Connect with us

Business

UBA Leads Others As Nine Banks Deposit Hits N30.81trn

Published

on

uba 22
Kindly Share This

The United Bank for Africa Plc emerged as the biggest bank by customer deposits as total customer deposits in nine Nigerian banks increased to N30.81tn at the end of the first quarter of 2021 from N29.73tn in December 2020, their unaudited financial statements show.

UBA emerged the biggest as its deposits rose to N5.79tn from N5.68tn in December.

Access Bank Plc grew its customer deposits to N5.68tn in March from N5.59tn at the end of last year, while that of Zenith Bank Plc increased to N5.67tn from N5.34tn.

FBN Holdings Plc, the holding company of First Bank of Nigeria Limited, had customer deposits of N5.09tn as of March 31, up from N4.89tn at the end of 2020.

Customer deposits in Guaranty Trust Bank Plc increased to N3.60tn in March 2021 from N3.51tn in December 2020 while that of Fidelity Bank Plc rose to N1.75tn from N1.69tn.

FCMB Group Plc grew its customer deposits to N1.32tn from N1.26tn while deposits in Sterling Bank Plc increased to N1.04tn from N950.84bn.

Customer deposits in Stanbic IBTC Holdings Plc rose to N866.97bn from N819.94bn.

Union Bank of Nigeria Plc, Wema Bank Plc and Unity Bank Plc saw their customer deposits decline to N1.12tn, N795.54bn and N348.35bn in March from N1.13tn, N804.87bn and N356.62bn respectively in December 2020.

“The banking industry is grappling with competitive rivalry within the industry as hungry players like Access, Zenith and GT are adopting ruthless strategies to expand market share domestically and across Africa, on the one hand, whilst simultaneously defending itself from cannibalistic competitor moves by the Telco’s and their surrogates – the fintech,” the Financial Derivatives Company Limited said in a new report.

A global credit rating agency, Moody’s Investors Service, said in March that the outlook for Nigeria’s banking system remained negative, reflecting expectations of rising asset risk and weakening government support capacity over the next 12 to 18 months.

“Nigerian banks’ loan quality will weaken in 2021 as coronavirus support measures implemented by the government and central bank last year, including the loan repayment holiday, are unwound,” an analyst at Moody’s, Peter Mushangwe, said.

Kindly Share This
FOR BUSSINESS ADVERT CLICK THE WHATSAPP IMAGE BELOW
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Trending