Connect with us

Business

Commercial banks record 12.6% increase in customer deposit

Published

on

Ten Nigerian banks reported an increase in customers deposits to N28.7 trillion in the first nine months of 2021.

The amount was a 12.6 percent increase when compared with N25.4 trillion deposits recorded in the corresponding period of 2020.

The findings are according to the bank’s financials submitted to the Nigerian Exchange (NGX).

The banks include Guaranty Trust Bank (GTB), United Bank for Africa, UBA, Access Bank, Zenith Bank, Fidelity Bank, Union Bank, Stanbic IBTC, Unity Bank, Wema Bank, and Sterling Bank.

Breakdown of the deposit in the first nine months shows cumulatively N12.7 trillion was in current account deposits while N8.1 trillion was in saving accounts

Also, N1.5 trillion was saved in domiciliary account deposits while N1.33 trillion was for other deposits.

Read also: CBN not happy with commercial banks over e-Naira

The bank with the highest growth in customer deposits during the period was Stanbic IBTC.

The bank recorded a 45 percent rise in customer deposits to N1.09 trillion in 2021 from N751.8 billion in 2020.

While the bank with the least growth in customer deposits was GTB whose deposit grew by 5.7 percent to N3.7 trillion in 2021 from N3.5 trillion in 2020.

Meanwhile, the impressive deposit numbers could be threatened by the finance Bill 2021 which makes it mandatory for commercial banks to demand the Tax Identification Numbers (TIN) from anyone who wishes to open an account with them.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations