Ecobank is now Nigeria’s largest publicly listed bank by total assets, after a 67% surge, dethroning Access Holdings in 2024

Key takeaways:

  • Ecobank Transnational Incorporated ranks first with total assets of ₦43.3 trillion, marking a 67% increase from 2023.
  • Access Holdings Plc ranked the second-largest bank in 2024, as against the first in 2023.
  • The combined assets of the top five banks amount to ₦171.6 trillion, a 55% increase from 2023.
  • These five institutions represent the largest players in Nigeria’s banking sector by total assets as of 2023 and 2024.
  • The increase in total assets of the top ten banks ranges from 34% to 67% year on year.
  • The assets of the top ten listed public banks rose by 54% in 2024.

As of 2024, Nigeria’s banking sector showcased impressive financial strength, with the top ten banks holding a combined total of over ₦212.78 trillion in assets as against ₦138.31 trillion in 2023.

Ecobank Transnational Incorporated leads with ₦43.3 trillion in total assets, displacing Access Holdings with a margin of ₦1.8 trillion. Ecobank outpaced Access Holdings in total assets in 2024 due to strong growth in customer deposits, loans, and investments, along with its wide African presence and efficient operations.

Access Holdings Plc's assets stood at ₦41.5 trillion in 2024, with a year-on-year increase of 55%. This positioned Access Holdings as the second-largest bank in Nigeria in 2024.

United Bank for Africa (UBA) and Zenith Bank occupy the third and fourth spots with ₦30.3 trillion and ₦29.96 trillion, respectively, in total assets, while First Holdco Plc rounds out the top five list with ₦26.5 trillion.

Guaranty Trust Holding Company Plc, Fidelity Bank Plc, FCMB Group Plc, Stanbic IBTC Holdings Plc, and Wema Bank Plc also made the top ten list, with year-on-year growth of 53%, 41%, 59%, 34%, and 60%, respectively.  In 2024, the top ten banks reported assets of at least ₦3.6 trillion each.

Source:

NGX

Period:

2024
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Access Bank reported the highest total salaries paid among selected Nigerian banks in 2024, reaching ₦357.6B
  • Access Bank paid the highest total salaries in 2024, amounting to ₦357.6 billion.
  • Stanbic IBTC devoted the largest share of its revenue to salaries at 9.96%, despite a much lower total salary bill than Access or FirstHoldCo.
  • Zenith Bank had one of the highest salary bills (₦137.7 billion) but spent the smallest portion of its revenue on staff at just 3.47%.
  • Wema Bank, though paying the lowest in total salaries (₦33.8 billion), had one of the highest salary-to-revenue ratios at 7.81%.
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  • The gap between total salary spend and salary-to-revenue ratios reveals more about each bank’s internal cost structure.
Access Bank consistently led in gross earnings among selected Nigerian banks, reaching N4.9T in 2024, a significant jump from N2.6T in 2023
  • Access Bank led all Nigerian banks with ₦4.9T in gross earnings in 2024, nearly doubling its 2023 performance.
  • FirstHoldCo saw a sharp rise in earnings to ₦3.2T in 2024
  • Zenith Bank grew consistently, crossing the ₦4T mark in 2024 from ₦1T in 2022, showing strong operational expansion.
  • Wema Bank, despite being the smallest, quadrupled its earnings over two years, from ₦0.1T to ₦0.4T.
  • Fidelity and FCMB nearly tripled their gross earnings between 2022 and 2024, showing rising momentum among mid-tier banks.
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Nigerian listed banks gave ₦20.97 billion to communities in 2024; Access, Zenith, UBA lead
Key Takeaways:
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  • Access Holdings Plc led the list with ₦6.74 billion, accounting for nearly 32% of total donations.
  • The top three banks (Access, Zenith, and UBA) contributed around ₦13.6 billion, or 65% of total donations.
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Key takeaways:
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  • Guaranty Trust Holding Company followed closely with ₦1.02 trillion in PAT.
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  • Ecobank, First Holdco, Fidelity Bank, and Wema Bank each recorded over 100% growth in PAT compared to 2023.
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  • The average profit after tax among Africa's top ten profitable banks reached $867 million.
  • The four most profitable banks in Africa each exceeded $1 billion in profit after tax.
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