Access, FBN Holdings, Zenith Top League of Largest Nigerian Banks By Total Assets
Access Bank, FBN Holdings, and Zenith bank have maintained the top spot as the largest banks in Nigeria by the value of their total assets as of the first half of 2022.
According to the Nigerian Exchange (NGX), the commercial banks with major operations in the country saw their aggregate assets value increase by 8.1% in the first six months of the year which stands at N63.59 trillion from N58.83 trillion recorded at the beginning of the year.
However, a further breakdown of the data shows that the increase in the total assets of the banks was largely attributed to rises in customer loans. Although Union Bank recorded a decline in its total assets in the period under review, Stanbic IBTC recorded the highest increase with a 14.8% increase to stand at N3.15 trillion from N2.74 trillion as of the beginning of the year.
Access Holdings Plc tops the list with a total asset value of N13.19 trillion as of June 2022, representing an increase of 12.5% compared to N11.73 trillion recorded as of the beginning of the year.
Specifically, loans and advances to customers rose to N4.62 trillion as of the period under consideration from N4.16 trillion recorded as of the beginning of the year. This means that Access Bank gave out an additional N458.2 billion in loans to its customers in the first six months of the year.
Also, investment securities rose by N493.6 billion to stand at N2.76 trillion. The value of its property and equipment increased to N261.8 billion from N247.7 billion, having spent N36.7 billion on the acquisition of property and equipment in the same period.
Zenith Bank reported a total asset value of N10.12 trillion as of June 2022, an increase of 7.1% from N9.45 trillion recorded as of December 31st, 2022. Zenith Bank accounted for 15.9% of the total assets of the banks listed on the Exchange.
The bank, which is also the most capitalized bank in the Nigerian equities market, saw its loan books increase to N3.49 trillion as of June 2022 from N3.36 trillion, while investment securities stood at N1.48 trillion.
FBN Holdings posted a total asset valuation of N9.53 trillion as of June 2022, representing a 6.6% increase from N8.93 trillion recorded six months earlier. FBN Holdings, which is the parent company for First Bank accounted for 15% of the total aggregate assets for the thirteen banks.
Also, its loans and advances to customers improved from N2.88 trillion as of December 2021 to stand at N3.38 trillion by the end of June 2022. It is worth adding that its investment securities rose to N2.16 trillion from N1.96 trillion.
United Bank for Africa ranks fourth on the list of biggest banks in Nigeria based on total assets with a value of 8.99 trillion, representing a 5.4% increase from N8.54 trillion recorded by the beginning of the year.
Guaranty Trust Holding Company Plc (GTCO) posted a total asset value of N5.69 trillion as of June 2022, which is 4.6% higher than the N5.44 trillion recorded as of December 2021. GTCO accounted for 8.9% of the total assets of the thirteen banks.
Other banks in the league include Fidelity Bank with a total asset value of N3.69 trillion, Stanbic IBTC reported N3.15 trillion, FCMB recorded N2.65 trillion, Union Bank has N2.54 trillion while Sterling Bank reported N1.81 trillion.