Five Top Nigerian Banks with Largest Customers Deposit As GTCO, UBA Record Outstanding 2021

• The year 2021 was an outstanding one for Nigerian banks despite the economic challenges in the country
• The banks were not only able to post outstanding profits, but they also recorded an increase in customers' deposit
• Customer deposits remain one of the most competitive items in the banking sector since it is from this medium that loans are issued out and other investments are made

The total customer deposits held in five of Nigeria's largest banks topped N19.57 trillion in 2021 this is according to data obtained from financial statements.

The amount revealed is a 17.39 per cent increase compared to N3.55 trillion higher than what was reported at the end of 2020.

The banks' financials are Zenith Bank, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), First City Monument Bank (FCMB) and Stanbic IBTC Bank.

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Customers deposits by Banks

The breakdown according to New Telegraph shows Zenith Bank recorded the highest growth in customer deposits.

The Bank's total customer deposits during the period increased by 21 per cent to N6.47trillion from the N5.34trillion reported for 2020.

UBA closely followed it, which reported total customer deposits of N6.4 trillion in its audited results for the 2021 financial year compared with the N5.7 trillion the lender recorded for the previous year.

Similarly, GTCO's audited results for the 2021 financial year show that it grew its total customer deposits to N4.01 trillion last year compared with N3.51trillion in 2020.

FCMB's unaudited result for the 2021 financial year equally reveals that the Tier 2 lender's total customer deposits increased to N1.56trillion last year from N1.3 trillion in 2020.

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Likewise, Stanbic IBTC reported total customer deposits of N1.13 trillion in its unaudited result for the 2021 financial year compared with N819.94billion that the Tier 2 bank reported for the previous year.

EFCC tells nigerian banks to query their customers' sources of income

In a recent report, Nigerian banks have been urged to screen their potential customers to ensure that they are not recipients of slush funds.

EFCC boss, Abdulrasheed Bawa, tasked the banks to be more prudent and watchful when engaging new customers.

The financial institutions were also warned that where there are established cases of institutional complicity in the fraud, they will face the consequences.

Source: Legit.ng