Nigeria, Africa’s largest economy, is home to a vibrant financial sector. With a blend of traditional banking practices and innovative financial services, banks have evolved to adapt to the ever-changing demands of the market.
Interestingly, the economic sway of these banks extends beyond Nigeria’s borders, as they have been steadily expanding their operations across Africa and beyond.
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Be it through organic growth or strategic acquisitions, these financial institutions have made substantial strides in recent years.
In the heart of this economic powerhouse is a select group of financial giants, each boasting substantial asset sizes that have cemented their positions as leaders in the sector.
During the first half of 2023, they demonstrated remarkable resilience by consistently expanding their total assets amidst a volatile economic environment.
Nine of the largest banks in Nigeria recorded a total asset of N90.4 trillion, 35% higher than the N67 trillion recorded at the end of 2022.
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Here is a list of the leading banks in Nigeria based on asset size in H1 2023.
| Rank | Bank | Asset size |
|---|---|---|
| 1 | Access Bank | N20,853,270 million |
| 2 | Zenith | N16,031,910 million |
| 3 | First Bank | N14,176,772 million |
| 4 | United Bank for Africa (UBA) | N15,382,382 million |
| 5 | Guaranty Trust Bank (GTB ) | N8,509,893 million |
| 6 | Fidelity Bank | N5,083,985 million |
| 7 | Stanbic IBTC | N4,451,179 million |
| 8 | First City Monument Bank (FCMB) | N3,720,080 million |
| 9 | Sterling Bank | 2,290,178 million |
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