IT’S OFFICIAL: Zenith Bank now Nigeria’s largest bank by customer deposits

Zenith Bank, a Tier one bank, has displaced First Bank as the largest bank in the country in terms of its reported customer deposit.

In its first quarter results made available on the Nigerian Stock Exchange website, the bank reported that its customers deposited N3.396 trillion as against the N3.24 trillion reported by First Bank in the same period.

Before now, First Bank used to be the largest bank by the number of customers and customer deposits.

The five Tier one banks, First Bank, United Bank for Africa (UBA), Guaranty Trust Bank, Access Bank and Zenith Bank, reported a cumulative customer deposit  of N14.1 trillion.

In terms of current deposits, Zenith Bank reported N1.8 trillion — higher than any of the other four banks. GT Bank ranks second with N1.3 trillion, UBA comes in third with N1.1 trillion.

First Bank has the largest share of savings deposits of the N2.7 trillion recorded by the banks, claiming N1 trillion.

UBA lays claim to N601 billion and GT comes in third with N506 billion.

Access Bank has the largest fixed deposit at N1.29 trillion, followed closely by First Bank with N1 trillion. UBA is ranked third at N795 billion.