Nine Nigerian banks have disclosed total assets of N186.3 trillion in 2024, reflecting a 53% increase from the 2023 figures.
After their growth in Nigeria and other regions worldwide, nine Deposit Money Banks (DMBs) reported total assets of N186.3 trillion in 2024, according to data obtained by THISDAY from their audited financial statements.
The stated total assets of N186.3 trillion in 2024 signify a 53 percent growth from the N121.37 trillion recorded in 2023.
In the 2024 financial year, Ecobank Transnational Incorporated (ETI) was followed by Access Holdings Plc and United Bank for Africa Plc (UBA) at the forefront of total assets.
Thisday has examined more DMBs, including Zenith Bank Plc, FCMB Group Plc, Guaranty Trust Holding Company Plc (GTCO), Fidelity Bank Plc, Wema Bank Plc, and Stanbic IBTC Holdings Plc.
During the reviewed period, ETI reported total assets of N43.3 trillion in 2024, reflecting a 67 percent increase from the N25.9 trillion reported in 2023. Meanwhile, Access Holdings Plc disclosed total assets of N41.5 trillion in 2024, indicating a 55.5 percent increase compared to the N26.7 trillion reported in 2023.
Alongside the leading three DMBs, UBA’s total assets reached N30.3 trillion in 2024, reflecting a 46.8 percent increase from the N20.65 trillion recorded in 2023.
In 2024, the three DMBs had substantial increase in consumer deposits, which influenced total assets.
In 2024, customer deposits accounted for about 47.2 percent of ETI’s total assets, a decrease from 73.4 percent in 2023. Similarly, Access Holdings had a decline in client deposit contributions to total assets, falling to 54.3 percent in 2024 from 57.4 percent in 2023.
The ratio of client deposits to total assets of UBA was 81.3 percent in 2024, down from 84 percent in 2023.
Information obtained indicates that branch development, among other factors, contributed to the total assets of these nine banks in 2024, as Access Holdings and UBA extended their reach to markets in Asia, Europe, and select regions in Africa.
Access Holdings declared its commitment to provide sustainable returns to shareholders while simultaneously reinvesting in innovation, infrastructure, and international development.
Access Holdings said that its banking business commenced operations in Hong Kong, obtained regulatory permission in Malta, and effectively integrated its operations in Zambia and Tanzania, therefore increasing its worldwide presence.
Mr. Oliver Alawuba, Group Managing Director/Chief Executive Officer of UBA, stated, “Total deposits increased by 42.03 percent from N17.4 trillion in 2023 to N24.7 trillion, while total assets rose from N20.7 trillion to N30.4 trillion. The recently released results demonstrate comprehensive growth across all core businesses, achieved despite existing macroeconomic challenges, geopolitical uncertainties, and exchange rate fluctuations.”
The GMD stated: “We will persist in our growth as we explore strategic markets that align with our overarching vision.” We are now enhancing our commercial breadth and authorization in France while evaluating additional feasible markets in the short to medium term.
Zenith Bank reported total assets of N29.96 trillion in 2024, reflecting a 47 percent increase from N20.4 trillion in 2023, while GTCO announced total assets of N14.8 trillion in 2024, indicating a 53 percent rise from N9.69 trillion in 2023.
In a presentation to analysts and investors, GTCO said, “Total assets increased by 52.7 percent, primarily due to a 12.3 percent growth in the loan portfolio and a 68 percent rise in investment securities.”
The asset base is diversified and structured throughout all business sectors, with loans comprising 18.8 percent, investment securities 29.2 percent, and cash and cash equivalents 31.6 percent, demonstrating the Group’s excellent liquidity and substantial profits potential.
Fidelity Bank reported total assets of N8.82 trillion in 2024, reflecting a 41.5 percent growth from N6.2 trillion in 2023, while FCMB Group concluded 2024 with total assets of N7.05 trillion, a 59 percent rise from N4.42 trillion in 2023.
Furthermore, Stanbic IBTC Holdings reported total assets of N6.91 trillion in 2024, reflecting a 34 percent rise from N5.1 trillion in 2023, and Wema Bank announced total assets of N3.59 trillion in 2024, representing a gain of 59.8 percent from N2.25 trillion reported in 2023.
Mr. David Adnori, Vice President of Highcap Securities, said, “The significant total assets of N186.3 trillion held by the nine commercial banks in 2024 highlight the banking sector’s strong growth and resilience.”
This asset increase underscores the robustness of Nigeria’s banking sector, which is crucial for the economic stability of Nigeria and other areas.
“Factors driving this growth encompass augmented capital inflows, improved lending strategies, and continuous recapitalization initiatives within the sector.”
