well-established, and they offer a wide range of services to their customers.
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