In terms of total assets, UBA and Zenith Bank have joined Access Corporation in the N20 trillion club (20TC).
As of December 2023, the three financial institutions are alone with a combined asset base over N20 trillion, or around $20 billion.
With a total asset base of N26.66 trillion, Access Bank is by far the biggest financial institution in the nation.
With an asset base of over N20.65 trillion, UBA comes in second, closely followed by Zenith Bank, which also makes an impression with a total asset base of roughly N20.36 trillion.
Read Also: Access Corporation reports N612.4 billion gains, up 300% YoY
Asset base of the three largest financial institutions in Nigeria. All in the 20 Three Club category.
According to the banks’ financial statements reviewed by Nairametrics, UBA recorded the highest total assets growth, surging by a staggering 90.2% from N10.9 trillion in 2022 YE to N20.7 trillion as of 2023 Year End (YE).
Similarly, Access Corporation experienced significant growth in total assets to reach N26.7 trillion as of 2023 YE from N14.9 trillion in 2022, marking a 77.9% increase.
Likewise, Zenith Bank saw a it’s own total assets grow by 65.8%, reaching N20.4 trillion as of 2023 YE from N12.4 trillion as of 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.
Read Also: Breaking: Pre-tax earnings for Geregu Power jump by 300%.
UBA also demonstrated impressive growth, with its PAT reaching N607 billion, marking a substantial 257% YoY increase. Additionally, Zenith Bank achieved its highest-ever PAT of N679.9 billion, showcasing a remarkable 202.3% YoY growth.
The growth recorded by the three banks was largely influenced by the massive gains in forex revaluations as well as income from fx derivatives.
The banks have in recent years also led in expanding outside Nigeria to hold several operating subsidiaries outside the country. Access and UBA lead the charge when it comes to their spread outside Nigeria.
