What are the best and Biggest Banks in Nigeria?

Nigeria’s leading bank experienced significant growth in total assets during the first half of 2023, demonstrating its ability to thrive in a volatile economic environment. 

Recent data from Nairalytics revealed that the country’s nine largest banks collectively reported a total asset of N90.4 trillion, a 35% increase from the N67 trillion recorded in 2022.

In this article, we’ll examine the data to identify Nigeria’s top banks based on their total assets in H1 2023, comparing them to their positions in FY 2022. 

Our methodology involves comparing the banks’ reported total assets in Nigerian Naira for H1 2023 and FY 2022. 

We’ve listed the banks in ascending order to provide a clearer understanding of their relative sizes. 

Best and Biggest Bank in Nigeria Ranking Factors.

When it comes to the banking industry in Nigeria, there are numerous banks, both local and international, that are competing for customers’ trust and investment. However, some banks stand out from the crowd due to their excellent service, strong financial performance, and robust customer base. In this article, we will highlight the best and biggest banks in Nigeria, based on some ranking factors.

1. Asset Base: The size of a bank’s assets indicates its financial strength and capacity to withstand economic shocks. The biggest banks in Nigeria, by this metric, include Zenith Bank, Guaranty Trust Bank (GTBank), and First Bank of Nigeria. Zenith Bank, with total assets of N7.973 trillion as of December 2022, tops the list of the country’s largest banks, followed by GTBank with N3.76 trillion, and First Bank with N6.131 trillion.

2. Profitability: Another critical ranking factor is a bank’s profitability. The most profitable banks in Nigeria include GTBank, Zenith Bank, and Access Bank, with GTBank taking the lead according to their published financial statements. For instance, GTBank’s Profit Before Tax (PBT) for the half-year ended June 2022 stood at N93.1 billion, Zenith Bank at N106.1 billion, and Access Bank at N86.9 billion. We believe that this makes them the most sought-after banks in the country.

3. Customer Base: The more customers a bank has, the more reliable and reputable it is perceived to be. GTBank emerged as the bank with the largest customer base in Nigeria, followed by Zenith Bank and Access Bank. GTBank has over 20 million customers across Africa, with a footprint in Ghana, Côte d’Ivoire, The Gambia, Kenya, Liberia, Rwanda, Sierra Leone, Tanzania, Uganda, and the United Kingdom. Zenith Bank also boasts a large customer base in Nigeria and maintains operations in other African countries and China.

4. Technological Innovation: Technology-driven solutions and digital banking are critical requisites in modern banking. The banks leading the revolution in Nigeria are GTBank, First Bank, Access Bank, and United Bank for Africa (UBA). These banks have a robust Internet banking system that enables seamless withdrawal, bill payments, fund transfers, and online account opening.
5. Corporate Social Responsibility (CSR): Banks giving back to society and engaging in philanthropic activities earn the trust and loyalty of their customers. GTBank leads by example in CSR with its ‘Adopt-a-School Programme’, which sees the bank take responsibility for the maintenance and upgrading of public schools across the country. First Bank also complements CSR activities through its Youth Empowerment Series (YES) initiative, which provides a platform where young Nigerians can learn, develop, grow, acquire new skills, and build themselves.

What are the best and Biggest Banks in Nigeria?

When it comes to banking services in Nigeria, it can be difficult to find the right bank among the hundreds of options.

That’s why we have compiled a list of the best and biggest banks in Nigeria to help you make the right choice.

1.  First Bank of Nigeria – Established in 1894, First Bank of Nigeria is the oldest bank in Nigeria and one of the largest. With more than 750 branches nationwide, it offers a wide range of services, including personal, business, retail, and investment banking
2. Zenith Bank – Established in 1990, Zenith Bank has grown to become one of the leading banks in Nigeria.It has over 500 branches and offices located in Nigeria and other African countries. Zenith Bank was also recognized for its exceptional customer service and mobile banking app
3. GTBank – GTBank is widely known for its innovative and user-friendly services, making it one of the best banks in Nigeria.It has over 200 branches in Nigeria and other countries such as Ghana, Ivory Coast, Kenya and the United Kingdom
4. Access Bank – Access Bank is one of the largest banks in Nigeria, with over 600 branches and offices across the country and other African countries.It offers a wide range of services, including corporate banking, retail banking, and investment banking.
5. United Bank for Africa (UBA) – UBA is one of Nigeria’s largest banks with over 700 branches in Nigeria and other African countries. It offers a wide range of services such as personal banking, corporate banking, and investment banking.
6. Stanbic IBTC Bank – This bank is a subsidiary of Standard Bank, a leading African financial institution. Stanbic IBTC Bank has over 180 branches in Nigeria and offers a range of services including investment banking, asset management, pension management, and more.
7. EcoBank Nigeria – EcoBank Nigeria is a subsidiary of EcoBank Transnational Incorporated (ETI), a pan-African financial institution. It has over 600 branches in Nigeria and provides a wide range of services, including retail banking, corporate banking, and investment banking.

FAQs: What are the best and Biggest Banks in Nigeria?

1. What are the top five best and biggest Banks in Nigeria?

The top five best and biggest Banks in Nigeria are Zenith Bank, First Bank, United Bank for Africa (UBA), Guaranty Trust Bank (GTBank), and Access Bank.

2. What is the ranking of Zenith Bank among the best and biggest Banks in Nigeria?

Zenith Bank is the best and biggest Bank in Nigeria with a market capitalization of over N2 trillion.

3. What is the unique selling proposition of Guaranty Trust Bank (GTBank) among the best and biggest Banks in Nigeria?

Guaranty Trust Bank stands out among the best and biggest Banks in Nigeria as a youth-friendly bank that has made banking seamless and convenient for young Nigerians with its GTCrea8 e-savers account.

4. Is First Bank the oldest bank in Nigeria and also one of the best and biggest banks in Nigeria?

Yes, First Bank is the oldest bank in Nigeria, established in 1894, and also one of the best and biggest Banks in Nigeria. It has a market capitalization of over N2 trillion. 

Conclusion

Nigeria has a competitive banking market with several notable players vying for the top positions. The top five best and biggest Banks in Nigeria are Zenith Bank, First Bank, United Bank for Africa (UBA), Guaranty Trust Bank (GTBank), and Access Bank. Each of these banks has unique selling propositions that have helped them maintain a competitive edge in the marketplace.