How Zenith Bank Emerge Nigeria’s Largest Bank By Customer Deposit

If you are still in doubt how Zenith Bank Plc emerged as Nigeria’s largest bank by Customer Deposit. Here is how... In its 2017 annual report and first quarter 2018 interim report declared by the company, it reported that its total customer deposits are now a whopping N3.396 trillion as at end of March 2018. It was N3.43 trillion as at year-end December 2017.



This upsurged First Bank's position as the largest bank by Customer Deposits for decades. In its 2017 December, year-end annual report recently released, FBN Holdings, the parent company of First Bank Limited, reported a total customer deposit of N3.14 trillion only. In its first quarter ending March 31st interim report, First Bank revealed that its total customer deposits were N3.24 trillion.

In terms of total banking deposits (Customer deposits plus bank deposits) First Bank still tops the chart with a blistering N3.94 trillion. Zenith Bank did not report deposits held on behalf of other banks.

FUGAZ (which is an acronym for FBNH, UBA, GT Bank, Access Bank and Zenith Bank) is Nigeria’s Tier 1 Banks. According to the data, the banks now have a cumulative total customer deposit of N14.1 trillion.

GT Bank has the least customer deposits but has traditionally never been aggressive when it comes to mobilizing deposits.

In terms of Current deposits, Zenith Bank ranks first with an astonishing N1.8 trillion. GT Bank comes second with about N1.3 trillion, followed by UBA with N1.1 trillion. Current deposits cost banks zero in terms of interest rates and are most sought after.

Savings deposits are one of the cheapest ways of mobilizing funding and here, First Bank rules with a humongous N1 trillion out of the total of N2.7 trillion kept by the banks. UBA is next with N601 billion followed by GTBank with N506 billion.

Term (or fixed) deposits are perhaps the most expensive forms of deposits. Access Bank has the highest term deposits with over N1.29 trillion and is followed by First Bank with N1 trillion. UBA comes third with N795 trillion.

Access Bank and GTBank does not separately disclose its domiciliary account deposits so it is likely that it is included in either term, savings or current deposits.
First Bank was the only bank that separately disclosed deposits in its electronic purse accounts.