Based on the 2nd quarter revenue and assets reports, inside this write up are the 2020 richest banks in Nigeria right now by net worth.
There are over 20 banks fully licensed by the Central Bank of Nigeria to operate within the country.
This includes commercial, merchant and non-interest banks, mortgage banks, development banks, etc.
Leading to serious competition among the commercial banks. This article compiles the list of financial institutions with the highest net worth in Q2 of this year.
Which of them ranked up the top ten for the year? You may ask.
According to the results in the first quarter of this year 2020, the banks listed in this article are the richest financial institutions in Nigeria presently.
It is however not a coincidence that some of them are also among the best banks in the country today. They provide good services and reap the reward.
This list was compiled based on the total assets of each of these banks according to their Q1 and Q2 earning reports published in the month of March and June 2020.
Find out if your favourite bank made it to this list.
Rest assured that this write up will be updated from time to time to reflect new changes. So let’s get to it.
Below is a list of the top ten Nigeria’s richest banks according to their first quarter total assets for the year 2020.
Richest Banks in Nigeria 2020
- Ecobank – N8.97 Trillion Naira
- Access Bank – N7.28 Trillion Naria
- First Bank – N7.02 Trillion Naira
- United Bank for Africa – N6.4 Trillion Naira
- Zenith Bank – N4.46 Trillion Naira
- Gtbank –N4.06 Trillion Naira
- Stanbic IBTC – N2.43 Trillion Naira
- Fidelity Bank – N2.114 Trillion Naira
- Union Bank – N1.98 Trillion Naira
- First City Monument Bank – N1.89 Trillion Naira
- Total Assets: N8.97 Trillion
Based on the bank total assets in their Q1 reports which was released recently. Ecobank is officially the current richest bank in Nigeria.
The bank has been growing in assets. Last year Q1 reports shows that the bank had a total assests of N 7.84 Trillion.
The reports this year shows that the bank grew by 4%. From N 8.62 Trillion in December 2019 to N 8.97 Trillion in March 2020.
The Pan-African bank is a commercial bank in Nigeria licensed to operate in the country by CBN, Nigeria’s banking regulator.
Though the bank was founded in 1989 and has been in operations since then, it was not until it acquired Oceanic Bank in 2011 that it became very popular among Nigerians.
Ecobank is presently among the leading financial institutions across the African continent. They presently have over 1000 branches and 10,000 workers in more than 32 countries all over the continent.
2.) Access Bank Plc
- Total Assets: N7.28 Trillion
Formerly known as intercontinental institutions. Following their merger with Diamond Bank plc, the group has become the largest finance services provider within the country.
The bank has business offices in the United Kingdom and in our 8 Sub-Saharan countries which includes:
The Gambia, Rwanda, Sierra Leone and Zambia. The bank currently has over 9000 workers across its hundreds of business offices and touch points.
In March 2019 the bank’s Q1 reported their total assets to be N4.954 trillion. In December 2019 their total assest increased to N7.14 trillion.
As at March 2020 Q1 reports recorded a total asset of N7.28 trillion.
Making it the second on the list.
3.) First Bank of Nigeria Plc
- Total Assets: N7.02 Trillion
First Bank of Nigeria may be the oldest bank in the country but its still very much competing with the new generation banks in terms of delivering quality financial services to the Nigerian people.
The bank, founded in 1894, has till today maintained its status as one of the largest banks in Nigeria.
With over 700 branches and 10 million customers, First Bank is a real force to reckon with in the banking industry.
The bank has active branches in UK, United Arab Emirates, South Africa, China and several other places outside Nigeria.
Additionally, First Bank of Nigeria has one of the largest customer base in the nation (over 10 million), not forgetting that it also has over 1 million shareholders.
Due to her prowess and excellent service in the Nigerian banking sector, First Bank has received myriads of awards in times past, and this include The Banker magazine’s Best Bank In Nigeria Award, which the bank won 5 consecutive years (2011, 2012, 2013, 2014, and 2015).
The bank was also awarded the “Most Innovative Bank in Africa” in the EMEA Finance African Banking Awards 2014.
More importantly, it might interest you to know that FirstBank was the foremost Nigerian bank to reach total assets amounting to N5 trillion, and this was achieved in 2017 together with Zenith Bank Plc before Access Bank and UBA later joined them in 2019.
Another thing about First Bank is that the institution has commendable salary structure for its staffs, ranging from junior to senior banking officers (SBOs).
To start with, graduate trainees are paid a sum of #50,000 to #60,000 for the period of 4 months while Entry-level staffs receive #100,000 above salary, and also there are some top officials of the bank earning more than #500,000 on a monthly basis.
Among the bank’s innovative products and services are ussd banking, online banking and so many others.
In Q1 2019, the total assets of First Bank of Nigeria rose to N5.7 trillion. However in December 2019 it recorded a total assest of N6.20 trillion. Presently it’s total asset is 7.02 trillion Naira.
4.) United Bank for Africa
- Total Assets: N6.4 Trillion
United Bank for Africa (UBA) is one of the most popular banks in Nigeria. The bank has business offices in New York, London, and Paris and over 20 countries in Africa.
With over fifteen million customers and 1000 branches across Africa, the bank is committed to reaching every African with quality financial services.
United Bank for Africa was founded in 1949. Since it was set up, the bank has continued to lead the way in terms of innovative banking services.
Its merger with Standard Trust Bank (STB) Plc in 2005 is often ranked among the biggest mergers in the history of Nigeria’s capital markets.
The bank is also the first Nigerian bank to introduce First Cash Deposit ATMs, First Visa Dual Currency Debit Card, as well as the first Nigeria’s financial institution to launch an AI-led Virtual Banking Robot.
In addition to the above, UBA is the first Nigerian bank to introduce the Cheque Guarantee Scheme in the nation (UBACARD in 1986), and is also the foremost Nigerian-headquartered bank to reach the NGN1 trillion balance sheet size (including contingents).
Among the ban product and services are: Mobile banking, Internet banking, Wholesale banking, corporate banking, consumer banking, investment banking etc.
UBA has won so many awards, at the national level and also internationally. Following the report of last year their total assets was recorded to be N5.10 trillion in March 2019.
As at December 2019 it has risen to N5.6 trillion. However by the first quarter of this year March 2020 they reported a total asset of N6.4 trillion. Making it the 4th highest in the country for this year.
How about worker’s salaries at UBA? The bank pays considerable amount of money to its workforce, and this increases as the employees rank increases.
Entry level staffs at UBA earn an average amount of #140,000 monthly while some top ranked officials are paid in hundreds of thousands and even millions.
5.) Zenith Bank Plc
- Total Assets: N4.46 Trillion
Zenith Bank Plc is among the commercial banks duly licensed by the Central Bank of Nigeria to operate in the country.
Founded in May 1990 by Jim Ovia, the bank spread across Africa, delivering quality financial services everywhere.
The bank was launched in the 90’s, when the industry was being led by four major banks (Union Bank , First Bank , UBA and Afribank).
Among the subsidiaries of the bank are Zenith Pension Custodian, Cyberspace Networks, Zenith Bank Ghana, Zenith Bank United Kingdom etc.
Part of the things that accounted for its success in the sector is that the Bank leverage on the power of the Internet and uses it in promoting and delivering banking services to the customers.
This really gave Zenith Bank massive brand exposure and increased its customer base.
It will interest you to know that Zenith Bank is one of Nigerian banks to garner total asset above N5 trillion.
The bank achieved this milestone back in 2017 alongside First Bank of Nigeria Holdings (FBNH), and the figure has ever since then been on the increase side.
In Nigeria today, the bank has over 500 branches scattered across the country.
Also, among their numerous products are Eazy banking which comprises of their mobile app and ussd banking, person and corporates accounts etc.
The bank is widely regarded as one of the best financial institutions in the country. Based on the Q1 2020 reports the bank’s total assest is N4.46 trillion.
Making a rise of 5% as regards to the report in December 2019 stating a total assest of N4.26 trillion. However it ranked up to the second richest Nigerian bank presently.
6.) Guaranty Trust Bank
- Total Assets: N4.06 Trillion
Guaranty Trust Bank Plc was established in 1988 by the likes of Tayo Aderinokun, Fola Adeola, Femi Pedro, Gbolade Osibodu, Femi Akingbe – all of whom were in their 30s then.
It was licensed by CBN in 1990 and commercial as well as other banking services was started fully in February 1991.
GTBank has ever since then transformed into a large, innovative, and reliable financial institution.
As we speak, GTBank does not operate in Nigeria alone but has expanded its services to other countries of the world also, and this includes Cote d’Ivoire, Gambia, Ghana, Liberia, Sierra Leone, Uganda, Kenya, Rwanda, and even the United Kingdom.
Having said that, there’s no gain saying that GTBank has contributed a lot to the growth of the Nigerian banking sector.
For instance, the Bank was among the earliest Nigerian banks to introduce naira denominated Mastercard, online banking, mobile banking as well as SMS banking in Nigeria.
Being an innovative and customer-oriented bank in Nigeria, GTBank has received legions of awards from myriads of organizations, and this includes the “best bank in Africa” award which the bank won at the 2019 Euromoney Awards for Excellence held in London.
With that being said, it is equally important to let you know that GTBank isn’t just among the richest Nigerian banks but also one of the highest paying banks we have around.
IT students at GTB receives up to #45,000 monthly while Entry level staffs at GTB are paid as much as #220,000 in a month. Their senior management staffs are also paid handsomely, alongside some mouthwatering allowances and bonuses.
Guaranty Trust Bank has in recent years gained quite a lot of popularity among several Nigerians. Simply known as GTBank or GTB, the bank ranks among the top banks in country.
Due to their quality financial services and highly innovative products, many people regard them as the best bank in Nigeria.
In a recent event held in July 2019 (Euromoney Awards for Excellence) in London, Guaranty Trust Bank emerged as the “Best Bank in Africa”.
They were also awarded the “Best Bank in Nigeria” for the 9th time, setting a record.
Unlike several banks in this list, GTBank lets their actions speak for them. In 2011 they were ranked the biggest bank in Nigeria based on market capitalisation, according to a report by thisdaylive.
The bank has continued to wax stronger and stronger that it now competes with others that were here long before it came into existence.
In Q1 2019, GTBank total assets is N3.598 trillion. In December 2019 it became N3.76 trillion. In March 2020, Q1 was reported to be N4.06 trillion. the That makes them sixth on this our list.
7.) Stanbic Ibtc Bank
- Total Assets: N2.43 Trillion
Stanbic bank doesn’t make a lot of noise like several others, but their actions speak very loud for them. The bank is among the banks considered by many Nigerians as the “billionaires’ bank”, just like GTB.
The bank began operations in Nigeria in 1989 and has since then continued to be among the top banks in Nigeria.
Stanbic bank offers investment, savings, loans, credit and debit cards, financial advisory services and so much more.
Q1 report 2020, total asset is N2.43 trillion.
8.) Fidelity Bank Plc
- Total Assets: N2.114 Trillion
Fidelity Bank is one of the best commercial banks in Nigeria at the moment. Founded in 1988, the bank has gained quite a reputation for “keeping their word” in terms of delivering quality banking services.
The ban today serves over 4 million customers across the nation and beyond. They currently have over 240 business points, 775 ATMs and more than 4346 POS.
In a bid to better enhance its customers base and revenue profile, Fidelity bank acquired FSB International Bank Plc (“FSB”) and Manny Bank Plc (“Manny”) in 2005, and this single decision boosted the financial status of the bank.
To start with, the bank was ranked the 7th most capitalized bank in Nigeria, 25th most capitalized bank in Africa in 2011. It was also ranked as one of the top 1000 biggest world banks in 2013.
Not that alone, fidelity bank is again in the category of Nigeria’s most capitalized banks, with tier-one capital of nearly USD1 billion (One Billion US Dollars) and was ranked the 4th best bank in Nigeria in the retail market segment in the KPMG Banking Industry Customer Satisfaction Survey (BICSS) in 2017.
According to the vision of the bank, they are aiming to be at the top of the biggest and best financial institutions in the country soon.
The results here proves the vision of the bank: as at March 2019 total asset was N1.9 Trillion. In December it was recorded as N1.720 Trillion. In March 2020 total asset is N2.114 Trillion.
9.) Union Bank Plc
- Total Assets: 1.98 Trillion Naira
Union Bank of Nigeria is one of the country’s oldest and most reliable bans. They have been in operation in Nigeria since 1917.
The bank has its headquarters in Lagos with many of its branches scattered across the country. They also own a subsidiary, Union Bank UK, located in London, United Kingdom.
Among UBN financial services and products are ussd banking, internet banking and mobile app banking.
Right now, they have their total assets at N1.98 Trillion
10.) First City Monument Bank
- Total Assets: N1.89 Trillion
First City Monument Bank or FCMB as it is simply known, is among Nigeria’s most popular and richest banks.
The bank started operations in Nigeria in 1982. It has since then grown to compete with others that were here before it.
One thing that stands out about FCMB is their customer relationship and excellent financial services.
The bank has its headquarters in Lagos and has branches all over Nigeria. Total asset for the First quarter of the year 2020 was reported to be N1.89 trillion from N1.67 trillion in December 2019.
These are the top ten richest commercial banks in Nigeria 2020 based on the recent reports of their total assets.
When you want to talk about the wealthiest financial institutions in the country, these are the ones you should be talking about.
Yes, as you can see, these banks brings in so much money. No wonder the likes of access bank is among the highest paying in the country.
In the nearest future, we hope to see other smaller bank names appearing here.
Which of these Nigerian banks is your favorite? Do you think the ones listed here deserve their position? I’ll love to hear your opinion. Let me know in the comment section below.