Buoyed by growing deposits, huge income from loans to customers, and enormous fees and commissions on transactions, four Tier-1 Deposit Money Banks (DMBs) grew their total assets to N77 trillion in 2023, a 74 per cent increase from N44.6 trillion declared in 2022.
The four DMBs are: Access Holdings Plc, United Bank for Africa Plc (UBA), Zenith bank Plc and Guaranty Trust Holding Company Plc (GTCO).
Analysis of the banks’ audited financial statements shows that Access Holdings reported the highest total assets in 2023, followed by UBA and Zenith Bank.
Access Bank reported N26.67 trillion in total assets in 2023, a 78 per cent growth from N14.99 trillion in 2022, while UBA declared N20.65 trillion in total assets in 2023, representing an increase of 90.22 per cent from N10.86 trillion declared in 2022.
As Zenith Bank declared N20.37 trillion in total assets in 2023 from N12.3 trillion in 2022, GTCO grew its total assets by 50.3 per cent to N9.69 trillion in 2023 from N6.45 trillion reported in 2022 financial year.
According to GTCO, the Group closed F2023 with Total Asset of N9.7trillion, a 50.3 per cent growth over N6.45 trillion recorded in 2022, maintaining a well-structured and diversified balance sheet across its Banking and Non-Banking Business Verticals (Payments, Pension and Funds Management).
The growth in the Group’s balance sheet was driven by an increase in the asset base of GTBank Ltd following the huge benefit from the net effect of devaluation on its FCY denominated assets and liabilities (USD to Naira at the I&E Window closed $1/N907.11 in FY-2023 vs $1/ N 461.5 in FY-2022).
“Total Assets of the Non-banking subsidiaries increased significantly by 312 per cent or N265.3billion to N350.2billion from N85.0billion in F2022, contributing 3.6 per cent to the Group’s Total Assets, up from 1.3 per cent contribution in 2022”.
In terms of deposits and loans to customers, Access Bank led others in 2023 and it is on the backdrop of the financial institution expansion across the continent.
Access Bank in 2023 reported N8.04 trillion loans & advances to customers from N5.1 trillion in 2022, while its customers deposits hits N15.3 trillion in 2023 from N9.25 trillion in 2022.
Zenith bank, trailed Access Holdings in customers’ deposit, reporting N15.2 trillion in 2023 from N8.98 trillion in 2022 and N6.6 trillion loans & advances to customers in 2023 from N4.01 trillion reported in 2022.
