Customers’ deposits in Nigeria’s leading deposit money banks witnessed a remarkable 66 percent Year-on-Year increase, soaring to N76.04 trillion by the end of December 2023 from N45.81 trillion in December 2022.
UBA led the pack with the highest growth of 90.3 percent, reaching N14.89 trillion compared to N7.83 trillion in 2022. Zenith Bank followed closely with a 69 percent increase to N15.17 trillion from N8.98 trillion, while Access Bank recorded a 65.6 percent growth to N15.32 trillion from N9.25 trillion in 2022. Stanbic IBTC Holdings and GTBank also demonstrated significant growth, with increases of 65.5 percent and 65.2 percent respectively.
Other banks such as Wema Bank, FCMB Group, Fidelity Bank, FBN Holdings, and Sterling Bank also contributed to the overall surge in customer deposits, showcasing growth rates ranging from 55.5 percent to 9.4 percent. David Adonri, Vice Chairman of Highcap Securities, attributed this growth to increased confidence in the banking sector, particularly due to the termination of cash scarcity, which had a positive ripple effect on commerce.
Source: Vanguard