The Nigerian banking sector is one of the most vibrant and competitive in Africa. With over 200 banks operating in the country, there are many options for businesses and individuals looking for banking services.

Twelve of the major Deposit Money Banks listed on the Nigerian Exchange posted an aggregate profit after tax of N1.07 trillion in the year ended, 2022, representing a 6.4% increase when compared to N1.01 trillion recorded in the previous year.


The Nigerian banking industry is one of the major growth drivers of the Nigerian economy, contributing 3% to the aggregate GDP with a nominal value of N6.05 trillion (2022 estimate). The sector plays host to some of the biggest companies listed on the Nigerian equities market, with the likes of Zenith Bank. GT Bank and Stanbic IBTC are part of the elite list of companies on the NGX known as NGX 30.

Increased level of competition in the Nigerian banking industry has helped spur innovation, through service delivery as well as improvement in their top and bottom lines respectively.

Some of the best performing banks in Nigeria in 2023 broken down by sector include:

Best bank in Nigeria by Profits After Tax
Net profit serves as a crucial indicator for assessing a company’s performance, reflecting its operational profitability. The declared net profit directly influences shareholder payouts by banks, thereby establishing it as a pivotal performance metric considered by stakeholders.

READ ALSO How to check and validate NIN number online 2023

The top twelve banks in Nigeria posted an aggregate profit after tax of N1.07 trillion in 2022, a 6.4% increase compared to N1.01 trillion recorded in the previous year. The banks were able to increase their margin despite economic challenges affecting most business entities in the country.

Union Bank recorded the highest gain (growth) in terms of year-on-year growth with a 54.1% increase to N29.8 billion, followed by FCMB with 48.8% to N31.1 billion. However, Unity Bank saw its profit after tax decline by 57.5% to N3.17 billion to claim the bottom position.

Meanwhile, Zenith Bank recorded the highest post-tax profit of N223.9 billion, followed by UBA and GT Bank with a net profit of N170.33 billion and N169.2 billion respectively.

First position – Union Bank (+54.1%)
Second position – FCMB (+48.8%)
Third position – UBA (+43.5%)
Fourth position – Stanbic IBTC (+41.9%)
Fifth position – Fidelity Bank (+32.6%)
Best Bank in Nigeria by Growth in Customer Deposit
Customer deposits show which banks Nigerians trust the most with their money. It is an important metric for banks to track as they serve as a fundamental source of funding for the bank’s lending activities and other operations.

Monitoring customer deposits provides valuable insights into the bank’s liquidity position and ability to meet its customers’ financial needs.

Zenith Bank recorded the highest growth in terms of customer deposits, with a staggering increase of 38.7% year over year to N8.97 trillion, followed by Access Holdings with a 33% growth rate to N9.25 trillion, while Unity Bank recorded the least growth with 1.6% to N327.4 billion.

READ ALSO How to check and validate NIN number online 2023
Access Bank boasts of the highest customer deposits amongst the listed banks, accounting for 19.4% of the total deposits in the books of the twelve banks.

First position – Zenith Bank (+38.7%)
Second position – Access Holdings (+33%)
Third position – Fidelity Bank (+28%)
Fourth position – Wema Bank (+25.7%)
Fifth position – FCMB (+25.1%)
Best Bank in Nigeria by by Growth in Customer Loans
This metric tracks the banks that gave the highest amount of loans to their customers, and also highlights the ones most likely to give loans in the future.

Customer loans serve as a primary source of revenue for the bank and reflect its lending activities. Monitoring customer loans provides insights into the bank’s ability to attract borrowers, manage credit risk, and generate interest income.


FBN Holdings recorded the highest loan book increase, with 31.5% growth to N3.79 trillion, closely followed by Stanbic IBTC with an increase of 30.8% to N1.2 trillion, while Sterling Bank recorded the lowest increase of 3.6% to N737.7 billion in the review year.

In terms of loan size, Access Holdings has the highest customer loans of N5.1 trillion while Unity Bank has the lowest loan book of N289.4 billion.

First position – FBN Holdings (+31.5%)
Second position – Stanbic IBTC (+30.8%)
Third position – Fidelity Bank (+27.6%)
Fourth position – Wema Bank (+24.5%)
Fifth position – Access Holdings (+22.6%)


https://streetsofkante.com/the-best-performing-banks-in-nigeria-in-2023/

ismalmuhd:
The Nigerian banking sector is one of the most vibrant and competitive in Africa. With over 200 banks operating in the country, there are many options for businesses and individuals looking for banking services.

Twelve of the major Deposit Money Banks listed on the Nigerian Exchange posted an aggregate profit after tax of N1.07 trillion in the year ended, 2022, representing a 6.4% increase when compared to N1.01 trillion recorded in the previous year.


The Nigerian banking industry is one of the major growth drivers of the Nigerian economy, contributing 3% to the aggregate GDP with a nominal value of N6.05 trillion (2022 estimate). The sector plays host to some of the biggest companies listed on the Nigerian equities market, with the likes of Zenith Bank. GT Bank and Stanbic IBTC are part of the elite list of companies on the NGX known as NGX 30.

Increased level of competition in the Nigerian banking industry has helped spur innovation, through service delivery as well as improvement in their top and bottom lines respectively.

Some of the best performing banks in Nigeria in 2023 broken down by sector include:

Best bank in Nigeria by Profits After Tax
Net profit serves as a crucial indicator for assessing a company’s performance, reflecting its operational profitability. The declared net profit directly influences shareholder payouts by banks, thereby establishing it as a pivotal performance metric considered by stakeholders.

READ ALSO How to check and validate NIN number online 2023

The top twelve banks in Nigeria posted an aggregate profit after tax of N1.07 trillion in 2022, a 6.4% increase compared to N1.01 trillion recorded in the previous year. The banks were able to increase their margin despite economic challenges affecting most business entities in the country.

Union Bank recorded the highest gain (growth) in terms of year-on-year growth with a 54.1% increase to N29.8 billion, followed by FCMB with 48.8% to N31.1 billion. However, Unity Bank saw its profit after tax decline by 57.5% to N3.17 billion to claim the bottom position.

Meanwhile, Zenith Bank recorded the highest post-tax profit of N223.9 billion, followed by UBA and GT Bank with a net profit of N170.33 billion and N169.2 billion respectively.

First position – Union Bank (+54.1%)
Second position – FCMB (+48.8%)
Third position – UBA (+43.5%)
Fourth position – Stanbic IBTC (+41.9%)
Fifth position – Fidelity Bank (+32.6%)
Best Bank in Nigeria by Growth in Customer Deposit
Customer deposits show which banks Nigerians trust the most with their money. It is an important metric for banks to track as they serve as a fundamental source of funding for the bank’s lending activities and other operations.

Monitoring customer deposits provides valuable insights into the bank’s liquidity position and ability to meet its customers’ financial needs.

Zenith Bank recorded the highest growth in terms of customer deposits, with a staggering increase of 38.7% year over year to N8.97 trillion, followed by Access Holdings with a 33% growth rate to N9.25 trillion, while Unity Bank recorded the least growth with 1.6% to N327.4 billion.

READ ALSO How to check and validate NIN number online 2023
Access Bank boasts of the highest customer deposits amongst the listed banks, accounting for 19.4% of the total deposits in the books of the twelve banks.

First position – Zenith Bank (+38.7%)
Second position – Access Holdings (+33%)
Third position – Fidelity Bank (+28%)
Fourth position – Wema Bank (+25.7%)
Fifth position – FCMB (+25.1%)
Best Bank in Nigeria by by Growth in Customer Loans
This metric tracks the banks that gave the highest amount of loans to their customers, and also highlights the ones most likely to give loans in the future.

Customer loans serve as a primary source of revenue for the bank and reflect its lending activities. Monitoring customer loans provides insights into the bank’s ability to attract borrowers, manage credit risk, and generate interest income.


FBN Holdings recorded the highest loan book increase, with 31.5% growth to N3.79 trillion, closely followed by Stanbic IBTC with an increase of 30.8% to N1.2 trillion, while Sterling Bank recorded the lowest increase of 3.6% to N737.7 billion in the review year.

In terms of loan size, Access Holdings has the highest customer loans of N5.1 trillion while Unity Bank has the lowest loan book of N289.4 billion.

First position – FBN Holdings (+31.5%)
Second position – Stanbic IBTC (+30.8%)
Third position – Fidelity Bank (+27.6%)
Fourth position – Wema Bank (+24.5%)
Fifth position – Access Holdings (+22.6%)


https://streetsofkante.com/the-best-performing-banks-in-nigeria-in-2023/

As far as I know we do not have up to 200 banks operating in Nigeria

Kobicove:


As far as I know we do not have up to 200 banks operating in Nigeria

add micro finance banks, online banks like Opay, Palm pay and you'll get over 200.

ismalmuhd:

add micro finance banks, online banks like Opay, Palm pay and you'll get over 200.

Those are micro finance banks not commercial banks, there's a big difference

Kobicove:


Those are micro finance banks not commercial banks, there's a big difference

we're talking about banks in general here, if you add all the different types of banks in Nigeria, you get over 200.