Top 10 Nigerian Banks With Highest Customers’ Deposits

GTCO, Zenith Bank, Seven Others Lose Revenue Market Share, As Industry Generates N3.14 trillion

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Guaranty Trust Holding Company (GTCO), Zenith Bank and five other banks lost their revenue market share in the financial industry in the First Half (H1) of 2022, amid competition from Wema Bank and Access Holdings.

Prime Business Africa analysed the financial statements of 13 Nigerian commercial banks in the first six months of this year, with the lenders posting a total of N3.14 trillion, which is 22.6% growth above the N2.56 trillion generated in H1 2021. 

Nigerian banks with highest market share by revenue 

  • Access Bank (18.83%)
  • Ecobank (16.03)
  • Zenith Bank (12.88%)
  • United Bank for Africa (11.84%)
  • First Bank of Nigeria (11.52)

Nigerian banks with lowest market share by revenue 

  • Unity Bank (0.88%)
  • Wema Bank (1.92%)
  • Sterling Bank (2.49%)
  • Union Bank (2.79%)
  • First City Monument Bank (4.26%) 

Companies that grew revenue market share in H1 2022

Access Bank

  • Access Bank accounts for the largest revenue market share in H1 this year with 18.83%, rising above the 17.57% the firm accounted for in the first half of 2021.
  • This comes after Access Bank grew its revenue by 31.42% year-on-year, from the N450.30 billion it generated in H1 2021, to N591.80 billion the firm grossed same period this year. 

Wema Bank

  • Wema Bank also managed to grow its share of the industry’s revenue to 1.92% in the first half of this year, rising from the 1.61% the creditor held in the first half of 2021.
  • Prime Business Africa learnt that Wema Bank’s share grew in line with the gross earnings of N60.29 billion recorded in H1 2022, surpassing the N41.33 billion the firm generated a year before. 
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Fidelity Bank

  • Fidelity Bank also featured on the list of firms that grew their market share during the period in review, accounting for 4.93% this year’s first half, above the 4.38% held in H1 2021.
  • This was driven by the firm’s 37.88% growth in revenue, which was N154.84 billion for the year ended June 2022, above the N112.30 billion Fidelity Bank grossed same period last year. 

FBN Holdings

  • FBN Holdings reported a slight rise in its revenue market share, having accounted for 11.50% in the first half of last year, but ended the period this year with 11.52%.
  • The slight growth was on the back of FBN Holdings generating N361.90 billion in H1 this year, which is 22.80% growth when compared to the N294.70 billion grossed in the same period of 2021.

Stanbic IBTC

  • Stanbic IBTC completed the list after its share of the market’s earnings grew to 4.26% in the period under review this year, surpassing the 3.62% recorded by the firm a year before.
  • It managed to grow its share after a boom in the company’s gross earnings, which closed H1 2022 with N133.70 billion, recording 43.93% year-on-year growth, having generated N92.89 billion in revenue last year.

Companies that dropped in revenue market share in H1 2022

Findings showed that despite their revenue growing during the period in review, Zenith Bank, GTCO, Ecobank, Sterling Bank, Union Bank, United Bank for Africa (UBA), and Unity Bank lost part of their market share. 

Zenith Bank

  • During the review period, Zenith Bank’s market share fell to 12.88% between January to June, below the 13.48% it held in H1 2021, despite growing its earnings by 17.13%.
  • Zenith Bank’s turnover had risen from N345.55 billion recorded in the first half of last year, to the N404.76 billion generated in the first six months of this year. 
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  • GTCO also recorded a decline in its share of the market’s revenue, as it depreciated to 7.62% at the year ended June 2022, falling short of the 8.11% the firm accounted for during the corresponding period of 2021. 
  • It was gathered that Guaranty Trust’s market share fell on the back of a 15.09% increase in the lender’s gross earnings, which closed H1 2022 at N239.28 billion, above the N207.91 billion revenue of the same period last year.


  • Ecobank also suffered a decline in its revenue market share. The firm had accounted for 17.15% of the industry’s total revenue in H1 2021, however, this fell to 16.03% this year.
  • The firm’s share fell regardless of the company generating N503.63 billion in revenue between January to June this year, which is 14.59% higher than the N439.49 billion it grossed in H1 2021. 

Union Bank

  • Union Bank also joined the list after its market share in the revenue segment dipped from the 3.04% it accounted for in H1 last year, to 2.79% in the same period this year.
  • The lender had also grew its revenue in the first half of 2022 after generating N87.72 billion, surpassing the N77.79 billion Union Bank recorded during the corresponding period. 

Sterling Bank

  • Sterling Bank revenue market share fell to 2.49% in the first half of this year, below the 2.62% the firm recorded in H1 last year, according to analysis of the bank’s financials.
  • Analysis showed that Sterling Bank’s hold in the industry fell despite the company recording 16.53% year-on-year growth in its gross earnings, which rose to N78.38 billion, against the N67.26 billion of H1 2021. 
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  • UBA accounted for 11.84% of the industry’s revenue market share in H1 2022, falling below the 12.30% share it held during the same period last year.
  • This is despite UBA reporting its gross earnings increased by 17.99% in the first half of this year, having generated N372.04 billion, surpassing the N315.32 billion it recorded a year before. 

Unity Bank

  • Unity Bank also followed the same path with the aforementioned companies, as its share of the market’s revenue was down to 0.88% in H1 2022, in contrast to the 0.92% it accounted in 2021.
  • Unity Bank lost its market share despite posting 16.94% growth in its revenue, which increased from the N23.60 billion generated in the first six months of 2021, to N27.60 billion recorded in the same period of 2022.
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