NGX: GTCO, Zenith, FBN, Access Bank, Others Rake In N47trn From Deposits

First Bank of Nigeria, Access, Zenith, GTCO, UBA, and Ecobank led other top commercial banks with respect to deposits, assets, loans and profitability to rake in forty-seven trillion Naira in December last year, reports showed.

Naija News understands that the above-mentioned banks maintained their industry dominance from the list of fourteen banks mentioned by the Nigerian Exchange Limited (NGX) in its recent statistics.

The fourteen banks listed in the report include Access Bank, Fidelity Bank, FCMB Group, FBN Holdings, GTCO, Union Bank, United Bank for Africa (UBA), Zenith Bank, Ecobank Group, Stanbic IBTC, Sterling Bank, Unity Bank, Wema Bank and Jaiz Bank.

Based on figures reported in the full-year financial statement by one of the tier-one banks, the banks raked in a total of N46.863 trillion from their respective customers as deposits in December 2021, which was 18 per cent higher than the N39.491 trillion recorded as of December 2020.

The report also showed that the 14 banks disbursed a total of N24.999 trillion as loans and advances to their customers in the period under review, which was 20 per cent higher than the N20.852 trillion recorded the previous year, just as the combined profit after tax they posted increased by 17 per cent to N1.102 trillion in 2021, higher than the N939 billion recorded within the same period in 2020.

Similarly, their total assets also jumped by 17 per cent to N70.521 trillion in 2021, higher than the N60.084 trillion it was in the comparable period of 2020.

In terms of profitability, the six of the top banks made 85 per cent of the total profits recorded by the 14 banks; in terms of loans, they gave out 76 per cent of the loans to customers; attracted 81 per cent of the customers’ deposits and presently hold 79 per cent of the total assets.

Zenith Bank is said to have posted N244.558 billion profit as at December 2021; Access Bank recorded N106.215 billion, FBN Holdings realised N151.079 billion; GTCO – N174 billion; UBA – N119 billion and Ecobank – N146 billion.

Also, Zenith Bank’s loans and advances to customers stood at N3.502 trillion. For Access Bank, it  gave out N4.161 trillion; FBN Holdings – N2.882 trillion; GTCO – N1.802 trillion; UBA – N2.681, Ecobank’s loans to customers was N4.061 trillion in the year under review.

This article was originally published on Naija News