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RANKING: The Largest Bank in Nigeria based on total assets – 2023

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Nigeria’s largest bank recorded a massive growth in their total assets in the first half of 2023 as they continued to grow in total assets, showcasing their resilience in a fluctuating economic landscape.

According to data from Nairalytics, nine of the largest banks recorded a total asset of N90.4 trillion 35% higher than the N67 trillion recorded at the end of 2022.

In this article, we will dive into the data to identify the largest banks in Nigeria by their total assets as of H1 2023, comparing them to their FY 2022 positions.

Nigeria’s largest bank recorded a massive growth in their total assets in the first half of 2023 as they continued to grow in total assets, showcasing their resilience in a fluctuating economic landscape.

According to data from Nairalytics, nine of the largest banks recorded a total asset of N90.4 trillion 35% higher than the N67 trillion recorded at the end of 2022.

In this article, we will dive into the data to identify the largest banks in Nigeria by their total assets as of H1 2023, comparing them to their FY 2022 positions.

Methodology

The comparison is based on the reported total assets in Nigerian Naira for the first half of 2023 and the full year of 2022. The banks are listed in ascending order to provide an easier and more intuitive understanding of their sizes relative to each other.

9. Sterling Bank
Total Assets 2022 FY: N1,857,992 million
Total Assets 2023 H1: 2,290,178 million

Sterling Bank starts our list, witnessing an increase in assets by around 23.2%. Despite being the smallest on this list, Sterling is showing consistent growth and stability.

8. FCMB (First City Monument Bank)
Total Assets 2022 FY: N2,983,053 million
Total Assets 2023 H1: N3,720,080 million

FCMB ranks eighth, with an increase of approximately 24.7% in its total assets. The bank continues to serve its customers effectively while focusing on business diversification.

7. Stanbic IBTC
Total Assets 2022 FY: N3,029,026 million
Total Assets 2023 H1: N4,451,179 million

Stanbic IBTC has risen by a robust 47% in total assets since the end of 2022. Known for its strong presence in the investment banking sector, it maintains a solid position.

6. Fidelity Bank
Total Assets 2022 FY: N3,989,009 million
Total Assets 2023 H1: N5,083,985 million

Fidelity Bank has seen a respectable growth of around 27.4%. The bank continues to focus on its corporate and retail banking services.

5. GTB (Guaranty Trust Bank)
Total Assets 2022 FY: N6,446,456 million
Total Assets 2023 H1: N8,509,893 million

GTB has grown by about 32% in the first half of 2023. The bank remains a leader in innovation and customer service.

4. UBA (United Bank for Africa)
Total Assets 2022 FY: N10,857,571 million
Total Assets 2023 H1: N15,382,382 million

UBA has shown a remarkable surge in its assets by about 41.6%, mainly attributed to its vast network across Africa and strategic investments.

3. FBNH (First Bank of Nigeria Holdings)
Total Assets 2022 FY: N10,577,710 million
Total Assets 2023 H1: N14,176,772 million

FBNH increased its total assets by approximately 34%, maintaining its strong historical presence and leadership in the retail banking sector.

2. Zenith Bank
Total Assets 2022 FY: N12,285,629 million
Total Assets 2023 H1: N16,031,910 million

Zenith Bank rose by around 30.6%. Known for its corporate governance and excellent service delivery, the bank holds a strong second position.

1. Access Bank
Total Assets 2022 FY: N14,998,401 million
Total Assets 2023 H1: N20,853,270 million

Access Bank has grown its total assets by about 39% and stands at the pinnacle of this list, emphasizing its prominence in the Nigerian banking landscape.

Note: Ecobank is not included due to its pan-African status. Union Bank is also yet to release its half-year results when we went to press.

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