Meet Nigeria’s Five Biggest Banks By Assets

September 08, 2021

The Five largest banks in Nigeria by asset currently have a total asset base of over N39.47trn ($96.2bn), but Access Bank has 25.59 percent share of the total assets post by the big five.

The tire-one banks are popularly called FUGAZ– an acronym for First Bank of Nigeria, United Bank for Africa, Guaranty Trust Holding Company formerly GTB, Access Bank Plc, and Zenith Bank Plc.

Access Bank Plc, one of Nigeria’s biggest lenders has enjoyed a fair share of the country’s banking market with revenue of N450.6bn in the first half of 2021, up from N396.75bn posted in June last year.

By the end of 2020, the lender’s total asset was valued at N8.68trn up by 21.5 percent from the N7.14trn recorded in December 2019.

The bank’s half-year financial report shows that assets grew by 15.84 percent an equivalent of N1.38trn to hit N10.1trn by June 2021.

Access Bank’s N10.1trn asset makes it the country’s biggest bank by asset as of the first half of June.

For Zenith Bank Plc, the group’s gross earning for June 2021 fell slightly to N345.6bn, down from the N346.1bn recorded in June 2020.

But its total asset rose marginally by N34.9bn to N8.5trn in June this year as against the N8.5trn recorded during the same period in 2020.

This makes it the second-largest bank in the country by asset, according to the data provided on the financial statements of the bank.

Zenith’s N2.84trn Loans and advances, N1.71trn Treasury bills, cash, and balances with central banks of N1.42trn propelled the slight growth in assets.

For First Bank of Nigeria, its revenue from continuing operations decreased to N161bn in the half of 2021, down from the N207.4bn that it realized by June 2020.

But the lender’s asset grew by 4.35 percent, an equivalent of N334.55bn to hit N8.02trn from the N7.7trn asset base recorded in December 2020.

First Bank’s asset base is primarily driven by N2.5trn loans and advances to customers and N1.8trn investment securities.

United Bank for Africa’s asset as of March was N7.89trn up from N7.7trn posted in December.

The asset which was updated last in March was driven by UBA’s N2.73trn loans and advances to customers, N1.9trn cash and bank balances, and the bank's investments in securities at fair value through other comprehensive income valued N1.68trn.

Meanwhile, Guaranty Trust Holding Company (GTCO) Plc, formerly Guaranty Trust Bank which is among the country's first-tier banks was recently delisted from the exchange and listed as GTCO.

As of March, GTB total asset was N4.99trn.