Nigeria’s Tier 1 banks and most systemic important financial institutions in the country also know as FUGAZ banks have increased their Deposits from Customers by N1.35 trillion in first quarter of 2020. The five banks: FirstBank, United Bank for Africa (UBA), Guarantee Trust Bank (GTBank), Access Bank and Zenith Bank currently controls over 70 percent of Customers’ Deposits and over 60 percent of Customers’ Loans in the Nigerian Financial Industry.
The deposit base of these five banks are in the twelve digits and has been growing every quarter as they remain the number one choice of bank depositors. Zenith Bank and Access Bank closed quarter 1 2020 with the highest Customers’ Deposits of the five banks with N4.46 trillion. Incidentally the 2 banks also closed quarter 4 2019 at N4.26 trillion. First Bank slightly edge UBA at N4.29 trillion while UBA closed the quarter at N4.27 trillion. GTBank closed the quarter with the lowest Customers’ Deposit at N2.77 trillion.
In absolute figures, UBA has the highest quarter on quarter (QonQ) growth with over N440 billion increase in Customer’s Deposit between December 2019 and March 2020 representing 33 percent of the total N1.35 trillion of tier 1 banFUGAZ bank Customers’ Deposits QonQ growth. Access Bank and Zenith Bank grew their Customer’s Deposit the lowest of the five banks with over N200 billion increase QonQ the two banks contributed 15 percent to the total FUGAZ banks growth.
FirstBank Customer’s Deposit increased with the second highest figure of over N270 billion QonQ representing 20 percent of the total N1.35 trillion growth. while GTBank grew its Customers’ Deposits by over N240 billion in the first quarter of year 2020 representing 18% contribution to FUGAZ Banks growth of Customers’ Deposits.
In terms of QonQ Percentage growth in tier 1 bank deposits, UBA Customers’ Deposits grew by 11 percent QonQ from N3.83 trillion in Q4 2019 to N4.27 trillion in Q1 2020, while GTBank had the second highest QonQ growth of 9% from N2.53 trillion in Q4 2019 to N2.77 trillion in Q1 2020.
FirstBank grew its Customers’ Deposit by 7 percent QonQ from N4.02 trillion in Q4 2019 to N4.29 trillion in Q1 2020 and both Zenith and Access Bank grew their Customer Deposit by 5% QonQ to both close Q1 2020 at N4.46 trillion from N4.26 trillion in Q4 2019.