Total deposits of Nigerian commercial banks have increased to N136 trillion in the first quarter (Q1) of 2024 from N115 trillion recorded on December 2023, representing additional new deposits of N21 trillion.
Audited reports and regulatory filings by banks and their holding companies showed that individuals and institutions are increasingly entrusting their funds to the safekeeping and management of Nigerian banks.
Total deposits had risen by 63 per cent from about N70.5 trillion in 2022 to about N115 trillion in 2023. By the end of the first quarter, total deposits had risen from N115 trillion in December 2023 to about N136 trillion in March 2024, representing an increase of 18.3 per cent. Annualised, the first quarter performance indicated that banks might surpass their 2023 performance this year, underlining the resilience and growth that have characterised the Nigerian banking sector.
The data, provided to the Nigerian Exchange Limited ( NGX) showed impressive growth across all tiers of banks, with the middle tier and newly established banks competing well with the first-generation and largest banks.
Banks generally have seen sustained growths in deposits, despite the macroeconomic headwinds including key changes in fiscal and monetary directions.
A breakdown of deposits in the banking sector indicated that Zenith Bank’s total deposit, which had risen by 69 per cent from N8.98 trillion in 2022 to N15.17 trillion in 2023, closed March 2024 at N16.78 trillion.
FCMB Group has grown deposits steadily from N2.07 trillion in 2022 to N3.4 trillion in 2023 and N3.7 trillion in the first quarter of 2024. Premium Trust Bank, a national commercial bank which commenced operations in April 2022, grew its deposit base by 382 per cent from N55 billion in December 2022 to N265 billion in December 2023. It closed the first quarter of 2024 at N309 billion.
Also, Fidelity Bank deposits had risen steadily from N2.58 trillion in 2022 to N4.02 trillion in 2023 and closed first quarter of 2024 at N4.71 trillion.
United Bank for Africa (UBA) deposits have grown from N10.86 trillion in 2022 to N14.9 trillion in 2023 and closed in March 2024 at N18.4 trillion.
Access Holdings had seen a quantum jump from N11.3 trillion in 2022 to N19.8 trillion in 2023 and N24.7 trillion in March 2024. Sterling Holding Financial Company crossed the N2 trillion mark to N2.15 trillion in the first quarter of 2024, from N1.4 trillion and N1.8 trillion in 2022 and 2023 respectively.
Guaranty Trust Holding Company (GTCO) has doubled its deposits since 2022, rising from N4.6 trillion in 2022 to N7.55 trillion and N9.2 trillion in 2023 and the first quarter of 2024 respectively.(Guardian)
