This article aims to discuss the top 10 richest banks in Nigeria. Keep on reading to see the banks in Nigeria that are recording massive financial successes to put them among the top 10 earners in the commercial banking industry in Nigeria.
The top 10 richest banks in Nigeria would be discussed below:
In 1989, Access Bank opened a shop, and nine years later, on November 18, 1998, it was listed on the Nigerian Stock Exchange under the banking sector. Access Bank offers a range of banking products and services for retail, private, corporate and institutional and non-institutional sectors in Nigeria, and some parts of Africa and Europe. In recent times, Access Bank has recorded impressive growth year on year, thanks to its diversified business model plus robust risk management framework, making it one of the richest banks in Nigeria today.
In 2021, Access Bank earned a profit of NGN 160 billion, a 51.13 percent leap from the previous year. With over 300 branches across Nigeria, Access Bank has a huge customer base, depositing NGN 6.95 trillion in 2021 alone. As of 2021, Access Bank reported a total asset of NGN 11.73 trillion, a 35.2 percent increase from the NGN 8.67 trillion of 2020.
Established in 1990 as Zenith International Bank Limited, the name changed to its current name after it was listed on the Nigerian Stock Exchange on October 1, 2004. From then on, Zenith Bank made early investments in information technology, which helped the bank compete against the older big banks in the early 2000s.
Zenith Banks has since grown to be one of Nigeria’s most successful banks, recording year-on-year growth. To put it in perspective, Zenith Bank hit a record profit of NGN 244.6 billion in 2021, which is about a 37.6 percent gain from the profit amount posted in 2020. The bulk of Zenith Bank’s windfall is from trading gains, then interest income and fees, and commission. Zenith Bank has branches all over Nigeria, with subsidiaries in the UK, Ghana, Sierra Leone and Gambia.
Ecobank Transnational Inc., operating in Nigeria as Ecobank Nigeria, is one of Nigeria’s richest banks. The bank’s major income streams are retail banking, wholesale banking, and treasury and financial institutions. Investment banking services and capital markets are additional services Ecobank offers.
Ecobank has recorded massive growth in recent times, particularly in 2021 where it hit a profitability surge of NGN 146 billion, compared to NGN 33.7 billion in 2020. In 2021, Ecobank recorded gross earnings of NGN 956.4 billion, with a total asset base of NGN 11.69 trillion.
United Bank for Africa
United Bank for Africa PLC, commonly referred to as UBA, is another bank in Nigeria that has consistently recorded remarkable performance and impressive growth, hence giving it a spot in the list of the top 10 richest banks in Nigeria. According to its unaudited report for Q3 ending September 30, 2022, UBA made gross earnings of NGN 608 billion, compared to the NGN 493 billion as of September 2021.
What is more remarkable is that UBA maintains its year-on-year growth, witnessing an increase in its total assets to NGN 9 trillion, a 9.1 percent increase over the NGN 8.5 trillion assets recorded in December 2021.
First Bank of Nigeria
With over 100 years in the banking industry in Nigeria and its astonishing growth rate, First Bank of Nigeria is certainly one of the most successful commercial banks in Nigeria and Africa at large. In December 2021, First Bank of Nigeria recorded NGN 8.9 trillion in total assets, however, in just nine months of 2022, that is Q1 through Q3 ending September 30, 2022, a 10.3 percent growth brought the total assets to NGN 9.85 trillion.
Standard IBTC is another successful bank in Nigeria that has witnessed year-on-year growth in recent times. According to the unaudited results for Q3 for 2022 released to the Nigerian Exchange Limited, Stanbic IBTC made a profit before tax of NGN 68.95 billion as against NGN 45.31 billion posted for the 9 months ending September 30, 2021. For profit after tax, Stanbic IBTC recorded NGN 55.19 billion for Q3 (9 months ending 30th September) of 2022, with a gross earning of NGN 207.4 billion for the 9 months under review.
First City Monument Bank
Another bank worthy to be on this list of the top richest banks in Nigeria is First City Monument Bank. FCMB continues to record sustained impressive performance across several key areas, recording NGN 212 billion profit for the 2021 fiscal year, which is a 7 percent improvement from the NGN 198.4 billion posted for 2020. As of the 2021 year end, FCMB boasts a customer base of 9.4 million, which is a telling indicator of the bank’s reach in Nigeria.
Guaranty Trust Holding Company (GTCO) PLC
With a customer base of over 25 million, a workforce of 10,000 and total assets of NGN 5.44 trillion (as of December 31, 2021), GTCO is one of Nigeria’s richest banks. GTCO also offers banking and non-banking services in some West and East African countries, as well as in the United Kingdom.
Union Bank of Nigeria
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria is one of Nigeria’s outstanding financial institutions with over 255 branches across the country. Union Bank’s financial release for Q2 which ended July 30, 2022, recorded customer deposits to the tune of NGN 1.5 trillion with gross earnings of NGN 87. 4 billion in the period under review. The balance sheet of Union Bank at the end of July 2022 puts the total assets of the bank at NGN 2.57 billion, making it one of Nigeria’s top richest banks.
Fidelity Bank has recorded an upward growth trajectory in its operation in Nigeria these past few years. Fidelity Bank’s unaudited financial statement for the 9M (Q1 – Q3) of 2022, shows that the financial institution recorded increased gross earnings as against the figures posted for 9M 2021. Fidelity Bank witnessed a profit surge to NGN 37.8 billion in 9M 2022 as compared to NGN 28.1 billion at the end of Q3 2021.