The main banks of Nigeria have experienced a remarkable increase in their asset base, reaching N219.46 billion in the first nine months of 2024, before their financial statements at the end of the year. This substantial increase of almost N150 billion in the 26 commercial banks of the country in 2023 underlines the robust growth and resistance of the banking sector.
This expansion of assets highlights the force of the banking industry of Nigeria, which plays a fundamental role in the economic stability of the nation. The factors that contribute to this growth include an increase in capital tickets, improved loan strategies and continuous recapitalization efforts within the sector.
A recent classification based on the financial statements of nine months of 2024 of 10 Nigerian banks listed reveals: Ecobank transnational incorporated (eti): N44.45 billion; Access Corporation: N41.09 billion; United Bank for Africa (UBA): N31.81 billion; Zenith Bank: N30.83 billion
First Bank of Nigeria Holdings (FBNH) 27.49 billion and guarantee Trust Holding Company (GTCO): N15.62 billion. Others are: Fidelity Bank: N9.54 billion; Stanbic IBTC: N7.26 billion; First City Monument Bank (FCMB): N6.83 billion; Union Bank: N4.54 billion.
The governor of CBN, Olayemi Cardoso, recognized the resilience of the banking sector in the midst of several challenges.
According to him, “MPC members noticed with satisfaction the continuous resistance and stability of the banking system despite the winds against important exogenous and endogenous.”
In addition, the MPC member Pauline Odinkemelu expressed her confidence in the robustness of the sector, stating: “The Nigerian banking sector continues to demonstrate a remarkable resistance, maintaining strong indicators of financial solidity despite the prevailing economic challenges.”
Proshare Research analysts believe that investors are closely monitoring these top -level financial institutions to evaluate their ability to maintain or overcome these impressive figures. With continuous bank recapitalization efforts, greater growth is anticipated, which can improve the capacity of the sector to support economic expansion.
As the sector prepares for financial reports throughout the year, the continuous expansion of assets reflects a solid and evolving bank industry to the list of greater financial inclusion, greater investments and sustained economic growth.