Ranking: The biggest bank in Nigeria based on total assets, 2023
The largest bank in Nigeria had a significant increase in total assets during the first half of 2023 as they continued to increase, demonstrating their resilience in a changing economic environment.
Nine of the biggest banks, according to statistics from Nairalytics, posted a total asset of N90.4 trillion, 35% more than the N67 trillion recorded at the end of 2022.
This article will examine the data to determine the biggest banks in Nigeria based on total assets as of H1 2023 and compare them to their positions as of FY 2022.
Methodology
Based on the stated total assets in Nigerian Naira for the entire year of 2022 and the first half of 2023, a comparison was made. To make it simpler and easier to grasp how the banks compare to one another in terms of size, they are presented in ascending order.
9. Sterling Bank
Total Assets 2022 FY: N1,857,992 million
Total Assets 2023 H1: 2,290,178 million
Sterling Bank starts our list, witnessing an increase in assets of around 23.2%. Despite being the smallest on this list, Sterling is showing consistent growth and stability.
8. FCMB (First City Monument Bank)
Total Assets 2022 FY: N2,983,053 million
Total Assets 2023 H1: N3,720,080 million
FCMB ranks eighth, with an increase of approximately 24.7% in its total assets. The bank continues to serve its customers effectively while focusing on business diversification.
7. Stanbic IBTC
Total Assets 2022 FY: N3,029,026 million
Total Assets 2023 H1: N4,451,179 million
Stanbic IBTC has risen by a robust 47% in total assets since the end of 2022. Known for its strong presence in the investment banking sector, it maintains a solid position.
6. Fidelity Bank
Total Assets 2022 FY: N3,989,009 million
Total Assets 2023 H1: N5,083,985 million
Fidelity Bank has seen a respectable growth of around 27.4%. The bank continues to focus on its corporate and retail banking services.
5. GTB (Guaranty Trust Bank)
Total Assets 2022 FY: N6,446,456 million
Total Assets 2023 H1: N8,509,893 million
GTB has grown by about 32% in the first half of 2023. The bank remains a leader in innovation and customer service.
4. UBA (United Bank for Africa)
Total Assets 2022 FY: N10,857,571 million
Total Assets 2023 H1: N15,382,382 million
UBA has shown a remarkable surge in its assets by about 41.6%, mainly attributed to its vast network across Africa and strategic investments.
3. FBNH (First Bank of Nigeria Holdings)
Total Assets 2022 FY: N10,577,710 million
Total Assets 2023 H1: N14,176,772 million
FBNH increased its total assets by approximately 34%, maintaining its strong historical presence and leadership in the retail banking sector.
2. Zenith Bank
Total Assets 2022 FY: N12,285,629 million
Total Assets 2023 H1: N16,031,910 million
Zenith Bank rose by around 30.6%. Known for its corporate governance and excellent service delivery, the bank holds a strong second position.
1. Access Bank
Total Assets 2022 FY: N14,998,401 million
Total Assets 2023 H1: N20,853,270 million
Access Bank has grown its total assets by about 39% and stands at the pinnacle of this list, emphasizing its prominence in the Nigerian banking landscape.
Due to Ecobank’s pan-African position, it is not included. When we went to print, Union Bank had not yet disclosed its half-year results.
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