Ranking: Five Best Performing Tier-1 Nigerian Banks In Q1 2022

Customers’ deposits in the vault of Nigerian tier-1 financial institutions, First Bank, United Bank for Africa (UBA), Guaranty Trust Bank (GTBank), Access Bank and Zenith Bank rose to N31.58 trillion as at the end of March 2022.

The five banks, known as the FUGAZ (formed from each alphabet of the lenders) recorded 6.50% growth in customers’ deposits, increasing from the N29.65 trillion held as at December 31, 2021.

A breakdown of each bank’s customers’ deposits growth, used to determine their performance for Q1 2022, showed Guaranty Trust Bank recorded the worst performance of 0.82%, while Zenith Bank saw its account holders’ funds appreciate by 12.07%, according to Prime Business Africa analysis.

At the end of Q1 2022, Zenith Bank was the best performing lender based on level of its customers’ deposits growth, followed by Access Bank (7.75%), First Bank of Nigeria (4.95%), UBA (4.46%), while GTBank is the least performing with a mere 0.82%.

Zenith Bank

Zenith Bank recorded N781.74 billion from customers deposits between January to March, reaching a total of N7.25 trillion, rising from N6.47 trillion the lender reported as at the end of December 2021.

• Within the Q1 period this year, the firm led by Ebenezer Onyeagwu, reported its Profit After Tax was N58.19 billion, surpassing the N53.06 billion PAT recorded at the end of March 2021.
• While its Net Interest Income rose to N100.53 billion in Q1 2022, from the corresponding period of 2021, when it posted N83.16 billion.

Access Bank

Access Bank, led by Managing Director, Roosevelt Ogbonna, reported its customers’ deposit rose to N7.49 trillion at the end of March 2022, after receiving N539.63 billion within three months, to rise from December 2021’s N6.95 trillion.

• During the Q1 period, Access Bank had closed with Profit After Tax of N57.39 billion, in contrast to the N52.54 billion generated in Q1 2021
• The firm reported a Net Interest Income of N87.35 billion in Q1 2021, against the N93.95 billion of Q1 last year.

First Bank of Nigeria (FBN)

First Bank customers’ deposits grew from N5.84 trillion of December 2021, to N6.13 trillion as at March 31, 2022, after its account holders deposited N289.72 billion between January to the end of the quarter under review.

• Aside from its customers funds rising, FBN recorded an hike in PAT, which rose to N32.40 billion in March 2022, against the PAT of N15.59 billion reported in March 2021.
• Its Net Interest Income at the end of first quarter 2022 is N72.79 billion, in contrast to the N52.79 billion of the corresponding Q1 2021

United Bank for Africa (UBA)

After recording over N284,55 billion added to its depositors’ funds, UBA’s customers deposit vault increased from N6.36 trillion held at the end of last year, to N6.65 trillion as at March 2022.

• Following growth in its account holders’ funds, UBA, led by Kennedy Uzoka, reported its Profit After Tax was N41.49 billion in Q1 2022, surpassing the N38.15 billion reported for Q1 2021.
• For the period of first quarter this year, UBA recorded a Net Interest Income of N84.86 billion, above the N74.39 billion of Q1 last year.

Guaranty Trust Bank (GTBank)

GTBank, led by Miriam Onasanya, recorded a poor performance when compared to its market rivals, as its customers’ deposits only grew by N32.98 billion, from December 2021’s N4.01 trillion, to N4.04 trillion at the end of Q1 2022.

• Guaranty Trust Bank’s sluggish growth was also reported in its Profit After Tax which was N43,20 billion for Q1 2022, in contrast to the N45.54 billion the firm posted for Q1 2021
• The bank recorded a Net Interest Income of N57,20 billion in the first quarter of 2022, against the N52.43 billion generated during the same period last year.

Note: The significant and slow growth in customers’ deposits provide an insight as to which banks customers are still willing to keep their money in, and account holders seem to be losing interest in GTBank.