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Zenith, FBN, 5 Other Top Banks’ Assets Hit N30.7trn



Measured by total assets, loans to customers and deposit mobilised from customers, Zenith Bank Plc, FBN Holdings Plc and Ecobank Transnational are among the top seven banks in the country whose total assets hit N30.696 trillion last year.
The seven banks which include Access Bank, United Bank for Africa, Guaranty Trust Bank and Fidelity Bank jointly gave out N12.057 trillion as credit to customers during the year as they mobilised N18.271 trillion deposits. ETI, a pan African bank headquartered in Togo, has Ecobank Nigeria, an unlisted entity as its Nigerian operations.

The bank topped the list with a total assets of N6.864 trillion and a loan portfolio of N2.863 trillion. Its customers deposit had also grown to N4.652 trillion. Of the 22 deposit money banks operating in the country, 16 of them are listed on the Nigerian Stock Exchange and are required to make public their financial accounts. Out of these 16, only 12 have released their 2017 audited financial report.
Access, FBN Holdings, Zenith, UBA, GTB, Ecobank, Stanbic IBTC, Fidelity, Sterling, FCMB, Wema and Jaiz Bank have so far released their 2017 audited results while that of Unity Bank, Diamond Bank, Skye Bank and Union Bank are still pending.
Six other deposit banks operating in the country, Citi Bank, Standard Chartered, Keystone, Heritage, Providus, Suntrust are not public entities. According to the 2017 financial statements of the banks made available on the Nigerian Stock Exchange, Zenith Bank followed ETI on the list making it the biggest bank headquartered in Nigeria.

Its asset base as at the end of the 2017 financial year stood at N5.595 trillion. Trailed by FBN Holdings Plc on the list, Zenith Bank’ loan portfolio stood at N2.1 trillion, 8.2 per cent lower than N2.285 trillion in 2016 while its deposit base grew by 15.2 per cent to N3.439 trillion. FBN Holdings which is the third biggest bank in the country in its 2017 audited result posted a total asset of N5.236 trillion.
The financial conglomerate had seen its asset base grow by 10.5 per cent in 2017, as its deposit base grew slightly by 1.2 per cent to N3.143 trillion. Its loans and advances to customers declined slightly to N2.001 trillion. By asset base and loan portfolio, Access Bank is the fourth biggest bank but by deposit base, United Bank for Africa emerged the fourth biggest.

UBAs deposit base as at December 2017 had grown to N2.733 trillion compared to Access Banks deposit base of N2.244 trillion. Access Banks Asset base as at the end of the 2017 financial year had grown by 17.7 per cent to N4.102 trillion while that of UBA was N4.069 trillion. Loan book of the two banks had grown to N1.995 trillion for Access Bank and N1.65 trillion for UBA.
Guaranty Trust Bank (GTB) emerged the sixth biggest bank in the country using the yardstick of asset and deposit base as well as loan book for the 2017 financial year. The bank in 2017 had slowed down on giving credit to its customers in 2017. The loan book of GTB had dropped to N1.448 trillion as deposit from customers rose to N2.062 trillion.

Its asset base as at December 31, 2017 stood at N3.351 trillion. GTB was followed on the list by Fidelity Bank which has an asset base of N1.479 trillion. Fidelity Bank in 2017 had grown both is loan book and deposit base by 1.1 per cent and 7.4 per cent. The bank had attracted a deposit of N859.358 billion during the year as its loan book grew to N738.727 billion. In terms of Current deposits, Zenith Bank ranks first with an N1.8 trillion followed by GTB which comes second with about N1.3 trillion, followed by UBA with N1.1 trillion.
Current deposits cost banks zero in terms of interest rates and are most sought after. Savings deposits are one of the cheapest ways of mobilizing funding and here, First Bank rules with a humongous N1 trillion out of the total of N2.7 trillion kept by the banks. UBA is next with N601 billion followed by GTBank with N506 billion. Term (or fixed) deposits are perhaps the most expensive forms of deposits. Access Bank has the highest term deposits with over N1.29 trillion and is followed by First Bank with N1 trillion. UBA comes third with N795 trillion. Access Bank and GTBank does not separately disclose its domiciliary account deposits so it is likely that it is included in either term, savings or current deposits. Of the 22 deposit money banks operating in the country, 16 of them are listed on the Nigerian Stock Exchange and are required to make public their financial accounts. Of these 16, only 12 have released their 2017 audited financial report.



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