Access Takes Top Spot, Wema Ranks 11th on List of Nigeria’s Biggest Banks by Assets

• The biggest commercial banks in Nigeria have been ranked according to their asset base
• Access Bank leads the table, while Wema Bank is in the 11th position with N1 trillion assets as of the end of 2022
• A solid asset base indicates that a business has resources it can use to generate revenue and profits

The total asset value increased to N74.06 trillion by 2022, representing a 15.3% growth from N60.76 trillion in 2021.

The list is according to the financial results submitted by the banks to the Nigerian exchange.

The banks surveyed include Access Bank, Ecobank, Zenith Bank, United Bank for Africa(UBA), Guaranty Trust Holding Company(GTCO), Stanbic IBTC, First City Monument Bank (FCMB), Union Bank, Sterling Bank, and Wema Bank.

What is a bank asset?

A bank asset refers to any resource that a bank owns or controls that has economic value and is expected to provide future financial benefit.

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The asset base is an essential measure of a business's financial health and stability, as it represents the resources that can be used to generate income and cover liabilities.

This includes cash reserves, government securities, corporate bonds, loans to individuals and businesses, and property owned by the bank.

List of Nigeria's biggest banks by asset

Access Bank has the most extensive asset base among financial institutions, closely followed by Ecobank and Zenith Bank, which take second and third place, respectively.

• Access Bank - N15 trillion
• Ecobank - N13.37 trillion
• Zenith Bank - N12.29 trillion
• United Bank for Africa (UBA) - N10.86 trillion
• Guaranty Trust Holding Company (GTCO) - N6.45 trillion
• Fidelity Bank- N3.98 trillion
• Stanbic IBTC Holdings - N3.03 trillion
• First City Monument Bank (FCMB) - N2.5 trillion
• Union Bank - N2.4 trillion
• Sterling Bank - N1.4 trillion
• Wema Bank - N1 trillion

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Fidelity targets 5 banks across Africa

In another report, Fidelity Bank was considering the acquisition of five commercial banks across the continent.

The move came on the heels of the bank's recent acquisition in the United Kingdom.

Fidelity is currently the sixth-largest lender in Nigeria with assets worth almost N4 trillion.

Source: Legit.ng