Access Bank has maintained the top spot as the largest banks in Nigeria based on the value of their total assets as of the first half of 2022 .
The thirteen commercial bank listed on the Nigerian Exchange (NGX) with major operations in the country saw their aggregate asset value increase by 8.1% in the first six months of the year to stand at N63.59 trillion as of June 2022 from N58.83 trillion recorded as of the beginning of the year.
The top five banks were the major tier-1 financial institutions typically referred to as the FUGAZ, which is an acronym used to represent First Bank, UBA, GTCO, Access, and Zenith Bank. The top five banks accounted for 80.5% of the total asset of the industry. It is worth noting that Ecobank Transnational Incorporated was not included in the compilation because most of its operations are outside Nigeria.
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.
- Its cash and balances with Central Bank rose from N1.59 trillion to N1.64 trillion in the six months period.
- 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.
- On the flip side, its property and equipment declined marginally to N113.79 billion from N115.9 billion recorded as of December 2021.
- 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% increased from N8.54 trillion recorded by the beginning of the year.
- UBA accounted for 14.2% of the total asset value of the entire thirteen banks on the list. A further breakdown of the bank’s statement of financial position showed that it’s cash and bank balances improved to N1.98 trillion from N1.82 trillion recorded as of the beginning of the year.
- Also, its loans and advances to customers increased to N2.75 trillion from N2.68 trillion, while loans to banks improved to N198.1 billion as of the period under review. Property and equipment stood at N183.6 billion, while investment securities at fair value stood at N1.63 trillion.
- 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.
- The banking giant, which also restructured into a holding company last year saw its cash and bank balances with the Central Bank rise to N1.04 trillion in June 2022 from N933.59 billion as of the end of last year.
- Also, loans to customers increased marginally from N1.8 trillion as of December 2021 to N1.83 trillion by the end of June 2022. Meanwhile, financial assets at fair value through profit or loss improved significantly from N104.4 billion to N262.32 billion.
- Fidelity Bank has N3.69 trillion
- Stanbic IBTC has N3.15 trillion of asset as of 2022.
- FCMB has N2.65 trillion
- Union Bank has N2.54 trillion
- Sterling Bank has the lowest asset with N1.81 trillion as of 2022.
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