Nigeria’s leading banks have experienced a remarkable surge in their asset base, reaching N219.46 trillion in the first nine months of 2024, ahead of their year-end financial statements. This substantial increase from nearly N150 trillion across the country’s 26 commercial banks in 2023 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 the nation’s economic stability. Factors contributing to this growth include increased capital inflows, enhanced lending strategies, and ongoing recapitalization efforts within the sector.
A recent ranking based on nine-month 2024 financial statements of 10 listed Nigerian banks reveals: Ecobank Transnational Incorporated (ETI): N44.45 trillion; Access Corporation: N41.09 trillion; United Bank for Africa (UBA): N31.81 trillion; Zenith Bank: N30.83 trillion
First Bank of Nigeria Holdings (FBNH) 27.49 trillion and Guaranty Trust Holding Company (GTCO): N15.62 trillion. Others are: Fidelity Bank: N9.54 trillion; Stanbic IBTC: N7.26 trillion; First City Monument Bank (FCMB): N6.83 trillion; Union Bank: N4.54 trillion.
CBN Governor Olayemi Cardoso acknowledged the resilience of the banking sector amidst various challenges.
According to him, “Members of the MPC noted with satisfaction the continued resilience and stability of the banking system in spite of significant exogenous and endogenous headwinds.”
Additionally, MPC member Pauline Odinkemelu expressed confidence in the sector’s robustness, stating, “The Nigerian banking sector continues to demonstrate remarkable resilience, maintaining strong financial soundness indicators despite prevailing economic challenges.”
Analysts at Proshare Research believe investors are closely monitoring these top-tier financial institutions to assess their ability to sustain or exceed these impressive figures. With ongoing banking recapitalization efforts, further growth is anticipated, potentially enhancing the sector’s capacity to support economic expansion.
As the sector prepares for full-year financial reports, the continued asset expansion reflects a robust and evolving banking industry poised for greater financial inclusion, increased investments, and sustained economic growth.
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