Top 10 Richest Banks in Nigeria and their Assets in 2023

 There is a quantum leap in the banking sector in Nigeria. They keep increasing day by day, raking trillions in revenue, and satisfying the financial needs of the people and improving the economy of the nation.  

Following the recent restructuring and development in the banking sector, Nigerian banks have moved from owning local licenses to international permits. 

This International permit allows them to get incorporated in different countries of the word . In this article, we shall look at the top 10 biggest banks in Nigeria in the other of their asset. 

Mind you, the basis is not based on the age of the bank but by assets as of 2023.

Below are the richest banks in Nigeria;

 

Access bank

Zenith bank

FBN Holdings

United bank of Africa

Guaranty Trust Holding Company Plc

Fidelity bank

Stanbic IBTC

Union Bank

Sterling bank

Polaris Bank.

 

 

 

 

 

Now let’s go in-depth and explain in detail

 

Access Bank

The first bank on our list is Access Holdings Plc. It has a total asset worth of over N13.19 trillion in the early first quarter of 2023.

 

At the beginning of the year, the bank’s assets were worth N11.73 trillion. Following the recent findings, we would say that the asset worth of the bank has increased by 12.5%.

 

Furthermore, one would see that the rapid growth in the revenue of the bank is hinged on many factors especially, the loan and advances asset components.

 

Zenith Bank

Zenith bank is the next largest bank in Nigeria with a total access of N10.12 trillion.

 

From our findings, this bank was worth N9.45 trillion in the previous year.

 Hence, there is an increase of 7.1% in the bank’s worth.

 

The tremendous increase in the assets was made possible by the Treasury bills, cash and balance with the Central Bank Of Nigeria and loans to its customers.

 

Over the years, Zenith bank has proven a great customer service and improvement of the country’s economy at large.

 

 

 

First Bank

FBN Holdings is the third largest bank in Nigeria.  FBN Holdings posted a total asset worth of N9.53 trillion.

 

This shows about a 6.6% increase from the N8.93 trillion posted earlier. For the record, FBN Holdings is the main company for First Bank.

 

This company posted about 15% of the total aggregate assets for the thirteen banks.

 

FBN’s asset growth can be credited to the quantum leap in its  increase in its cash and balances, loan books, and investment securities.

 

United Bank For Africa

United Bank for Africa is the fourth on our list of biggest banks in Nigeria. This bank has assets worth N8.99 trillion. This shows a 5.4% increase from N8.54 trillion recorded by the bank.

 

UBA posted 14.2% of the total asset value of the entire thirteen banks on the list. Taking a closer look at the bank’s statement, one would see that its cash and balance increased from N1.82 trillion to N1.98 trillion and this is huge.

 

Also, the bank’s loan and advance improved by a good percentage hence, skyrocketing the bank’s worth.

 

Conclusively, UBA has been an amazing bank so far. And have done a lot in satisfying its customers.

 

Guaranty Trust Holding Company Plc

 [GTB]

The bank accounted for a total asset worth of N5.69 trillion, which is 4.6% bigger than the N5.44 trillion recorded previously year. GTCO reported 8.9% of the total assets of the thirteen banks.

 

GTCO which is the parent company of Guaranty Trust Bank has been an amazing bank to the citizens of the nation and country at large.

 

Conclusively, the bank may improve more than it has done in the past six months. 

 

Fidelity Bank

We can not talk about the giants in the banking sector without having Fidelity bank being in the list

 

Fidelity bank has a total assets worth about N3.69 trillion.

It has been an awesome ride so far. Furthermore, the bank was licensed and incorporated in1988.

 

Fidelity bank is one of the top institutions in the country, with more than 2.5 million customers. They are especially popular among SME owners who are women.

 

Stanbic IBTC

Another big bank in Nigeria is the Stanbic IBTC. It is one of the oldest and functioning banks.

 

Stanbic IBTC bank accounted for assets worth more than N3.15 trillion making it the seventh biggest bank in Nigeria.

 

This bank provides services to individuals, SMEs, public institutions, and large corporations. Talk about good customer service, Stanbic IBTC has shown great customer service and reputation.

 

Union Bank

Union Bank is the next biggest bank in our list of 10 top biggest banks in Nigeria. 

Although it has been bought over by Titans Trust bank acquring 93.41% of its assets.

 

It was founded in 1917, Union bank is one of Nigeria’s oldest, prominent and best financial institutions in Nigeria.

 

Furthermore, Union Bank is among the richest banks in the country. They see to the needs of small, medium, and large companies. They currently have assets worth N2.54 trillion in assets. 

 

Sterling Bank

We can not list the giants in the banking sector without mentioning Sterling bank.

 

This bank is one of the oldest and reputable banks in Nigeria. Following the reports, Sterling bank has a total assets worth of N1.81 trillion making it the ninth biggest bank in Nigeria based on the assets.

 

Polaris Bank

Our list of 10 top biggest banks in Nigeria will not be complete without Polaris Bank.

 

Polaris bank is one of Nigeria’s biggest. The bank is listed on the Nigerian Stock Exchange, and has  numerous branches overseas.

 

Polaris Bank  has a total asset worth of N1.41 trillion. 

 

Frequently Asked Questions

Which Bank Is The Biggest?

Talking about the biggest banks in Nigeria, Access bank, Zenith bank and FBN Holdings are the top three biggest banks in Nigeria.

 

 

Which Bank Is The Richest?

Access bank is the richest bank in Nigeria followed by Zenith bank. This is not based on age or size of labor force but the value of the total assets.

 

Access bank is worth more than N13 trillion while Zenith bank is more than N10 trillion.

 

Conclusion

We have outlined the 10 top biggest banks in Nigeria based on the worth of  their total assets.

 

However, it is worthy to note that these figures are facts as the time this article was written. Following the rise of banks in the banking system, more banks are likely to emerge in the subsequent years.

 

We are confident that this article satisfied your search intent. Meanwhile, you can share your thoughts on this or ask your questions in the comments section. 

We shall respond swiftly to them.