A total of five Central Bank of Nigeria (CBN) systemically important Banks (SIBs) generated N21.3 trillion in total assets, data gathered by Nigerian NewsDirect has shown.
The financial institutions include Ecobank Transnational Incorporated (ETI) Bank Plc, First Bank of Nigeria Holdings Plc (FBN Holdings), Zenith Bank Plc , Access Bank Plc and Guaranty Trust Bank Plc.
Despite severe economy challenges, the above financial institution total assets for the period under review rose by 19 per cent from N17.9 trillion in full year ended December 2015.
According to data gathered by Nigerian NewsDirect, ETI, a pan-African financial institution crossed N5 trillion threshold in total assets as at half year ended June 2016.
Key drivers of the above banks growth in total assets were driven by 49.6 per cent and 64.5 per cent increase in Loans & advances to customers and Deposits from customers respectively.
The banks under review loans & advances to customer rose by 19 per cent to N10.6 trillion as at June 2016 from N8.87 trillion as at December 2015 while Deposits from customers moved from N12 trillion as at December 2015 to N13.7 trillion as at June 2016.
According to our correspondent breakdown, Ecobank total assets rose by 28 per cent from N4.6 trillion to N5.9 trillion as at June 2016.
The financial institution that provides consistent and reliable service to over 10 million customers to about 1,265 branches, recorded 26 per cent growth in Deposits from customers in half year ended June to N3.1 trillion as against N4 trillion recorded as at December 2015.
ETI’s Loans and advances to customers also improved to N2.86 trillion, 23 per cent above N2.3 trillion recorded as at December 2015.
FBN Holdings Plc came second with N4.8 trillion total assets as at June 2016. The holdings financial institutions total assets in half year ended June 2016 rose by 26 per cent from N4.2 trillion recorded early this year.
FBN Holdings’ with over 11.9million active customer accounts and 863 business locations reported that its loans and advances to customers and Deposits from customers rose by 16 per cent and four per cent to N2.1 trillion and N3.1 trillion as at June 2016 from N1.8 trillion and N2.97 trillion as at December 2015 respectively.
Zenith Bank Plc is another financial institution that has over N4 trillion in total assets. The highly decorated information technology driven financial institution total assets in half year of this year rose by nine per cent from N4 trillion to N4.4 trillion as at June 2016.
The lender’s loans and advances to customers rose by 15 per cent from N1.99 trillion to N2.3 trillion while deposits from customers stood at N2.7 trillion as against N2.6 trillion recorded in 2015 full financial year.
Furthermore, Access Bank in its audited half year report said its total assets increased by 26 per cent to N3.3 trillion from N2.59 trillion as at December 2015.
The lender’s 28 per cent growth in loans & advances to customers from N1.4 trillion to N1.75 trillion impacted positively on its total assets.
Access bank Plc’s deposits from customers also increased by 17 per cent to N1.97 trillion from N1.68 trillion as at December 2015.
Finally, GTBank a diversified financial services company with over 235 local branches and 54 e-branches reported 16 per cent increase in total assets from N2.5 trillion to N2.9 trillion in half year audited results of 2016.
Nigeria’s most profitability bank Loans and advances to customers rose by 14 per cent from N1.37 trillion to N1.56 trillion while Deposits from customers appreciated by 23 per cent to N1.97 trillion compared with N1.6 trillion recorded as at December 2015.
As the apex banking regulatory body recently extended deadline for the implementation of higher Capital Adequacy Ratio (CAR) requirements for SIBs, Nigerian NewsDirect can report that the banks under consideration have stronger CAR, above stipulated CBN’s 16 per cent minimum CAR for SIBs.
For the half year period under review, Ecobank has 23 per cent CAR under Basel I while Zenith Bank Plc and GTBank have 19 per cent and 18.3 per cent in CAR respectively.
Similarly, Access bank has a stable capital position as CAR stood at 19.6per cent as at June 2016, well above the regulatory minimum.