- The list of top Nigerian commercial banks has been revealed, with Access Bank and Zenith Bank leading the way
- The Nigerian banking sector is among the few sectors of the economy that have seen growth in 2022
- A breakdown shows the 13 banks surveyed combined for 8.1% asset growth in the first six months of the year
Nigerian banks have emerged stronger in the face of economic uncertainty, increasing their asset base by over 4.76 trillion naira in the first six months of 2022.
The data obtained from the Nigerian Exchange showed that 13 banks increased the value of their assets at the end of June 2022 by 8.1% to 63.59 trillion naira from 58.83 trillion naira at the start of the year.
Access Bank, Zenith and FBN Holdings retained their position as the top three commercial banks based on asset base.
Nigeria’s Digital Bank, Kuda, Reports Loss of Over N6 Billion Naira for 2021
What are bank assets?
Bank assets refer property owned by a bank that contributes value, which is generally more specific to money-related assets and interests.
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Bank assets can range from investments to physical assets to loans to customers.
Allocation of bank assets
Nairametry reports that Access Holdings Plc topped the list with a total asset value of N13.19 trillion as of June 202.
This was followed by Zenith Bank, with a reported total asset value of N10.12 trillion, while FBN Holdings posted a total asset valuation of N9.53 trillion.
United Bank for Africa and Guaranty Trust Holding Company Plc (GTCO) rank fourth and fifth on the list with total asset value of N8.99 trillion and N5.69 trillion.
Others in the top 10
- Fidelity Bank – 3.69 trillion naira
- Stanbic IBTC – 3.15 trillion naira
- FCMB – 2.65 trillion naira
- Union Bank – 2.54 trillion naira
- Sterling Bank – 1.81 Trillion Naira
Concerns rise as Nigeria’s public debt hits N45.25 trillion
Nigeria’s digital bank, Kuda, lays off 23 staff as costs soar
Legit.ng reported that Nigeria’s first digital-only bank, Kuda Bank, has become one of the latest startups and tech companies to lay off staff.
TechCrunch reported that the news was confirmed in an email by the company after a source informed them of the dismissal.
The company said it laid off less than 5% of its 450 employees, or about 23 people.