This sharp uptick is being attributed to aggressive expansion strategies both within and outside Nigeria, increased customer deposits, and diversified investment portfolios. The banks in focus include Ecobank Transnational Incorporated (ETI), Access Holdings Plc, United Bank for Africa Plc (UBA), Zenith Bank Plc, Guaranty Trust Holding Company Plc (GTCO), Fidelity Bank Plc, FCMB Group Plc, Stanbic IBTC Holdings Plc, and Wema Bank Plc.
Leading the Pack
Ecobank Transnational Incorporated (ETI) led the industry with N43.3 trillion in total assets in 2024—up 67% from N25.9 trillion in 2023. Access Holdings Plc followed closely with N41.5 trillion, marking a 55.5% rise from N26.7 trillion the previous year. UBA Plc came third, posting N30.3 trillion in total assets, a 46.8% jump from N20.65 trillion in 2023.
These three banks were instrumental in driving the industry-wide growth, partly due to significant increases in customer deposits. Although there was a slight decline in the proportion of total assets made up of customer deposits compared to 2023, the absolute values still reflected strong consumer trust and banking penetration.
- ETI: 47.2% of total assets from customer deposits (down from 73.4%)
- Access Holdings: 54.3% (down from 57.4%)
- UBA: 81.3% (down from 84%)
Strategic Expansion
A key driver behind this growth has been the banks’ commitment to expanding their footprints beyond Nigeria. Access Holdings, for instance, highlighted the launch of operations in Hong Kong, new regulatory approval in Malta, and integration of operations in Zambia and Tanzania. The group says it remains focused on sustainable returns and innovation-led growth.
Access Holdings stated, “We are focused on delivering sustainable returns to shareholders while reinvesting in innovation, infrastructure, and cross-border expansion.”
UBA’s Group Managing Director/CEO, Oliver Alawuba, emphasized that the bank’s growth came despite global macroeconomic headwinds. “Total deposits grew by 42.03% from N17.4 trillion in 2023 to N24.7 trillion, and total assets increased to N30.4 trillion. This performance shows broad-based growth across all core businesses,” Alawuba said.
He added that the bank is also exploring further expansion, including upgrades in its French operations and plans to enter other strategic markets.
Broader Sector Growth
Other notable increases in total assets include:
- Zenith Bank: N29.96 trillion (47% growth from N20.4 trillion)
- GTCO: N14.8 trillion (up 53% from N9.69 trillion)
- Fidelity Bank: N8.82 trillion (41.5% rise from N6.2 trillion)
- FCMB Group: N7.05 trillion (up 59% from N4.42 trillion)
- Stanbic IBTC Holdings: N6.91 trillion (34% increase from N5.1 trillion)
- Wema Bank: N3.59 trillion (59.8% rise from N2.25 trillion)
GTCO, in a recent investor presentation, noted that its asset base is “well-diversified,” with loans accounting for 18.8%, investment securities 29.2%, and cash and cash equivalents 31.6%, underscoring the group’s strong liquidity and earning potential.
Market Perspective
Commenting on the industry’s performance, Mr. David Adnori, Vice President of Highcap Securities, stated:
“The substantial N186.3 trillion in total assets reported by these banks in 2024 underscores the sector’s resilience and growth capacity. This trajectory highlights the banking industry’s pivotal role in economic development, not just in Nigeria but across several international markets where these banks now operate.”
He added that increased capital inflows, enhanced lending strategies, and ongoing recapitalization initiatives were central to this remarkable performance.
The 2024 performance of Nigeria’s top banks paints a compelling picture of a sector on the rise—buoyed by strategic expansion, solid deposit bases, and innovative diversification strategies. As these financial institutions continue to broaden their global reach and invest in infrastructure and digital transformation, the future of Nigeria’s banking industry appears robust and poised for sustained growth.