“Top Nigerian Banks Witness 66% Surge in Customer Deposits Despite Economic Challenges”

Date:

At the close of December 2023, customer deposits in leading deposit money banks soared to N76.04 trillion, marking a significant 66 percent increase from N45.81 trillion recorded in December 2022. Despite the prevailing inflationary trends and other economic hurdles in the country, this surge underscores a remarkable growth in confidence within the banking sector.

Thank you for reading this post, don't forget to subscribe!

The banks driving this surge include Zenith Bank Plc, Access Bank Plc, FBN Holdings Plc, United Bank for Africa (UBA) Plc, Guaranty Trust Holding Company (GTCo) Plc, Fidelity Bank Plc, and Wema Bank Plc, alongside Sterling Bank Plc, Stanbic IBTC Holdings Plc, and FCMB Group Plc.

Analysis of financial statements for the full year 2023 reveals UBA leading the growth trajectory with a staggering 90.3 percent surge to N14.89 trillion, followed closely by Zenith Bank Plc with a 69 percent increase to N15.17 trillion. Access Bank secured the third spot with a 65.6 percent growth, reaching N15.32 trillion, while Stanbic IBTC Holdings Plc and GTBank followed suit with 65.5 percent and 65.2 percent increases respectively.

Notable growth was also observed in Wema Bank, FCMB Group, Fidelity Bank Plc, FBN Holdings Plc, and Sterling Bank Plc, showcasing an optimistic trend amidst economic challenges. David Adonri, Vice Chairman of Highcap Securities, attributes this growth to enhanced confidence in the banking sector, fueled by the resolution of cash scarcity issues and substantial increases in FAAC Allocations, potentially driven by deposits from sub-national governments.


Discover more from Naija247news

Subscribe to get the latest posts to your email.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

Share post:

Subscribe

Popular

More like this
Related

House Of Reps Urge FG, Army To Re-open Banex Plaza

May 23, 2024. Azonuchechi Chukwu. The House of Representatives on Thursday...

Diesel Prices in Nigeria Surge by 68.01% Year-on-Year, Reaching N1,415.06 per Litre in April 2024

The National Bureau of Statistics (NBS) released its latest...

Kanayo O. Kanayo fumes over ‘money rituals’ ban in Nollywood

May 23, 2024. Azonuchechi Chukwu. Veteran Nollywood actor, Kanayo O. Kanayo...

U.S Backed Kenya-Haiti Deployment Faces Equipment Shortages As Criticism Mounts

Kenya-Haiti Deployment: A Bid to Avert Haiti's Impending...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading