UBA and Zenith Bank have joined Access Corporation in the N20 trillion club (20TC) in terms of total assets.
The three financial institutions, as of December 2023 are now the only firms with a total asset base exceeding N20 trillion, according to nairametrics.
The largest financial institution in the country is Access Bank, which has a total asset base of N26.66 trillion.
UBA follows closely as second with an asset base estimated at N20.65 trillion, while Zenith Bank also makes its mark with a total asset of about N20.36 trillion.
In the bank’s financial statements analysed, UBA recorded the highest increase in total assets of 90.2% from N10.9 trillion in 2022 to N20.7 trillion at the end of the year 2023.
Similarly, Access Corporation’s overall assets increased from N14.9 trillion in 2022 to N26.7 trillion by 2023 YE at a compound annual growth rate of 77.9%.
Zenith Bank recorded a growth of 65.8% in its total assets to N20.4 trillion at the end of 2023 compared with N12.4 trillion by 2022.
The growth witnessed in the 20TC banks reflects their strong performance in 2023. Access Corporation notably surged, with its Profit After Tax (PAT) soaring by a remarkable 300% Year-on-Year (YoY) to N612.4 billion.
The growth witnessed in the 20TC banks reflects their strong performance in 2023. Access Corporation’s profit significantly increased with its Profit After Tax (PAT) surging by a notable 300% Year-on-Year (YoY) to N612.4 billion.
UBA has also shown impressive growth, with its profits before tax increasing by 257% year on year to reach N607 billion. In addition, Zenith Bank has achieved a record level of N679.9 billion in its PAT showing an extraordinary growth rate of 202.3% year over year.
A broader trend of sustained growth in financial strength in Nigeria’s banking sector over the past 20 years has been highlighted by the collective rise of Access Bank, UBA, and Zenith Bank.
