Introduction (Top 10 Biggest Banks in Nigeria)
Nigeria has 23 commercial banks as at May 2022. By virtue of the recent reforms which Central Bank of Nigeria has been carrying out right from the days of Prof Chukwuman Soludo to Prof. Sanusi Lamido Sanusi and down to the present CBN Governor Godwin Emefiele all the banks are strong and doing well. However, some are stronger and doing better than others. As you must have known, commercial banks in Nigeria actually have 3 categories. We have regional banks, national banks and international banks. But today our focus shall be on the top 10 biggest banks in Nigeria.
So if you are looking to open an account, whether savings, current, fixed or domiciliary account are you are seeking to make a decision on which of the banks that is more reliable and offers the best service this post is for you.
Frequently Asked Questions
Which bank in Nigeria is the biggest by total asset value?
Access Bank leads other 22 Nigerian banks in terms of asset value with a total asset worth N11.73 trillion, followed by Ecobank with N11.56 trillion and Zenith Bank with N10.32 trillion.
Which is the biggest Nigerian bank by customer deposit?
In terms of customer deposit, Ecobank is the biggest bank in Nigeria with a total of N7.79 trillion. It is closely followed by Access Bank with N7 trillion and then Zenith Bank with N6.47 trillion.
Which is the biggest igerian bank in terms of gross earning?
Ecobank is clearly the biggest Nigerian bank in terms of gross earning with a total of N956.4 billion in 2021, followed by Zenith Bank with N765.56 billion and Access Bank with N764.72 billion.
Which Nigerian bank has the highest number of customers?
Access Bank with a total customer base of 31 million is the leader, followed by GTCO with 25 million and UBA with 20 million
Criteria for Rating the Best Banks in Nigeria
The top 10 biggest banks in Nigeria were not just selected randomly. There are certain parameters that were duly considered before arriving at the top 10 biggest banks in Nigeria. Some of those criteria or parameters are listed below:
- Asset Size:
- Shareholders’ Fund
- Gross Earning
- Profitability
- Customer Deposits
- Customer Base
- Number of Branches
Please note that this ranking is not static. Yes, it can change with time. It all depends on how well each of the bank behaves in any given year.
Related:
10 Biggest Banks in Africa by Asset Size
How to Make Money from the Nigerian Stock Exchange
Top 10 Biggest Banks in Nigeria
1. Zenith Bank
Zenith Bank has been an ever present member in the list of the top 10 biggest banks in Nigeria. In fact, Zenith Bank has never been anywhere outside the top 3 in the last decade or thereabouts.
In terms of innovation Zenith Bank and GTCO has been the pacesetters.
But by many parameters including world ranking Zenith continue to have the upper hand.
So by our independent analysis, Zenith Bank tops the list in the compilation of the top 10 biggest banks in Nigeria as at 2022.
Below are the key parameters we are tracking for Zenith Bank:
Word Ranking: 454 (2021)
Profit Before Tax (PBT): 280.37 billion naira (2021)
Profit After Tax (PAT): 244.56 billion naira (in 2021)
Shareholders Funds: 942 billion naira (2020)
Total Assets: 10.32 trillion naira (April 2022)
Gross Earnings: 765.56 billion naira (2021)
Customer Deposits: 6.47 trillion naira (2021)
Number of Branches: Over 500
Number of Customers: 1.6 million
2. Access Bank
Access Bank is arguably one of the biggest and best banks in Nigeria.
In fact after the merger with Diamond Bank in April 1, 2019 the bank became the largest bank in Africa by customer base boasting over 42 million customers.
Below are the key parameters we are tracking for Access Bank:
Word Ranking: 630 (2021)
Profit Before Tax (PBT): 125.92 billion naira (2020)
Profit After Tax (PAT): 106.01 billion naira (2020)
Shareholders Funds: 751 billion (2020)
Total Assets: 11.73 trillion naira (December, 2021)
Gross Earnings: 764.72 billion naira (2020)
Customer Deposits: 7 trillion naira (December, 2021)
Number of Branches: 600 branches
Number of Customers: 31 million
3. First Bank
First bank is the oldest and one of the respected banks in Nigeria. Most government institutions and the older individuals have absolute trust in First Bank.By all standards First Bank easily makes it into our list of the top 10 biggest banks in Nigeria.
Founded in 1894, it is not just the oldest bank in Nigeria but among the oldest companies also.
Below are the key parameters we are tracking for First Bank:
Word Ranking: 802 (2021)
Profit Before Tax (PBT): 53.3 billion naira (September 2021)
Profit After Tax (PAT): 40.79 billion (September 2021)
Shareholders Funds: 673.72 billion naira
Total Assets: 8.51 trillion naira
Gross Earnings: 427.03 billion naira
Customer Deposits: 5.42 trillion naira
Number of Branches: 700
Number of Customers: 18 million
4. GTCO
Next on the list of our top 10 biggest banks in Nigeria is GTCO formerly known as GTBank.
GTCO is arguably a bank built for young professionals. And their innovations have made it the preferred choice for young people across the country.
GTCO is not one of the banks with branches everywhere you go. But they defined their class with innovation and professionalism. In terms of mobile banking services it is also very difficult to see any other commercial bank that beats it.
Below are the key parameters we are tracking for GTCO:
Word Ranking: 625
Profit Before Tax (PBT): ₦221.5billion (2021)
Profit After Tax (PAT):
Shareholders Funds: 883.2 billion naira
Total Assets: 5.44 trillion naira
Gross Earnings: 455.23 billion naira (2020)
Customer Deposits: 3.51 trillion (December, 2020)
Number of Branches: Over 250
Number of Customers: 25 million
5. UBA
UBA is a pan-African bank with offices in more than 20 African countries. It is one of the tier one and strongest banks in Africa.
In fact UBA with 1,000 business units is the number one in terms of branch networks in Nigeria.
So it comfortably makes it into the list of the top 10 biggest banks in Nigeria.The bank owns its transformation and competitive outlook today to the dynamic and visionary chairman Tony Elumelu who is also a former Managing Director of the company. UBA has also done very well in the area of technology and innovation.
Below are the key parameters we are tracking for UBA:
Word Ranking: 736
Profit Before Tax (PBT): 153.07 billion naira
Profit After Tax (PAT): 118.68billion naira
Shareholders Funds: 827.5 billion naira
Total Assets: 8.5 trillion naira (December 2021)
Gross Earnings: 658.29 billion naira
Customer Deposits: 6 trillion (2021)
Number of Branches: 1,000
Number of Customers: 20 million
6. Ecobank
Ecobank Transnational Inc is another pan-African banking conglomerate, with banking operations in 36 African countries.
It boasts an impressive total assets worth 11.56 trillion naira making it one of the biggest banks in Nigeria by asset base.
Below are the key parameters we are tracking for Ecobank:
Word Ranking: 652
Profit Before Tax (PBT): 195.7 billion naira
Profit After Tax (PAT): 146.33 billion naira
Shareholders Funds: 1.57 trillion naira
Total Assets: 11.56 trillion naira (December, 2021)
Gross Earnings: 956.4 billion naira
Customer Deposits: 7.79 trillion naira
Number of Branches: 610 branches
Number of Customers: 8.4 million
7. Union Bank
Union Bank is one of the oldest commercial banks in Nigeria.
But the bank has struggled to catch up with the innovations and excellent customer services by some of the new generation banks leading to the loss of customers and decline in profit in recent years.
But as the slogan goes, big! strong!! and reliable it is still the testimony of the bank. So Union Bank is still in the list of the top 10 biggest banks in Nigeria
Below are the key parameters we are tracking for Union Bank:
Word Ranking:
Profit Before Tax (PBT): 20.5 billion naira
Profit After Tax (PAT): 19.4 billion naira
Shareholders Funds: 264.3 billion naira (March 2021)
Total Assets: 2.59 trillion naira
Gross Earnings: 175 billion naira
Customer Deposits: 1.4 trillion naira
Number of Branches: 320
Number of Customers: 3.2 million
8. Stanbic IBTC Bank
Stanbic IBTC Bank is one of the top 10 biggest banks in Nigeria with a customer deposit of 1.09 trillion naira as at December 2021. The bank is not such as is known for opening branches in every street but those that bank with it regard it as a premium bank for the select few.
The bank was recently adjudged as the overall best bank in the retail and SME segments in Nigeria by KPMG, a leading audit and consultancy firm, in its 2021 Nigeria Banking Industry Customer Experience Survey.
Below are the key parameters we are tracking for Stanbic IBTC:
Word Ranking:
Profit Before Tax (PBT): 66.02 trillion naira
Profit After Tax (PAT): 56.96 billion naira
Shareholders Funds: 378.6 billion naira
Total Assets: 2.75 trillion (September, 2021)
Gross Earnings: 205.8 billion naira
Customer Deposits: 1.09 trillion naira
Number of Branches: 166
Number of Customers: 2.4 million
9. Fidelity Bank
Fidelity Bank is one of the new banks that make it to our list of the top 10 biggest banks in Nigeria because of its fast growth and SME-friendliness.
The bank 6.5 million customer base is a testimony of how fast it is growing compared with its contemporaries.
Below are the key parameters we are tracking for Fidelity Bank:
Word Ranking:
Profit Before Tax (PBT): 38.1 billion naira
Profit After Tax (PAT): 35.5 billion naira (2021)
Shareholders Funds: 234 billion naira (2019)
Total Assets: 3.29 trillion naira
Gross Earnings: 250.8 billion naira
Customer Deposits: 2.03 trillion naira
Number of Branches: 250
Number of Customers: 6.5 million
10. FCMB
First City Monument Bank (FCMB) completes the list of the top 10 biggest banks in Nigeria as at 2022.
The bank boasts a total asets of 2. 5 trillion naira with a customer deposit of 1.56 trillion naira and a customer base of 7.1 million.
Below are the key parameters we are tracking for FCMB:
Word Ranking:
Profit Before Tax (PBT): 24 billion naira
Profit After Tax (PAT): 20.9 billion naira
Shareholders Funds:
Total Assets: 2.5 trillion naira
Gross Earnings: 208.5 billion naira
Customer Deposits: 1.56 trillion naira
Number of Branches: 206
Number of Customers: 7.1 million
11. Sterling Bank
It has a total of 185 branches the nation over with 7,853 POS terminals with a few vendors and 847 ATMs located all over Nigeria.
With over One trillion investors deposits it shows the trust level is there.
Below are the key parameters we are tracking for Sterling Bank:
Word Ranking:
Profit Before Tax (PBT):
Profit After Tax (PAT): 13.52 billion naira
Shareholders Funds: 119.6 billion naira
Total Assets: 1.63 trillion naira
Gross Earnings: 142.3 billion naira
Customer Deposits: 1.21 trillion naira
Number of Branches: 185
Number of Customers: 1.6 million
12. Polaris Bank
Polaris Bank was established by the Central Bank of Nigeria (CBN) on September 21, 2018 to offer commercial banking services to the Nigerian public. The bank commenced services on the same day, having purchased the assets, and assumed certain of the liabilities, of the defunct Skye Bank.
Below are the key parameters we are tracking for Polaris Bank:
Word Ranking:
Profit Before Tax (PBT): 28.9 billion naira (2020)
Profit After Tax (PAT): 28.5 billion naira
Shareholders Funds: 96.9 billion naira
Total Assets: 1.18 trillion naira
Gross Earnings: 129.3 billion naira
Customer Deposits: 914.3 billion naira
Number of Branches: About 350
Number of Customers:
The other Banks in Nigeria
I have given you the list of the top 10 best banks in Nigeria plus 2 other good performing banks, but there are more. You recall, we had noted earlier that Nigeria has a total of 23 commercial banks. So here is a list of the remaining 11 banks. Citibank Nigeria Limited, Heritage Bank Limited, Keystone Bank Limited, Standard Chartered Bank Limited, Titan Trust Bank Limited, Unity Bank Plc. Others are Wema Bank Plc, Globus Bank Limited, SunTrust Bank Nigeria Limited, Providus Bank Limited and Parallex Bank Limited.
Conclusion on the Best Banks in Nigeria
Here it is. It is a well researched list of the top 10 best banks in Nigeria. As you can see some of the banks are stronger in different areas. But overall. Zenith Bank, Asset Bank, First Bank, GTCO and UBA remains the leading Nigerian banks as at today. With this banks customers deposits are ever secured and assured.
However, as stated earlier all commercial banks in Nigeria are safe and you should have no problem or fear having your money in any of them.
Let’s Hear From You
Let’s hear from you. What has been your experience with some of the Nigerian banks? Do you agree with our rating of the top 10 best banks in Nigeria? From your personal experience where will you rate each of the 23 commercial banks in Nigeria? Which of the other banks do you think stand a chance of joining the top 10 best banks in Nigeria soonest?
Let me here from you. The comment section is open for your inputs. And if you have any questions feel free tto drop them in te comment section. I will reply all the questions here.
Your opinion is very important to us.