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GOD WHY?INSIDE STORY OF EL-RUFAI 2027 AGENDA TO STOP TINUBUNIGERIA, SOUTH AFRICA EXEMPTED AS TRUMP PLANS TRAVEL BAN ON 43 COUNTRIESPEACE FAILS TO RETURN TO LAGOS ASSEMBLY AFTER MEETING WITH TINUBUPEACE FAILS TO RETURN TO LAGOS ASSEMBLY AFTER MEETING WITH TINUBUCRISIS AS LP SACKS 30 MEMBERSCRISIS AS LP SACKS 30 MEMBERSINSECURITY IN NORTHERN NIGERIA DUE TO POVERTY – PETER OBIFUBARA SURROUNDS HIMSELF WITH SELFISH ADVISERS – WIKEDSS ARRESTS FIVE SUSPECTED KIDNAPPERS IN ENUGUNIGERIA PROBES INTO NATASHA AKPOTI-UDUAGHAN’S PARTICIPATION AT IPUPDP GOVERNORS TAKE CONTROL OF PARTY AS DAMAGUM STEPS DOWNEL-RUFAI INVITES ATIKU, OBI, OTHERS TO JOIN SDPYOUR POLICIES WORSENED THE SITUATION – AFENIFERE TELLS TINUBUOBASANJO ACCUSES BUHARI REGIME OF MONUMENTAL CORRUPTION, MALAMI FIRES BACKSANUSI REMAINS EMIR – KANO GOVTI’M NOT A RELIGIOUS BIGOT – TINUBUENUGU GOVT MOVES MOTOR SPARE PARTS TO NEW SITEENUGU YOUTHS CAUTION WIKE OVER REMARKS AGAINST MBAHENUGU YOUTHS CAUTION WIKE OVER REMARKS AGAINST MBAHHEAT WAVE RAGESHEAT WAVE RAGESFG DENIES FRESH CLAIMS OF TARGETED KILLINGS OF CHRISTIANSMY REFORM HARD CHOICE NIGERIANS MUST FACE – TINUBU TO CATHOLIC BISHOPSCATHOLIC BISHOPS ASK TINUBU, GOVS TO HALT SPONSORSHIP OF PILGRIMAGE OVER CORRUPTIONKANO EMIRATE: APPEAL COURT STOPS SANUSI’S REINSTATEMENTNIGERIAN STUDENTS IN U.S. FACE DANGER OF DEPORTATIONBUDGET RE-PRESENTATION: RIVERS ASSEMBLY ADJOURNS SITTING INDEFINITELYEBIRA YOUTH LEADER BLAST SENATOR NATASHA, CALL HER ‘UNREPENTANT BLACKMAILER’EBIRA YOUTH LEADERS BLAST NATASHA, CALL HER ‘UNREPENTANT BLACKMAILER’EAT THE PARTY, I SHOULD HAVE BEEN EXPELLED – EL-RUFAI MOCKS APC LEADERSHIP
Thu. Mar 20th, 2025

EIGHT NIGERIAN BANKS WITH HIGHEST CUSTOMER DEPOSITS IN 2024

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EIGHT NIGERIAN BANKS WITH HIGHEST CUSTOMER DEPOSITS IN 2024

Eight Nigerian banks experienced an increase in customer deposits, which rose to N85.58 trillion in the third quarter of 2024.

The increase represents a 12.2% increase, which shows customers confidence in the banking sector

Zenith Bank led the pack with the highest customer deposits in the review period, with N21.57 trillion.

Customer deposits in eight commercial banks hit N85.58 trillion in the third quarter of 2024, representing a 12.2% increase from the N76.26 trillion recorded in the corresponding period in 2023.

The information is contained in the banks’ unaudited interim financials for the period ended September 30, which they filed with the Nigerian Exchange Limited (NGX).

Breakdown of the banks’ customer deposits

Customer deposit is the money a customer pays into a bank to secure goods or services or to make an advance payment on an order or project.

Zenith Bank recorded the highest customer de-posits at N21.57 trillion in the review period, from the N13.38 trillion recorded in Q3 2023.

The figure is a 61% increase driven by demand deposits, which rose from N7 trillion to N8 trillion.

Access Holdings followed next with N22.28 trillion in customer deposits compared to N15.32 trillion in Q3 2023, representing a 46% yearly increase.

The bank’s demand deposits stood at N9.36 trillion from N6,83 trillion in 2023.

First Bank increased to N16.72 trillion in the review period from N10.66 trillion in the same period in 2023, showing a 57% increase.

The bank’s demand deposits rose to N3.87 trillion, savings deposits reached N4.12 trillion, and term deposits spiked to N8.72 trillion.

Guaranty Trust Bank reported an N10.68 trillion increase in customer deposits under review from N7.41 trillion in the same period in 2023.

Term deposits of the bank rose from N846.09 billion to N1.46 trillion, while savings deposits rose from N3.29 trillion to N4.21 trillion.

Fidelity Bank recorded N6.08 trillion in customer deposits in the review period, relative to N4.01 trillion recorded in Q3 2023, representing a 52% increase, while term deposits rose from N75.99 billion to N309.80 billion.

Sterling Bank recorded customer deposits of N2.46 trillion in the period under review, up from the N1.84 trillion it recorded in the corresponding period in 2023.

The bank’s savings deposits rose from N1.10 trillion to N1.50 trillion, and term deposits stood at N1.23 trillion from N742.12 billion.

Its savings deposits rose from N1.10 trillion to N1.50 trillion, and term deposits increased from N742.12 to N1.23 trillion.

Stanbic IBTC’s deposits swelled to N2.46 trillion from N1.84 trillion in 2023, representing a 34% increase.

The growth was driven by current accounts, which spiked from N1.04 trillion to N1.33 trillion, and savings accounts rose from N337.25 billion to N478.22 billion.

Wema Bank experienced a 23% yearly increase in customer deposits, from N1.86 trillion in 2023 to N2.29 trillion in 2023.

Nigerian banks’ customer deposits explode in 2024

The value of customers’ bank deposits rose to N136 trillion as of March 2024.

Total bank deposits rose by 63%, from N70.5 trillion in 2022 to N115 trillion in 2023, hitting N136 trillion in March 2024, an 18.26% increase in three months.

CBN clarifies position on converting foreign currency

The Central Bank of Nigeria (CBN) had issued new rules clarifying that commercial, merchant, and non-interest banks (CMNIBs) should let holders convert their internationally tradable foreign currency (ITTC) balances in designated domiciliary accounts into the local currency, the naira, at any time, using the prevailing exchange rate.

The bank disclosed that all conversions must be fully disclosed and reported as part of the bank’s exchange rate requirements.

In February 2024, the apex bank reaffirmed that it would not coerce domiciliary account holders to convert their holdings into naira.

    • Dons Eze

    DONS EZE, PhD, Political Philosopher and Journalist of over four decades standing, worked in several newspaper houses across the country, and rose to the positions of Editor and General Manager. A UNESCO Fellow in Journalism, Dr. Dons Eze, a prolific writer and author of many books, attended several courses on Journalism and Communication in both Nigeria and overseas, including a Postgraduate Course on Journalism at Warsaw, Poland; Strategic Communication and Practical Communication Approach at RIPA International, London, the United Kingdom, among others.

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