Based on the value of their combined assets as of the first half of 2022, Access Bank, Zenith, and FBN Holdings remained the top three banks in Nigeria, data from the banks financials has revealed.
Access Holdings Plc tops the list with a total asset value of N13.19 trillion as of June 2022, representing an increase of 12.5 per cent compared to N11.73 trillion recorded as of the beginning of the year.
The financial institution, which is a newly restructured holding company, accounted for 20.8 per cent of the total assets of the thirteen banks under consideration.
Zenith Bank reported a total asset value of N10.12 trillion as of June 2022, an increase of 7.1 per cent from N9.45 trillion recorded as of December 31st, 2022. Zenith Bank accounted for 15.9 per cent of the total assets of the banks listed on the Exchange.
The bank, which is also the most capitalized bank in the Nigerian equities market, saw its loan books increase to N3.49 trillion as of June 2022 from N3.36 trillion, while investment securities stood at N1.48 trillion.
FBN Holdings, which came third, posted a total asset valuation of N9.53 trillion as of June 2022, representing a 6.6 per cent increase from N8.93 trillion recorded six months earlier.
FBN Holdings, which is the parent company for First Bank, accounted for 15 per cent of the total aggregate assets for the thirteen banks.
FBN’s asset growth can be attributed to increasing its cash and balances, loan books, and investment securities. Its cash and balances with the Central Bank rose from N1.59 trillion to N1.64 trillion in the six months period.
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 per cent increase from N8.54 trillion recorded by the beginning of the year.
UBA accounted for 14.2 per cent 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 its cash and bank balances improved to N1.98 trillion from N1.82 trillion recorded as of the beginning of the year.
Guaranty Trust Holding Company Plc (GTCO) posted a total asset value of N5.69 trillion as of June 2022, which is 4.6 per cent higher than the N5.44 trillion recorded as of December 2021. GTCO accounted for 8.9 per cent 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.
Others include, Fidelity Bank – N3.69 trillion; Stanbic IBTC – N3.15 trillion; FCMB – N2.65 trillion; Union Bank – N2.54 trillion; Sterling Bank – N1.81 trillion.