With the release by FBN Holdings of its 2018 financial year result last week, the last of the anticipated 2018 financial statements of the 5 biggest Nigerian banks by shareholders funds was announced. The 5 banks (FirstBank, UBA, GTBank, Access and Zenith) goes with the acronym FUGAZ.
Comparative review of the deposit revealed that Zenith bank has the largest customer deposits of N3.69 trillion followed by FBN with N3.49 trillion and UBA with N3.35 trillion. GTBank has the lowest deposit among the FUGAZ banks with N2.27 trillion following Access bank’s N2.57 trillion.
In terms of Loans and Advances, Access bank comes top amount the 5 biggest Nigerian banks with N2.14 trillion in private sector loans. While Zenith bank followed closely with N2.02 trillion and UBA with N1.75 trillion was third. GT again has the lowest Customer loans among them following after FirstBank’s N1.68 trillion.
Deposit figures from the NBS excludes Private Sector Deposits at CBN
Total deposits in the 5 financial powerhouse, when compared with deposits in all Nigerian banks as released by the National Bureau of statistics revealed that these 5 banks controls about 70% of the total private sector deposits in Nigerian Banks. Which includes: all Commercial, Merchant, Non-Interest, Primary Mortgage Institutions and Microfinance banks in the country. And not only that, they are also responsible for 58 percent of total Loans and Advances balance in all Nigerian financial institutions.
A further review of the balance sheet of FUGAZ banks revealed that their Total Assets increased by 9.3 percent between 2017 and 2018 financial year. While Customer deposit also increased by 12.8 percent within the same period.
Customer Loans and Advances however dropped by 9 percent. While profit before tax increased by 13.7 percent between 2017 and 2018 financial year end.