How 10 banks grew customers’ deposits to N49trn in 2022

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  • Access, Ecobank, Zenith, UBA, FBN, five others grew credits by over 32%
  • Compete to attract N2.7trn outside formal sector

Figures obtained from the Nigerian Exchange Group by The Point revealed that bank customer deposits by top listed banks on the NGX grew by 32.53 percent to N49 trillion in the nine-month period of 2022 from N37 trillion in the corresponding period of 2021.

Uba Group

Statistics from the NGX showed that top listed banks which include Access Holdings Plc, Ecobank Transnational Incorporated, Zenith Bank, United Bank for Africa, FBN Holdings, Guaranty Trust Holding Company Plc, Fidelity Bank Plc, FCMB Group Plc, Union Bank, and Sterling Bank reported the highest value of customer deposits in the nine-month period of 2022.

Access Holdings Plc

Access Holdings Plc reported the highest value of deposits from customers in the nine-month period of 2022 amounting to N8.19 trillion. Its customer deposits grew by 31.46 percent from N6.23 trillion in the nine-month period of 2021.

Term deposits contributed the most to the total amounting to N3.28 trillion, while savings and demand deposits amounted to N1.62 trillion respectively in the nine-month period of 2022.

Ecobank Transnational Incorporated
Ecobank’s deposits from customers amounted to N8.06 trillion in the nine-month period of 2022, a 118 percent increase from N3.69 trillion reported in the nine-month period of 2021.

The Group reported term deposits amounting to N1.53 trillion, current accounts amounting to N11.7 trillion and savings deposits amounting to N3.23 trillion in the nine-month period of 2021.

Zenith Bank Plc

The tier one bank reported a 33.11 percent rise in deposits from customers which stood at N8.04 trillion in the nine-month period of 2022 from N6.04 trillion in the nine-month period of 2021.

The growth came on the back of a 137 percent increase in term deposits to N1.09 trillion, a 22 percent increase in savings deposits to N2.81 trillion and a 26 percent increase in demand deposits to N4.13 trillion in the nine-month period of 2022.

United Bank for Africa

UBA’s customer deposits grew by 15.53 percent to N7 trillion in the nine-month period of 2022 from N6 trillion in the corresponding period of 2021.

Deposits from retail customers reported by UBA amounted to N2.66 trillion, while its deposits from corporate customers amounted to N4.36 trillion in the nine-month period of 2022.

FBN Holdings Plc

Customer deposits reported by FBN Holdings grew by 21.77 percent to N6.6 trillion in the nine-month period of 2022 from N5.42 trillion in the nine-month period of 2021.

The Group reported current deposits amounting to N2.31 trillion, savings deposits amounting to N1.93 trillion, term deposits amounting to N1.27 trillion, domiciliary deposits amounting to N1.07 trillion and electronic purse amounting to N18 billion in the nine-month period of 2022.

Guaranty Trust Holding Company Plc (GTCO)
GTCO’s customer deposits grew by 13.60 percent to N4.26 trillion in the nine-month period of 2022 from N3.75 trillion in the same period of 2021.

Its term deposits amounted to N570 billion, current deposits amounted to N2.39 trillion and savings deposits amounted to N1.3 trillion in the nine-month period of 2022.

“CBN"

Fidelity Bank Plc

Customer deposits reported by Fidelity Bank amounted to N2.29 trillion in the nine-month period of 2022, representing a 16.24 percent increase from N1.97 trillion in the nine-month period of 2021.

The Group reported demand deposits of N750 billion, savings deposits of N523 billion, term deposits of N355 billion, and domiciliary deposits of N601 billion in the nine-month period of 2022.

FCMB Group Plc

FCMB’s deposits from customers for the nine-month period of 2022 stood at N1.82 trillion, 29.08 percent up from N1.41 trillion reported in the nine-month period of 2021.

Its term deposits amounted to N537 billion, current deposits amounted to N833 billion and savings deposits amounted to N447 billion in the nine-month period of 2022.

Union Bank Plc

Union Bank reported a 19.53 percent increase in deposits from customers amounting to N1.53 trillion in the nine-month period of 2022 from N1.28 trillion in the corresponding period of 2021.

It also reported term deposits of N403 billion, structured term deposits of N212 billion, current deposits of N493 billion and savings deposits of N419 billion in the nine-month period of 2022.

Sterling Bank Plc

Sterling Bank’s customer deposits amounted to N1.25 trillion in the nine-month period of 2022, 8.70 percent up from N1.15 trillion in the nine-month period of 2021.

The bank reported current account deposits of N689 billion, savings account deposits of N215 billion, term deposits of N264 billion, and pledged deposits of N82 billion in the nine-month period of 2022.

Experts believe deposit money banks will see a significant boost in deposits on the back of the Central Bank of Nigeria’s plans to redesign, produce and circulate new series of banknotes at N100, N200, N500, and N1, 000 levels from December 15, 2022. The existing notes will cease to be legal tender on January 31, 2023.

As a result, Nigerian banks are competing to attract up to N2.7 trillion ($6 billion) that’s outside the formal sector, taking advantage of the six-week window citizens have to replace old currency notes.

Zenith Bank Plc, FBN Holdings Plcand United Bank for Africa Plc have already begun reaching out to existing and potential clients online and in-person to turn in unbanked cash.