Zenith Bank Zooms Past Access Bank As Customer Deposits Cross N4 Trillion
First Bank is still the largest Nigerian bank by customer deposits but Zenith Bank is closing in.
Zenith Bank Nigeria Plc is now the second-largest bank in Nigeria by customer deposits crossing N4 trillion for the first time.
The bank is next only to First Bank Ltd which remains the largest by customer deposits.
Zenith Bank has also now blown past Access Bank Plc which was in second place following the 2018 merger with Diamond Bank Plc.
Nairalytics, the research arm of Nairametrics, aggregates this data by focussing only on customer deposits excluding deposits held for other banks and financial institutions. It also excludes deposits in any of the group’s subsidiaries.
Bottom Line: For several years commercial banks in Nigeria have scrambled for customer deposits seeing this as a sign of strength and domination of Nigeria’s burgeoning banking sector. However, competition is less emphasized in recent years as the top 5 banks pull away from tier 2 banks.
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