Bank customer deposits by top listed banks on the Nigerian Exchange Group (NGX) grew by N32.53 percent to N49 trillion in the nine-month period of 2022 from N37 trillion in the corresponding period of 2021, data sourced from the Nigerian Exchange Group shows.
BusinessDay’s survey on the top listed banks on NGX reveals that Access Holdings Plc, Ecobank Transnational Incorporated, Zenith Bank, United Bank for Africa, FBN Holdings, Guaranty Trust Holding Company Plc, Fidelity Bank Plc, FCMB Group Plc, Union Bank, and Sterling Bank reported the highest value of customer deposits in the nine-month period of 2022.
Analysts believe deposit money banks (DMBs) will see a significant boost in deposits on the back of the Central Bank of Nigeria’s plans to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels from 15 December 2022. The existing notes will cease to be legal tender on January 31, 2023.
As a result, Nigerian lenders are competing to attract up to N2.7 trillion ($6 billion) that’s outside the formal sector, taking advantage of the six-week window citizens have to replace old currency notes.
Lenders including Zenith Bank Plc, FBN Holdings Plcand United Bank for Africa Plc have already begun reaching out to existing and potential clients online and in-person to turn in unbanked cash.
Top 10 banks by customer deposits
Access Holdings Plc
Access Holdings Plc reported the highest value of deposits from customers in the nine-month period of 2022 amounting to N8.19 trillion. Its customer deposits grew by 31.46 percent from N6.23 trillion in the nine-month period of 2021.
Term deposits contributed the most to the total amounting to N3.28 trillion, while savings and demand deposits amounted to N1.62 trillion respectively in the nine-month period of 2022.
Ecobank Transnational Incorporated
Ecobank’s deposits from customers amounted to N8.06 trillion in the nine-month period of 2022, a 118 percent increase from N3.69 trillion reported in the nine-month period of 2021.
The Group reported term deposits amounting to N1.53 trillion, current accounts amounting to N11.7 trillion and savings deposits amounting to N3.23 trillion in the nine-month period of 2021.
Zenith Bank Plc
The tier one bank reported a 33.11 percent rise in deposits from customers which stood at N8.04 trillion in the nine-month period of 2022 from N6.04 trillion in the nine-month period of 2021.
The growth came on the back of a 137 percent increase in term deposits to N1.09 trillion, a 22 percent increase in savings deposits to N2.81 trillion and a 26 percent increase in demand deposits to N4.13 trillion in the nine-month period of 2022.
United Bank for Africa (UBA)
UBA’s customer deposits grew by 15.53 percent to N7 trillion in the nine-month period of 2022 from N6 trillion in the corresponding period of 2021.
Deposits from retail customers reported by UBA amounted to N2.66 trillion, while its deposits from corporate customers amounted to N4.36 trillion in the nine-month period of 2022.
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FBN Holdings Plc
Customer deposits reported by FBN Holdings grew by 21.77 percent to N6.6 trillion in the nine-month period of 2022 from N5.42 trillion in the nine-month period of 2021.
The Group reported current deposits amounting to N2.31 trillion, savings deposits amounting to N1.93 trillion, term deposits amounting to N1.27 trillion, domiciliary deposits amounting to N1.07 trillion and electronic purse amounting to N18 billion in the nine-month period of 2022.
Guaranty Trust Holding Company Plc (GTCO)
GTCO’s customer deposits grew by 13.60 percent to N4.26 trillion in the nine-month period of 2022 from N3.75 trillion in the same period of 2021.
Its term deposits amounted to N570 billion, current deposits amounted to N2.39 trillion and savings deposits amounted to N1.3 trillion in the nine-month period of 2022.
Fidelity Bank Plc
Customer deposits reported by Fidelity Bank amounted to N2.29 trillion in the nine-month period of 2022, representing a 16.24 percent increase from N1.97 trillion in the nine-month period of 2021.
The Group reported demand deposits of N750 billion, savings deposits of N523 billion, term deposits of N355 billion, and domiciliary deposits of N601 billion in the nine-month period of 2022.
FCMB Group Plc
FCMB’s deposits from customers for the nine-month period of 2022 stood at N1.82 trillion, 29.08 percent up from N1.41 trillion reported in the nine-month period of 2021.
Its term deposits amounted to N537 billion, current deposits amounted to N833 billion and savings deposits amounted to N447 billion in the nine-month period of 2022.
Union Bank Plc
Union Bank reported a 19.53 percent increase in deposits from customers amounting to N1.53 trillion in the nine-month period of 2022 from N1.28 trillion in the corresponding period of 2021.
It also reported term deposits of N403 billion, structured term deposits of N212 billion, current deposits of N493 billion and savings deposits of N419 billion in the nine-month period of 2022.
Sterling Bank Plc
Sterling Bank’s customer deposits amounted to N1.25 trillion in the nine-month period of 2022, 8.70 percent up from N1.15 trillion in the nine-month period of 2021.
The bank reported current account deposits of N689 billion, savings account deposits of N215 billion, term deposits of N264 billion, and pledged deposits of N82 billion in the nine-month period of 2022.
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