This is N35.03 trillion, or 47.67% increase, from N73.47 trillion reported in September 2023. The figures are captured in the third quarter report of the financial institutions submitted in the NGX.
The banks analysed are United Bank for Africa (UBA), Access Holdings, Zenith Bank, FBN Holdings, Guaranty Trust Holding Company (GTCO), Fidelity Bank, Stanbic IBTC Holdings, Sterling Financial Holdings Company, Wema Bank, and Jaiz Bank.
Customer deposits are among the most competitive assets in the banking sector, as they serve as the primary source for issuing loans and funding other investments.
The funds are the primary funding source for most banks and, as a result, significantly affect a bank’s liquidity.
Here is the breakdown of customers’ deposits in the ten banks.
Checks by TimesNow.com.ng show that UBA reported the highest value of deposits from customers in the nine months of 2024, with N22.97 trillion.
The amount is 54.24% or N8.08 trillion increase compared to N14.89 trillion in September 2023.
Access Holdings Plc followed behind as its customer deposits grew by 45.41% from N15.32 trillion in 2023 to N22.28 trillion as of September 2024.
Zenith Bank ranked third in its customer deposits, which increased by 42.20% or N6.40 trillion to N21.57 trillion.
The amount is an improvement from N13.38 trillion reported at the end of September 2023.
Customer deposits reported by FBN Holdings hit N16.72 trillion in September 2024. A 56.84% increase of N6.06 trillion compared to N10.66 was reported in December 2023.
GTCO’s customer deposits grew by 44.14% to N10.68 trillion in the nine months of 2024. This is a N3.27 trillion increase compared to the N7.41 trillion reported in September 2023.
Other banks’ customers’ deposits as of September 2024 are:
Growth: 51.52%
Increase: N2.07 trillion
Total Customer Deposits: N6.08 trillion
Growth: 50.29%
Increase: N1.04 trillion
Total Customer Deposits: N3.12 trillion
