Following their expansion in Nigeria and other parts of the globe, a total of nine Deposit Money Banks (DMBs) declared N186.3 trillion total assets in 2024, data collected by THISDAY from their audited results and accounts revealed.
The reported N186.3 trillion total assets in 2024 represents an increase of 53 per cent from the N121.37 trillion declared in 2023.
Ecobank Transnational Incorporated (ETI), followed by Access Holdings Plc, and United Bank for Africa Plc (UBA), led the chart with the largest total assets in the 2024 financial year.
Other DMBs investigated by THISDAY are: Zenith Bank Plc, FCMB Group Plc, Guaranty Trust Holding Company Plc (GTCO), Fidelity Bank Plc, Wema Bank Plc, and Stanbic IBTC Holdings Plc.
In the period under review, ETI declared N43.3 trillion total assets in 2024, about 67per cent increase over the N25.9 trillion declared in 2023, while Access Holdings Plc announced N41.5 trillion total assets in 2024, representing an increase of 55.5 per cent when compared to the N26.7 trillion declared in 2023.
In addition to the top three DMBs, UBA’s total assets hit N30.3 trillion in 2024, a growth of 46.8 per cent from the N20.65 trillion posted in 2023.
The three DMBs in 2024 saw a significant growth in deposits from customers that impacted on total assets.
Deposits from customers contributed about 47.2 per cent in ETI’s total assets in 2024 from 73.4per cent in 2023, while Access Holdings saw contribution of deposits from customers on total assets dropping to 54.3 per cent in 2024 from 57.4per cent in 2023.
In addition, the proportion of deposits from customers/ total assets of UBA stood at 81.3per cent in 2024 from the 84per cent in 2023.
THISDAY gathered that branch expansion, among others, also contributed to these nine banks’ total assets in 2024, as Access Holdings, UBA expanded to markets in Asia, Europe and some locations in Africa.
Access Holdings stated that it was focused on delivering sustainable returns to shareholders while reinvesting in innovation, infrastructure, and cross-border expansion.
“Its banking subsidiary launched operations in Hong Kong, received regulatory approval in Malta, and successfully integrated its operations in Zambia and Tanzania, expanding its global footprint,” Access Holdings stated in a statement.
The Group Managing Director/Chief Executive Officer, UBA, Mr. Oliver Alawuba in a statement stated that, “With total deposit increasing by 42.03 per cent from N17.4 trillion in 2023 to N24.7 trillion and total assets hitting N30.4 trillion from N20.7 trillion, the just released results reflect broad-based growth across all core businesses and were achieved despite prevailing macroeconomic challenges, geopolitical uncertainties, and exchange rate volatilities.”
The GMD added: “We will continue to grow, as we further explore strategic markets that align with our overall vision. We are currently upgrading our business scope and authorisation in France, and considering other viable markets in the short to medium term.”
Furthermore, Zenith Bank declared N29.96 trillion total assets in 2024, about 47 per cent increase over N20.4trillion in 2023, while GTCO posted N14.8trillion total assets in 2024, representing an increase of 53 per cent from N9.69trillion declared in 2023.
GTCO in a presentation to analysts and investors said, “Total assets up 52.7 per cent, largely driven by 12.3 per cent and 68 per cent growth in loan book and investment securities, respectively.
“The asset base is well diversified and well-structured across all business verticals with loans accounting for 18.8 per cent, investment securities -29.2 per cent, cash & cash equivalent -31.6 per cent, a testament to the Group’s strong liquidity position and robust earnings capacity.”
Fidelity Bank announced N8.82 trillion total assets in 2024, up by 41.5 per cent from the N6.2 trillion in 2023, as FCMB Group closed 2024 with a total asset of N7.05trillion, an increase of 59 per cent from N4.42 trillion in 2023.
In addition, Stanbic IBTC Holdings delivered N6.91 trillion total assets in 2024, about 34 per cent increase over N5.1 trillion in 2023, while Wema Bank declared N3.59trillion total assets in 2024, a growth of 59.8 percent from N2.25trillion declared in 2023.
Commenting, the vice President, Highcap Securities, Mr. David Adnori said, “The substantial N186.3trillion total assets by the nine commercial banks in 2024 underscores the banking sector’s robust growth and resilience.
“This asset expansion highlights the strength of Nigeria’s banking industry, which plays a pivotal role in Nigeria’s, and other regions’ economic stability.
“Factors contributing to this growth include increased capital inflows, enhanced lending strategies, and ongoing recapitalisation efforts within the sector.”
Kayode Tokede
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