10 Banks With the Highest Customer Deposits in 2024 As Nigerians Save More Despite Hardship
- Nigerian commercial banks have recorded an increase in customer deposits so far in 2024 despite the economic situation
- United Bank for Africa leads the list, followed by Access Holdings, the parent company of Access Bank
- The CBN has consistently assured Nigerians that banks are safe and funds in customers' accounts are fully secured
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Total customer deposits in 10 commercial banks in Nigeria listed on the Nigerian exchange have increased to N108.50 trillion at the end of September 2024.
This is N35.03 trillion, or 47.67% increase, from N73.47 trillion reported in September 2023. The figures are captured in the third quarter report of the financial institutions submitted in the NGX.
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The banks analysed are United Bank for Africa (UBA), Access Holdings, Zenith Bank, FBN Holdings, Guaranty Trust Holding Company (GTCO), Fidelity Bank, Stanbic IBTC Holdings, Sterling Financial Holdings Company, Wema Bank, and Jaiz Bank.
Why is a bank deposit important?
Customer deposits are among the most competitive assets in the banking sector, as they serve as the primary source for issuing loans and funding other investments.
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The funds are the primary funding source for most banks and, as a result, significantly affect a bank's liquidity.
Ten banks with the highest customers' deposit
Here is the breakdown of customers' deposits in the ten banks.
United Bank for Africa (UBA)
Checks by Legit.ng show that UBA reported the highest value of deposits from customers in the nine months of 2024, with N22.97 trillion.
The amount is 54.24% or N8.08 trillion increase compared to N14.89 trillion in September 2023.
Access Holdings
Access Holdings Plc followed behind as its customer deposits grew by 45.41% from N15.32 trillion in 2023 to N22.28 trillion as of September 2024.
Zenith Bank
Zenith Bank ranked third in its customer deposits, which increased by 42.20% or N6.40 trillion to N21.57 trillion.
The amount is an improvement from N13.38 trillion reported at the end of September 2023.
FBN Holdings
Customer deposits reported by FBN Holdings hit N16.72 trillion in September 2024. A 56.84% increase of N6.06 trillion compared to N10.66 was reported in December 2023.
Guaranty Trust Holding Company (GTCO)
GTCO’s customer deposits grew by 44.14% to N10.68 trillion in the nine months of 2024. This is a N3.27 trillion increase compared to the N7.41 trillion reported in September 2023.
Other banks' customers' deposits as of September 2024 are:
Fidelity Bank
Growth: 51.52%
Increase: N2.07 trillion
Total Customer Deposits: N6.08 trillion
Stanbic IBTC Holdings
Growth: 50.29%
Increase: N1.04 trillion
Total Customer Deposits: N3.12 trillion
Sterling Financial Holdings Company
Growth: 33.42%
Increase: N615.87 billion
Total Customer Deposits: N2.46 trillion
Wema Bank
Growth: 23.20%
Increase: N431.73 billion
Total Customer Deposits: N2.29 trillion
Jaiz Bank
Growth: 44.38%
Increase: N99.62 billion
Total Customer Deposits: N324.08 billion
Access, UBA, others offer high interest on savings account
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) had released the latest savings interest rates for Nigerian banks.
The data, published on the CBN website, is part of the apex bank's commitment to transparency to guide bank customers.
Checks showed that 18 Nigerian banks now offer their customers at least 7.88% interest on their deposits.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
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Source: Legit.ng
