Customers’ deposits rise to N136tn in Q1

The value of customers’ deposits in banks has risen to N136tn as of the end of the first quarter of 2024, data from the Nigerian Exchange Limited and banking industry have indicated.

In Q1 2024, the banking sector recorded an inflow of about N21tn in new deposits to push the sector’s total deposits to about N136tn, on course to surpass the 2023 financial year’s performance, which stood at N115tn.

Total deposits in the banking sector rose by 63 per cent from about N70.5tn in 2022 to about N115tn in 2023 and hit about N136tn in March 2024, representing an increase of 18.26 per cent in three months.

Regulatory filings and others made available by industry associations showed impressive growth in deposits across the tiers of the banks, with the middle tier and newly established banks competing well with the larger banks.

According to reports, Zenith Bank’s total deposit, which was up by 69 per cent from N8.98tn in 2022 to N15.17tn in 2023, stood at N16.78tn in March.

FCMB Group saw its deposits steadily rise from N2.07tn in 2022 to N3.4tn in 2023 and N3.7tn in the first quarter of 2024.

Premium Trust Bank, which commenced operations in April 2022, grew its deposit base by 382 per cent from N55bn in December 2022 to N265bn in December 2023 and improved to N309bn in Q1 2024.

Fidelity Bank’s deposits rose from N2.58tn in 2022 to N4.02tn in 2023 and closed the first quarter of 2024 at N4.71tn.

United Bank for Africa’s deposits grew from N10.86tn in 2022 to N14.9tn in 2023 and went up to N18.4tn as of March.

Access Holdings’ deposits saw a quantum jump from N11.3tn in 2022 to N19.8tn in 2023 and N24.7tn in March 2024, while Sterling Holding Financial Company crossed the N2tn mark to N2.15tn during this period, from N1.4tn and N1.8tn in 2022 and 2023, respectively.

Guaranty Trust Holding Company has doubled its deposits since 2022, rising from N4.6tn in 2022 to N7.55tn and N9.20tn in 2023 and Q1 2024, respectively.

There is a correlational relationship between deposits and loans and expenses, and as such, national economic growth.

The PUNCH has earlier reported that CBN data indicated that Nigerian banks’ loans and support for the private sector had increased by about N30tn over one year.

According to the CBN, credit to the private sector rose by 65.9 per cent or N29.52tn to N74.31tn in May 2024, compared with N44.79tn recorded in the comparable period of 2023.


The credit to the private sector includes loans, trade credits and other account receivables and supports provided by banks to the private sector within a period.