Roughly 22 commercial banks are operating in Nigeria today. Some of these banks are crunching the numbers and can safely be said to be very successful, based on some metrics we examined in this article. The metrics used in rating the top 10 Nigerian banks profiled in this article include their total assets, net assets, customer deposits, profits after tax, return on equity and return on assets.
From all indications and based on assessments made by Corporate Finance Institute, and Nairametrics, the leading banks in Nigeria are listed hereunder
1. Zenith Bank
Recently, Zenith Bank Plc has been named the Best Commercial Bank in Nigeria, in the World Finance Banking Awards 2021. The award, which was announced in the July 2021 edition of the World Finance Magazine, was based on individual banks’ ability to adapt to a continually evolving technological environment while maintaining top-class customer relations and bolstering their financial footing. World Finance, is a leading international magazine that provides comprehensive coverage and analysis of the financial industry across the globe, international business, and the global economy. The editorial combines award-winning reportage, covering a broad range of topics from banking and insurance, to wealth management and infrastructure investment, with contributions from some of the world’s most well-respected economists and theorists, as well as consultants in government think tanks, and the World Economic Forum.
The award comes in the wake of many other awards and recognitions, received by the bank in recent times for its track record of excellent performance, and commitment to global best practices. Recall that Zenith Bank was voted Bank of the Year (Nigeria), in The Banker’s Bank of the Year Awards 2020, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, and Best Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria, in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine. The bank was also recognized as Bank of the Decade (People’s Choice), at the ThisDay Awards 2020, Retail Bank of the year at the 2020 BusinessDay Banks and Other Financial Institutions (BOFI) Awards, and Best Company in Promotion of Good Health and Well-Being, as well as Best Company in Promotion of Gender Equality and Women Empowerment at the Sustainability, Enterprise and Responsibility Awards 2020.
CBN records reveal that Zenith Bank obtained its operating license on 20th June 1990 to offer retail and SME banking, private banking, corporate and investment banking, foreign exchange, treasury, trade services, and other financial services. It became a public liability company in 2004 and was listed on the Nigerian Stock Exchange.
With a customer base of 1.6million, a staff base of 7,500, Zenith Bank operates through a network of 436 branches, 177 cash centers, 2,042 ATMs and has offices in Gambia, Ghana, China, South Africa, Sierra Leone, UK, and United Arab Emirate – Dubai to be precise. Zenith’s total assets stand at NGN8.68trillion as of March of 2021, while its Net income stands at NGN230.37billion (2020) figure. Zenith Bank has also featured severally in Forbes magazine, as one of the tops banks in Nigeria.
- 2. Access Bank Plc
According to CBN Financial Institutions record, Access bank Plc was registered on 17th January 1990, as a commercial bank in Nigeria, to offer Personal Banking, Business Banking, Commercial Banking, and Corporate and Investment Banking. In 2019, the bank merged with Diamond Bank to become a new entity. However, it retained its original name but adopted Diamond bank’s diamond-shaped logo, while retaining Access Bank’s original brand color of orange and a mixture of the two company’s colors of blue and lemon green, to reflect its new identity.
Access Bank, is currently one of the five largest banks in Nigeria in terms of assets, loans, deposits, and branch network. It is also on record that its merger with Diamond Bank on 1 April 2019, has made Access Bank the largest bank in Africa with over 600 branches nationwide and beyond. As of September 2021, Access Bank Plc had subsidiaries in 10 Sub-Saharan African countries and branches in the UK, offices in China, UAE, India, and Lebanon. The bank employees also swelled to 6,781. Access Bank Net income today stands at NGN 104.68 billion (2020) with a Total asset of NGN 9.05 trillion as of (3/2021).
- 3. Guaranty Trust Bank (GTBank)
Guaranty Trust Bank was registered on 17th January 1990 and started operations the following year offering a range of bespoke financial services, such as retail banking, corporate banking, and investment banking to its customers. It also excelled itself in online or internet banking and asset management. GTBank was the first African bank to hold its IPO on the London Stock Exchange, in 2007. Today, the staff strength of GTBank is in the neighborhood of 6,459. It also serves over 8 million customers and operates a network of branches scattered across Nigeria including e-branches – the first brand to introduce e-branches in Nigeria. GTBank also has branches in some African countries including Liberia, Ghana, etc, as well as the UK. GTBank’s assets today stand at N4.99trillion March 2021; while its net income stands at NGN 194.96 billion (2020).
- 4. First Bank of Nigeria (FBN Holdings)
First Bank of Nigeria (FBN Holdings), is one of Nigeria’s oldest banks having been established in 1894. It went public in 1970 and joined the Nigerian Stock Exchange (NSE) in 1971. FBN operates through four major Strategic Business Units (SBUs): Retail Banking, Commercial Banking, Corporate Banking, and Public Sector Banking.
The bank had established subsidiaries in many West African countries, and the United Kingdom. It has representative offices in Johannesburg, South Africa, Beijing in China, and Abu Dhabi. FBN has a staff strength of over 8,300 and oversees a network of over 818 branches, and more than 3,100 POS (ATMs). FBN has a total asset of NGN 7.84 trillion (3/2021), while its net income stood at NGN 87.99 billion (2020).
- 5. United Bank for Africa
United Bank for Africa, was founded in 1948 as the British and French Bank Limited (BFB), it is one of the oldest banks in Nigeria. It held its IPO in 1970, thus, becoming the first Nigerian bank to be listed on the Nigerian Stock Exchange (NSE). UBA offers retail, commercial, and corporate customers, as well as provides a suite of several financial products and services.
UBA has a staff strength of over 10,500 staff and serves more than 14 million customers globally. It operates a network of over 1,000 branches and more than 13,500 Touchpoints and Point of Sales terminals, and more than 1,740 ATMs across Africa. The Total assets of UBA stand at NGN 7.89 trillion as of March 2021, while its Net income stands at NGN 109.33 billion as of 2020.
- 6. Fidelity Bank
Fidelity bank was incorporated in 1987, and started banking operations in 1988, as a merchant bank. The current enlarged Fidelity Bank is a result of the merger with the former FSB International Bank Plc, and Manny Bank Plc, which happened in 2005. It became a commercial bank in 1999 and obtained its universal banking license two years later. Fidelity Bank prides itself as the bank that suits your lifestyle andprovides outstanding Online, Personal Banking, SME Banking, Corporate Investment, Agric, and Private Banking Services. In 2011, the Bank was ranked the 7th most capitalized bank in Nigeria, 25th most capitalized bank on the African continent. Following its renewed retail and digital banking drive, Fidelity Bank was ranked the 4th best bank in Nigeria, in the retail market segment in the KPMG Banking Industry Customer Satisfaction Survey (BICSS) in 2017.
As of December 2021, Fidelity Bank Plc. had its total asset estimated at over NGN 2.89 trillion. The Bank serves its 4 + million customers through its multiple distribution channels, including 250 business offices, 775 ATMs, and 4,346 POS. The Bank currently has over 400,000 diverse shareholders. It was listed on the Nigerian Stock Exchange in May 2005 and has consistently paid dividends annually in the last 12 years. According to BGL Plc, Fidelity Bank Plc had a market capitalization of over NGN37, 072,109,685.76. Fidelity Bank’s chief managing officers include Mustafa Chike-Obi (Chairman), Nneka Onyeali-Ikpe (Managing Director & Chief Executive Officer).
- 7. Union Bank of Nigeria
Union Bank was founded in 1917 as Colonial Bank. It offers services such as retail and commercial banking services to individuals, SMEs, and major corporations. Union Bank adopted its current name after it became a wholly- owned Nigerian company, to comply with the Companies and Allied Matters Act of 1990.
Union Bank has an employee strength of over 2,400 staff serving more than 4.3 million customers, across all its branches through a network of 300 sales and service centers, over 950 ATMs, and 7,000 active POS terminals. Union Bank’s total assets stand at NGN 2.16 trillion as of March 2021; while its net income stands at NGN 18.54 billion in 2020
- 8. Ecobank Nigeria
Ecobank Nigeria was founded in 1986 as a subsidiary of the pan-African banking group, Ecobank Transnational Inc. The bank offers many banking services such as retail, corporate, wholesale, and transaction banking services, it offers capital markets and investment banking services as well. Ecobank’s three major units of operation include Retail Banking, Wholesale Banking, and Treasury and Financial Institutions. It currently has a network of over 600 branches across Nigeria. Ecobank’s Total Assets stand at NGN 1.99 trillion (2019); while its Net Income stands at NGN 1.26 billion (2019).
- 9. Stanbic IBTC Bank
Stanbic IBTC Holdings also referred to as Stanbic IBTC’s financial services span Banking, Stock Brokerage, Investment Advisory, Asset Management, Ventures, Investor Services, Pension Management, Trustees, and Life Insurance businesses. A member of the Standard Bank Group, a financial services group based in South Africa, Standard Bank is Africa’s largest banking group, ranked by assets and earnings operating in 20 African countries and 13 countries outside Africa
Stanbic IBTC Holdings PLC came to being as the result of a merger between Stanbic Bank Nigeria Limited and IBTC Chartered Bank Plc, on September 24, 2007. It adopted a holding company structure in 2012 in compliance with the revised regulatory framework advised by the Central Bank of Nigeria, which required banks to either divest from non-core banking financial services or adopt a holdings company structure. Stanbic Africa Holdings Limited, on behalf of Standard Bank, tendered an offer for the acquisition of additional IBTC shares, to attain majority shares in the merged business. This resulted in Stanbic Africa Holdings Limited having a majority shareholding 50.75% up from 33.33%, as of the merger date. The business name was subsequently changed to Stanbic IBTC Holdings Plc, and the bank resumed trading on the Nigerian Stock Exchange. Stanbic is rated AAA by Fitch Rating London Interestingly too, Stanbic IBTC Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings Plc, was recognized as “Best Investment Bank in Nigeria”, at the Euromoney Awards for Excellence 2021; winning the award for the third time in four years. Stanbic IBTC has an asset base of N2.579 trillion Naira. 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.
10. First City Monument Bank (FCMB)
First City Monument Bank, is reputed in Nigeria for its impressive asset and customer base. FCMB was formed on April 20, 1982, as a merchant bank (under the name First City Merchant Bank), and rose to become a brand to reckon with in the highly competitive Nigerian banking space. Its success is traceable to good corporate governance as stipulated by Nigerian financial regulatory authority CBN, excellence in its leadership structure strict adherence to corporate governance principles. The bank boasts of an asset base of N1.89 trillion and employs more than 3000 workers attending, to the banking requirements of its 5 million customers across the nation.
