Check Richest Banks in Nigeria By Asset Value According to CBN.
Richest Banks in Nigeria By Asset Value: This article is about the richest banks in Nigeria by their asset valuation, according to the central bank of Nigeria (CBN).
The Nigerian banking industry is one of the most competitive and vibrant in Africa. The market has been characterized by rapid growth but also a high degree of volatility.
At present, there are over 100 banks registered in Nigeria with about 10 of these having more than five percent shareholding each. This post looks at the 10 Richest Banks in Nigeria by asset value.
It is really amazing how Nigerian banks are rapidly developing and becoming more competitive in the global market. They are doing a great job by providing cheap services for customers, not forgetting to mention how they also have extensive networks across Nigeria.
See Here: List of banks in Nigeria
Nigerian banks have extended operations beyond Nigeria, they now finance projects in other African countries. The Nigerian banking market is one of the most competitive and vibrant on the continent and now regarded as having the strongest and most stable banks in Africa.
Richest Banks in Nigeria By Asset Value According to CBN
According to Q3 2020 Financial reports of commercial banks in Nigeria, there are 10 banks in Nigeria that have the most assets or total value.
1) Ecobank Group – ₦9.3 Trillion
Ecobank Group is rated as the richest bank in Nigeria with assets of ₦69.91 billion according to the 2020 Q3 financial result. The full financial report shows that the bank holds Assets with a combined value of about $24.4 Billion which is equivalent to over ₦9.3 Trillion, and operates in as many as 33 different African countries including South Sudan and Congo Brazzaville, where its total values of properties and equipment are worth more than ₦316 Million which is about 0.003% of their total asset!
Since it was established in 1991, Ecobank expanded to become the biggest bank by assets. They received two prestigious awards last year: one from African Banker Magazines for Innovation in Financial Services and another from Euromoney Awards for Excellence recognizing their work at “driving change.”
2) Zenith Bank – ₦7.973 Trillion
Zenith Bank PLC tops the list of 10 Richest Banks in Nigeria. It is ranked as the first Nigerian bank on Bloomberg’s latest Global Top 50 banks ranking with revenue of over N600 Million recorded in 2020 and total assets worth at least N8 billion, according to Bloomberg.
The Central Bank Of Nigeria (CBN) also named Zenith Bank as one of the 10 banks with assets of over N7 billion in Nigeria. Zenith Bank was founded by Jim Ovia in 2010 with an initial capital of N20 million.
Zenith Bank’s 2020 financial result positioned her as one of the most profitable banks in Nigeria, with an equity value of over ₦1.034 Trillion (₦1,034,341,000) just ahead of GTBank and First Bank at 1st place respectively.
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