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Zenith Bank Blows Past Access Bank As Customer Deposits Cross N4 Trillion

Zenith Bank Blows Past Access Bank As Customer Deposits Cross N4 Trillion. According to Wikipedia, Zenith Bank is a large financial service provider in Nigeria and Anglophone West Africa. The bank it’s licensed as a commercial bank by the CBN, the national banking regulator. It holds $16.1bn in total assets, with shareholders equity of $854m, as of December 2019.

Zenith Bank Blows Past Access Bank As Customer Deposits Cross N4 Trillion

The company was established in May 1990 and begin it’s banking operations in July 1990. At the beginning, I had a capital base of $4 million. It’s operations started during a period of government liberalization of the banking sector when CBN granted up to twenty banking licenses a year to investors. The bank’s first office was initially a residential house in Victoria island that was modified into a banking hall.

With time it experienced rapid growth, it Increased it’s capitalization to 500 million naira. The company adopted the use of the internet for marketing of financial services and to promote the use of online banking by consumers. It was also one of the earliest companies to invest in online banking.

Zenith Bank Blows Past Access Bank As Customer Deposits Cross N4 Trillion

According to Nairametrics Nairametrics. Zenith Bank Nigeria PLC is now the second-largest bank in Nigeria by customer deposits crossing N4 trillion for the first time. After the First bank, the bank is next.

Zenith bank recently blows past Access bank plc which was in second place following the 2018 merger with diamond bank plc. However, analytics, the research arm of Nairametrics, aggregates this data by focusing only on customer deposits apart from deposits held for other banks and financial institutions. It also excludes deposits in any of the group subsidiaries.

Banks Performance So Far as of on September 15th 2020

The outline of the top five banks and their performance

First Bank: The first bank remains the largest bank in Nigeria. Reports in December 2019 says First bank by deposits with N4.2 trillion customer deposits an 8.2% rise from N3.9 trillion.

Zenith Bank: zenith bank is next to the First bank. For the first time, it crosses the N4 trillion mark to close the quarter at N4 trillion. Thus, this compares to N3.4 trillion as of December 2019 representing a 17.2% rise in deposits.

Access Bank: Access was the second as at 2019 ending with N3.4 trillion moved to third place after it gained just 8.9% in new deposits to close at N3.99 trillion.

UBA: in terms of growth rising UBA performed the best. It has a growth rise of 25.3% from N2.7 trillion to N3.4 trillion.

GTB: GT Bank is the fifth with the deposit of N2.4 trillion representing a 19.5% growth from the N2 trillion deposits reported at 2019 end.

For years now commercial banks in Nigeria have scrambled for customer deposits seeing this as a sign of strength and taking over of Nigeria’s burgeoning banking sector. Moreover, in recent years competition is less emphasized as the five top banks pull out from tier two banks.

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