Top 10 Best Banks in Nigeria 2017/2018 — There are currently lots of banks in Nigeria today that are doing well and they have managed to strengthen through the influence of the central monetary system – the Central Bank of Nigeria. When we talk about bank strength there are some indicators to that end we mean profitability, international reckoning, shareholders funds, total assets, earnings , customer deposits, and so on.
It is the job of Central Bank of Nigeria CBN to continually formulated banking policies aimed at saving the commercial banks from banking difficulties such as insolvency. When any Nigerian bank faces financial problem , it is the job of CBN to grant loans to such banks in order to stabilize the bank’s operations and prevent it from liquidation. Technically , the purpose of banks is not only for keeping money and valuables but it is also a foundations on which an operative economic system can be built. For the economy of any given country to be stable , the banks in that given country must be equipped with huge funds from which people may borrow in order to settle financial obligations.
In line with the parameters enumerated in first paragraph , the following banks listed after the jump are found worthy and qualified to be the best banks in Nigeria today. This figures were obtained from 2014 ranking of banks in the world published by The Banker Magazine of the Financial Times Group London. If you have any problem with this ranking feel free to connect with us via the comment box or the contact form below.
1. Guaranty Trust Bank Plc [GTBank]
Guaranty Trust Bank is generally abbreviated as GTBank and it is ranked the best bank in Nigeria today. GTBank was founded in the year 1990 and since then it has constantly broadened its customer base and rolled out several innovations. Currently, GTBank is operating across all 36 Nigerian States through its subsidiaries and reports states that GTBank currently has a massive staff of 10,000 members.
- Shareholders Funds: 35 billion shareholders
- World Ranking: 415th out of world’s first 1000 banks
- Gross Earnings:
- Customer Deposits: 44 trillion
2. Zenith Bank of Nigeria Plc
Zenith Bank and GTBank was set up the same year 1990 and they have always been a close substitute since then. Zenith Bank currently have over 500 subsidiaries, Zenith Bank delivers its banking services in the United Kingdom and across West African countries including The Gambia, Sierra Leone, Ghana and Nigeria. It staffs is over 6,600 and believed to have acquired nearly $15.7 billion.
- World Ranking: 293rd out of world’s first 1000 banks
- Gross Earnings:4 billion
- Customer Deposits:
- Shareholders Funds: 3 billion
3. First Bank Plc [FBN]
First Bank Plc also known as FBN is one of the leading Nigerian banks today and it happens to be first banking institution to be established in Nigeria. The bank was founded in 1894, First Bank previously adopted the name Bank of West Africa. After it re-branding in 1979 , the name was changed to First Bank of Nigeria Plc. The bank currently has subsidiaries in the United Kingdom and across several West African countries including Senegal, Ghana, Sierra Leone and the Gambia.
- Customer Deposits; N2.57 trillion
- Gross Earnings: 44 billion
- Profit Before Tax (PBT): 85 billion
- World Ranking: 424th biggest bank in the world
- Total Assets:25 trillion
- Shareholders Funds: 71 billion
4. Access Bank Plc
Access Bank Plc is one of the best and leading Nigerian banks today with a massive staff (estimated in excess of 9,000 employees) and many subsidiaries around the world. Reports states that the bank have over 300 branches across different Nigerian states. Access Bank Plc also have branches in other countries like Sierra Leone, Zambia, Congo and the United Kingdom.
- Total Assets: 8 trillion in total assets
- Shareholders Funds: 5 billion
- Customer Deposits: 33 trillion
- Gross Earnings: N207 billion
- Profit Before Tax (PBT): 9 billion
- World Ranking: 532nd out of the first 1000 banks in the world
5. United Bank for Africa
United Bank for Africa better known as UBA is one of the biggest and oldest Nigerian banks that is still functioning today. UBA was established in 1949, since then it attained greater heights through its banking services which span across the United States, U.K and many African countries. The bank currently has over 600 branches across Nigerian states .
- Customer Deposits: 8 trillion
- Gross Earnings: N264 billion
- Total Assets: 22 trillion
- Shareholders Funds: 54 billion
- Profit Before Tax (PBT): 84 billion
- World Ranking: 539th position in the world
6. Fidelity Bank
- Total Assets: 08 trillion
- Shareholders Funds: N167 billion
- Customer Deposits: N806 billion
- Gross Earnings: N127 billion
- Profit Before Tax (PBT): 08 billion
- World Ranking: 622 of the world’s first 1000 banks
7. Ecobank Nigeria
- Gross Earnings: N177 billion
- Total asets: N1.146 trillion
- Customer Deposits: 118 trillion
- Shareholders Funds: N41 billion
- Profit Before Tax (PBT): 53 billion
8. Skye Bank
- Total Assets: 11 trillion
- Shareholders Funds: N94 billion
- Customer Deposits: N996 billion
- Gross Earnings: N127 billion
- Profit Before Tax (PBT): 13 billion
9. First City Monument Bank
- Total Assets: 008 trillion
- Shareholders Funds: N144 billion
- Customer Deposits: N715 billion
- Gross Earnings; N131 billion
- Profit Before Tax (PBT): 2 billion
10. Diamond Bank
- Shareholders Funds: 85 billion
- Total Assets: 5 trillion
- Profit Before Tax (PBT): 1 billion
- Gross Earnings: N181 billion gross earnings
- Customer Deposits: 206 billion
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