According to data from the banks’ financials, Access Bank, Zenith, and FBN Holdings continued to be the top three banks in Nigeria based on the value of their combined assets as of the first half of 2022.
With a total asset value of N13.19 trillion as of June 2022, Access Holdings Plc is at the top of the list, up 12.5% from the N11.73 trillion reported at the year’s beginning.
Twenty-eight percent of the assets of the thirteen banks under examination were held by the financial institution, a recently reorganized holding company.
A total asset value of N10.12 trillion was declared by Zenith Bank as of June 2022, an increase of 7.1% from the N9.45 trillion reported as of December 31st, 2022. 15.9% of the banks listed on the Exchange’s total assets were held by Zenith Bank.
As of June 2022, the bank’s loan books increased to N3.49 trillion from N3.36 trillion, making it the most capitalized bank in the Nigerian stock market. Investment securities were valued at N1.48 trillion.
Third-placed FBN Holdings reported total asset valuation of N9.53 trillion as of June 2022, a rise of 6.6% from N8.93 trillion reported six months earlier.
15% of the total aggregate assets of the thirteen banks were held by First Bank’s parent firm, FBN Holdings.
The expansion of FBN’s cash and balances, loan books, and investment securities are responsible for the company’s asset growth. In the past six months, it has increased its cash and balances with the Central Bank from N1.59 trillion to N1.64 trillion.
Based on total assets, United Bank for Africa is the fourth-largest bank in Nigeria, with a value of N8.99 trillion, up 5.4% from the N8.54 trillion it had at the start of the year.
For the entire group of thirteen banks on the list, UBA accounted for 14.2% of the asset value. When the bank’s statement of financial condition was broken down further, it became clear that its cash and bank balances had increased from the N1.82 trillion recorded at the year’s commencement to N1.98 trillion.
A total asset value of N5.69 trillion was reported by Guaranty Trust Holding Company Plc (GTCO) as of June 2022, a growth of 4.6% from the N5.44 trillion recorded as of December 2021. Among the thirteen banks, GTCO accounted for 8.9% of their combined assets.
The banking behemoth, which also underwent a restructuring last year to become a holding company, saw its cash and bank holdings at the Central Bank increase to N1.04 trillion in June 2022 from N933.59 billion at the end of the previous year.
Fidelity Bank, Stanbic IBTC, FCMB, Union Bank, and Sterling Bank are among the others, with total assets of N3.69 trillion, N3.15 trillion, N2.65 trillion, and N1.81 trillion, respectively.