Prime Business AfricaNPF Microfinance Bank, Fidelity Bank, Ecobank, Stanbic IBTC, and Zenith Bank made it into the best-performing banks by deposit growth in the first quarter (Q1) of 2025.
According to findings, there are 13 banks, including microfinance banks, whose financial records are made public due to them being publicly-listed companies on the Nigerian Exchange Limited (NGX) or stock market.
Join our WhatsApp ChannelOther banks aside from the aforementioned are United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), First City Monument Bank (FCMB) Group, Wema Bank, Sterling Financial Holdings Company, Access Holdings, Jaiz Bank, and First HoldCo.
However, with Jaiz Bank yet to release its Q1 2025 financial report, the remaining 12 banks hold N148.75 trillion on behalf of their customers as of Q1 2025, up by N33.71 trillion from N115.04 trillion held at the end of March 2024.
Five Best-Performing Banks In Nigeria By Deposit Growth In Q1 2025
NPF Microfinance Bank
The NPF Microfinance Bank recorded the highest increase in deposits, as it rose by 61.20 percent year-on-year to N44.98 billion in the first quarter (Q1) of 2025, compared to the N27.90 billion reached in Q1 2024.
- Following the N17.08 billion increase in deposits, NPF Microfinance Bank’s interest expense rose by 7.15 percent year-on-year, from N277,49 million to N297,34 million, while interest income grew by 56.63 percent within the same period to N3,93 billion, from N2,51 billion.
- Consequently, the company reported its net interest income grew from N2,23 billion in Q1 2024 to N3,63 billion, indicating an increase of 62.78 percent.
Fidelity Bank
Fidelity Bank was ranked second by Prime Business Africa as the lender recorded 40.22 percent growth in deposits during the review period, representing an increase of N1.89 trillion.
- Data obtained showed Fidelity Bank’s deposits grew to N6,59 trillion between January and March 2025, compared to the N4.70 trillion reported in the corresponding period last year.
- This contributed to the 28.58 percent jump Fidelity Bank recorded in its interest expense, which rose from N70.50 billion in Q1 2024 to N90.65 billion in Q1 2025.
- Also, interest income increased by 65.43 percent year-on-year from N170,13 billion to N281,46 billion, resulting in Fidelity Bank’s net interest income rising to N190.81 billion, from N99,63 billion, reflecting an increase of 91.51 percent.
Zenith Bank
In the third spot is Zenith Bank with a 35.13 percent increase in deposits, which grew to N22.68 trillion in Q1 2025, from the N16.78 trillion recorded in Q1 last year, showing an increase of N5.89 trillion.
- The number of depositors cost Zenith Bank N246.45 billion in interest expense in the first quarter of this year, compared to the interest income of N182.09 billion incurred in the same period last year.
- However, the 35.34 percent growth in interest expense is below the 71.45 percent year-on-year increase Zenith Bank reported in interest income, which grew from N488.54 billion to N837.64 billion.
- As a result, Zenith Bank’s net interest income increased from N306.45 billion in Q1 2024 to N591.19 billion in the first quarter of 2025, representing an increase of 92.91 percent.
Stanbic IBTC
Stanbic IBTC reported that its deposits increased to N3.04 trillion in the first quarter of this year, above the N2.26 trillion reached in Q1 2024, reflecting an addition of N783.74 billion.
- The 34.64 percent increase in its deposits made Stanbic IBTC the fourth on the list of best-performing banks by deposit growth.
- However, despite the increase, Stanbic IBTC’s interest expense decreased to N30,58 billion in Q1 2025, from N38.90 billion reported in Q1 2024, reflecting a drop of 21.39 percent, which was driven by a decline in interest on interbank deposits and borrowed funds.
- Although the company’s interest income rose by 55.84 percent year-on-year, from N115.80 billion to N180.47 billion, leading to a 94.91 percent increase in its net interest income that grew from N76.90 billion to N149.89 billion.
Ecobank
Prime Business Africa ranked Ecobank as the fifth best-performing bank by deposit growth after the lender recorded a 32.70 percent year-on-year increase in its deposits.
- Ecobank’s deposits increased to N33.20 trillion in the first quarter of 2025, from the N25.02 trillion recorded during the same period last year, reflecting an addition of N8.18 trillion.
- The increase contributed to the 11 percent year-on-year growth recorded in Ecobank’s interest expense, which rose to N243,19 billion, from N219,96 billion.
- Also, the financial institution saw its interest income rise by 14 percent to N694.51 billion during the reviewed period, from N608.32 billion reported in Q1 2024.
- The double-digit growth flowed into Stanbic IBTC’s net interest income, which increased by 16 percent from N388.35 billion in Q1 2024 to N451.32 billion in Q1 2025
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