Access Bank secured the top spot as Nine top commercial banks in the country recorded massive growth in their total assets in the first half of 2023 despite the fluctuating economic landscape in Nigeria.
According to data gathered from the audited financial statement submitted to the Nigerian Exchange by the banks for the first half of 2023, the recorded total assets value of the top 9 banks was N90.4 trillion, 35 per cent higher than the N67 trillion recorded at the end of 2022.
Access Holdings came first in the report, recording a surge of 39 per cent. Its total assets grew to N20, 853, 270 trillion in June 2023, from N14, 998,401 trillion in December 2022, less than six months.
Zenith Bank Plc was second with a total assets growth of N16,031,910 trillion in the first half of 2023 as against the N12,285,629 recorded at the end of 2022.
The financial brand also recorded an astounding triple-digit growth of 139 per cent in gross earnings, from N404.8 billion reported in the first half of 2022 to N967.3 billion in the first half of 2023.
UBA, was next, showing a remarkable surge in its assets by about 41.6 per cent, mainly attributed to its vast network across Africa and strategic investments. Its total assets surged to N15,382,382 trillion in the first half of 2023 from the N10,857,571 trillion it recorded at the end of 2022.
United Bank for Africa’s profit after tax appreciated by 438 per cent in the first half of 2023 to N378.24bn, from N70.34bn in the corresponding period of 2022.
First Bank Nigeria Holdings Plc came fourth on the list. Its total assets rose by 34.8 per cent to N13.6 trillion as against the N10,577,710 recorded at the end of 2022.
FBN increased its total assets by approximately 34%, maintaining its strong historical presence and leadership in the retail banking sector.
Guaranty Trust Holding Company Plc’s profit before tax rose to N327.4bn in the first half of the 2023 financial period. It has grown by about 32 per cent in the first half of 2023 with total assets of N8, 509, 893 trillion in the first half of 2023 as against the N6,446,456 trillion it recorded by the end of 2022.
Fidelity Bank’s balance sheet remained strong with a 27.4 per cent growth in total assets from N3.9 trillion in December 2022 to N5.1trillion. The bank’s financial statements showed a 204.4 per cent growth in Profit Before Tax for the first half of 2023 to N76.3 billion.
Stanbic IBTC which is seventh on the list, recorded a robust 47 per cent in total assets since the end of 2022. Its total assets rose to N4,451,179 from the N3,029,026 it recorded at the end of 2022.
FCMB ranks eighth, with an increase of approximately 24.7 per cent in its total assets, growing the assets from N2,983,053 trillion in 2022 to N3,720,080 trillion in the first half of 2023.
Sterling Bank despite being the smallest on the list witnessed an increase in assets by around 23.2 per cent in the first half of 2023. The bank’s total assets increased from N1,857,992 trillion in 2022 to N2,290,178 trillion in the first half of 2023.
Sterling Bank reported its 2023 second-quarter results showing pre-tax profits grew by 44.40 per cent year on year, reaching N7.044 billion, taking its half-year pre-tax profits to N11.46 billion versus N8.62 billion in the same period last year.