The list of the biggest banks in Nigeria, contains only the publicly quoted Nigerian banks and it is based on figures from the Nigerian Stock Exchange (NSE) as presented by the banks in their half year 2019 financial reports.
The report was based on figures as presented by the banks in the quarter 2 2019 report submitted to the NSE and was not adjusted for any reason other than common sizing.
The Lome based pan-African bank, Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Nigeria is the biggest bank in Nigeria by Asset base. The bank with Asset base of over N8 trillion achieve it size as a result of its widespread presence in 36 African countries. With shareholders funds in excess of N650 billion ETI is the second largest in terms of market capitalization.
ETI was established in 1985 under a private sector initiative spearheaded by the Federation of West African Chambers of Commerce and Industry with the support of the Economic Community of West African States (ECOWAS).
Access Bank Nigeria Plc with asset base of N6.49 trillion is the second largest bank in Nigeria. The bank which was issued a banking license by the Central Bank of Nigeria (CBN) in 1988 is also the 4th most capitalized bank in Nigeria as at H1 2019. Access Bank has achieve its size through merger and acquisition of other financial institution. The latest being the merger with Diamond bank early 2019.
Zenith Bank Plc is the 3rd of the biggest banks in Nigeria in terms of asset. The bank with the vision to become the leading Nigerian, technology-driven, global financial institution was established in 1990. Zenith, with shareholders fund of N819 billion is the most capitalized bank in Nigeria as at June 2019.
FBN holdings, the oldest financial franchise in Nigeria, established in 1894 comes out 4th in asset size with asset base of N5.67 trillion. FBN has continue to be in the forefront of technological innovation and service delivery hence it continuous dominance and relevance in the Nigerian financial landscape. FBN’s N561 billion gave it the 5th position in market capitalization.
United Bank for Africa (UBA) is also another legacy banking institution in Nigeria but with pan-African outlook. The bank, established in 1949 is the 5th bank in asset size of N5.1 trillion. UBA is on a quest to build the strongest domestic and African brand with subsidiaries in 20 African countries and counting. UBA’s shareholder’s equity of N542 billion make it the 6th most capitalized bank in Nigeria.
GTBank, Nigerian Banker’s most profitable bank in Nigeria in 2018 came out 5th with Asset base of N3.59 trillion. The bank was established in 1990 and it is one of the most respected and services focused bank in Nigeria today. GTBank is the 3rd largest bank in Nigeria in terms of market capitalization