Top 10 Richest Banks in Nigeria- (2021 update)

Nigerian banks have  continued to pull their weight in the global banking industry by financing big investments deals all over the world. Here is an update on the top 10 richest bank in Nigeria for 2021.

Banks are financial establishments rendering a wide range of financial services which includes overseeing deposits, loaning, management of valuables, currency exchange, venture banking and many more.
Banking is one of the most profitable businesses in Nigeria and currently, Nigerian banks are rated as some of the financial institutions in Africa. These banks are licensed and regulated by the Central Bank of Nigeria..

These banks’ clients incorporate individual consumers, businesses, and numerous different kinds of institutional customers. Nigerian banks are regarded as one of the strongest and most reliable financial institutions.

Currently, there are 21 commercial banks in Nigeria. As in most countries of the world, Nigerian banks are not equal.
Some banks have large customer base because of their age while new generation banks are more technologically inclined with more younger people banking with them.

If you newly want to open an account in a Nigerian bank be it savings, current, or domiciliary and you are currently searching for the best banks in Nigeria that would suit your needs, then this article is here to guide you on banks to choose or consider.

Top 10 Richest Banks in Nigeria- (2021 update)

Top 10 Richest Banks in Nigeria

1. Ecobank Group – ₦9.3 Trillion

Ecobank Group surprisingly takes the title of the most wealthy and richest bank in Nigeria in terms of Asset values based on the 2020 Q3 financial result of the bank which was approved by the bank’s Board of Directors on the 25th of November, 2020.

The full financial report shows that the bank holds Assets with a combined value of about $24.4 Billion which is equivalent to over ₦9.3 Trillion. A close look at the reports also shows that the bank operates in as many as 33 different African countries including South Sudan and Congo Brazzaville, with the total values of the bank’s properties and equipment across these countries standing at over ₦316 Million, thus accounting for about 0.003% of the bank’s total asset value.
The financial report for the year ended September 30th, 2020, this indicates that the bank’s total equity after deducting the liabilities for the year wa about ₦699,341,420,250 showing that the bank managed a total liability value of over ₦860 billion for the year ended.

Last year, Ecobank walked away with two prestigious awards, .One as Africa’s Best Bank for Corporate Responsibility 2020 from the Euromoney Awards for Excellence which recognized the bank’s work in driving “change at community levels across our pan African footprint” and the other from the African Banker Magazines which awarded the bank the 2020 prize for Innovation in Financial services in Africa.

2. Zenith Bank – ₦7.973 Trillion

Zenith bank comes in second place as the bank with the second-largest asset value for the 2020 Financial year. The Banks Asset value stands at ₦7,973,265,000,000 (over 7.9 trillion). Zenith Bank is one of the most profitable banks in the country, and the 2020 financial result of the bank stays true to that title as the bank came in 1st just ahead of GT Bank and First Bank with an Equity value for the year ended standing at over ₦1.034 Trillion.
For the year ended, Zenith Bank managed a total liability value of ₦6,938,924,000,000 just behind that of Ecobank and about ₦500 billion more than that posted by the United Bank of Africa UBA.

The founder,Jim Ovia, a billionaire businessman set the bank up with just 20 million. Jim Ovia in 2010 stepped down as the CEO of the bank but remained the majority shareholder in the Bank.

3. Access Bank – ₦7.925 Trillion

Access comes third on our list which is not surprising considering that the bank reportedly boasts of about 29 million customers after its merger with Diamond bank in 2019. Access bank is one of the most famous bank mergers in Nigeria. Remember, Access Bank agreed to purchase Diamond Bank for a reported figure of about $235 million which is equivalent to about ₦89 Billion at the current Naira exchange rate.

The bank’s total asset value for the 2020 Financial Year stands at ₦7,924,720,855,000 (Seven Trillion, Nine Hundred and Twenty Four Billion, Seven Hundred and Twenty Million, Eight Hundred and Fifty-Five Thousand). This asset Value was closely matched by Liabilities which stood at just over ₦7.245 trillion, which means that the bank’s total equity for the Financial Year ended 30th September 2020, was about ₦679.463 Billion.

The bank’s total asset value from December 2019 to September 2020 increased by about 11% which is closely linked to the increase in customer deposits which was a 24% increase within the same period under review.

4. First Bank – ₦7.243 Trillion

First Bank holds the title of the first bank in Nigeria with its existence since 1894. First Bank’s Total Asset as of 30th September 2020 places the bank among the top 5 banks in Nigeria, just ahead of United Bank of Africa UBA and GT Bank. The bank’s asset value stood at ₦7.243 trillion while its total equity for the same period stood at about ₦712 billion, making it the third most profitable bank in the country within the period under review i.e (September 2019 to September 2020).

The bank also enjoyed a very strong performance Year-on-Year, with its Gross Earnings increasing by 5.1% from ₦417.9 billion to ₦439.3 billion, which was helped by the bank’s non-interest earnings which went up by as much as 50%.
The Bank currently has its footprint in 10 different countries across the globe, with 7 of these being in Africa (Nigeria, Ghana, Guinea, Senegal, DRC, Gambia, Sierra Leone) while the remaining three are spread across Asia (China) and Europe (the UK and France).

5. United Bank of Africa (UBA) – ₦7.06 Trillion

UBA claims its place in the top 5 of the wealthiest and Richest Banks in Nigeria going by the bank’s Total Asset and Net Equity for the 2020 Financial Year ended 30 September 2020. The bank’s total assets as disclosed in the Bank’s Unaudited Interim Financial Statements for the period ended 30 September 2020 stands about #7.059 trillion. For the same period, the bank’s total liabilities stood at about ₦6.404 trillion and when this is subtracted from the total asset value leaves about ₦655.327 billion as the bank’s total shareholder’s equity for the financial year ended 30 September 2020.

The bank which reportedly began operating as far back as 1949 has offices in about 20 countries across Africa as well as footprints in the USA, UK, and France.

UBA is owned by Mr Tony Elumelu, who is by far one of the most generous billionaires in the country. The entrepreneur and philanthropists run a $100 million Entrepreneurship and Business Support Grant for young entrepreneurs in Nigeria and across Africa.

6. Guaranty Trust Bank (GTB) – ₦4.574 Trillion

As expected, GT Bank also made our top 10 richest banks in Nigeria with a total asset value of about ₦4.574 Trillion. Within the period under review i.e between September 2019 and September 2020, the bank managed a total liability of about ₦3.818 trillion, which left a balance of about ₦755.549 billion as the Total Shareholder’s Equity. This result is found in the bank’s unaudited financial results as submitted to the Nigerian Stock Exchange and the London Stock Exchange.

GT Banks though didn’t really enjoy such an impressive year, as the Bank’s Gross Earning experienced a 1.9% dip when compared to the 2019 Financial Year, thus closing at ₦3.3 billion less. However, the bank’s performance showed good promise of better days, especially in the third quarter.

The Bank currently has operations in as many as 10 African countries and the United Kingdom UK, with over 12,000 strong staff strength all over.

7. Fidelity Bank – ₦2.886 Trillion

Fidelity Bank is our 7th richest bank in Nigeria with a total assets value of about ₦2.886 trillion and is one of those banks that seems to operate only within Nigeria. The bank metamorphosised from a Merchant Bank to a Commercial Bank in 1991 and later merged with two other banks (Manny Bank Plc and FSB International Bank Plc ) in 2005.

For the Financial Year ended 30 September 2020, the bank managed a total liability of about ₦2.407 Trillion, which left it with a shareholder’s equity of ₦338.793 billion for the period under review.

The bank only recently appointed a new Managing Director and CEO Mrs Nneka-Onyeali Ikpe to run the affairs of the bank starting from the 1st of January 2021.

8. Stanbic IBTC – ₦2.579 Trillion

Stanbic IBTC is one of the most trusted banks in the country which began operating in Nigeria as far back as 1989 when it held a Merchant Banking License and was then known as IBTC.They receive the Universal Banking License from the Central Bank of Nigeria in 2002 and went public three years later. The bank subsequently merged with Regent Bank PLC and Chartered Bank PLC, and also with Stanbic Bank Nigeria Limited in 2007 to become the Stanbic of today.

The bank’s total asset value for the Financial Year ended 30 September 2020 stood at about ₦2.579 Trillion. For the period under review, the bank’s unaudited Interim Consolidated Financial Statement showed that the bank managed a total liability of over ₦2.212 Trillion and realized a Total Equity of about ₦365.793 Billion.
The bank enjoyed a positive gross earner for the period under review, ranking in ₦7,129,000,000 (about 7.129 billion) more than the previous year with non-interest earnings accounting for most of the profit.

9. Union Bank – ₦2.2 Trillion

Union Bank remains one of the oldest banks in the country. The bank began operation sometime in 1917 and was then known as the Colonial Bank and Later Barclay DCO. The name Union Bank came into existence in the early 1990s when the former colonial bank became a wholly Nigerian-owned bank.

Today, the bank has grown in leaps and bounds through its over 100 years of existence and currently rank as the 9th richest Bank in Nigeria going by the banks Unaudited Financial Statements for the year ended September 30, 2020.
The bank’s total asset stood at about ₦2.2 trillion while the total shareholder’s equity for the same period stood at about ₦365.760 Billion. The bank said that it enjoyed a 6% increase in gross earnings from the previous year, closing at a good ₦6.9 billion more compared to 2019. The said its profit before tax also increased by about 2%, closing at a good ₦400 million more than the previous year.

10. First City Monumental Bank (FCMB) – ₦2.04 Trillion

The 10th richest bank is FCMB which comes in with a total asset value of more than ₦2.037trillion as revealed in the bank’s Interim Financial Statements for the financial year ended 30 September 2020.

The bank’s gross earnings increased by as much as ₦10.6 billion more than the previous year while its Profit before minimum tax and income tax increased by over ₦3 billion compared to 2019. The bank managed a total liability of about ₦1.822 trillion, which thus balanced the sheets with ₦214.832 billion as the total shareholder’s equity of deducting the liabilities.

Conclusion

Those are our top 10 richest banks in Nigeria. Ecobank remains the richest bank in Nigeria with an asset value of ₦9.3 trillion. From the bottom, we have FCMB with a total assets value of ₦2.04 trillion.

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