Top 10 Biggest Banks in Nigeria by Assets 2023


Nigeria’s banking industry has witnessed significant growth and development in recent years, with several banks competing to provide innovative financial solutions and services to their customers. As the year 2023 unfolds, it becomes crucial to identify the top players in this dynamic sector. In this article, we will explore the top 10 banks in Nigeria for 2023, based on various factors such as Total assets, financial stability, profitability, market share, and customer satisfaction.

Many banks witnessed a massive increase in their revenue last year 2022. 

For instance, Zenith Bank had a total assets increase by 30% from 2021-2022. Ecobank also saw an increase in their gross earning about ₦1.08 trillion in 2022.


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Factors to Consider When Choosing a Bank

Before diving into the ranking of the top 10 banks, it is essential to understand the factors one should consider when selecting a bank. These factors play a significant role in determining the quality of banking services and overall customer experience.

Financial stability and credibility

 A reliable bank should have a strong financial foundation, ensuring the safety of customers’ deposits and investments. It is crucial to evaluate a bank’s financial statements, capital adequacy ratio, and credit ratings before entrusting them with your money.

Range of products and services

 A bank that offers a diverse range of financial products and services provides customers with convenience and flexibility. Whether it’s personal banking, business accounts, loans, investments, or insurance, having access to a comprehensive suite of offerings is vital.

Customer service and support

Exceptional customer service is a hallmark of a reputable bank. Look for banks that prioritize customer satisfaction, promptly resolve queries and complaints, and provide personalized support through various channels.

Technology and digital banking


In today’s digital age, banks with advanced technological infrastructure and user-friendly digital platforms have a competitive edge. Mobile banking apps, online banking, and other digital services make banking transactions more convenient and accessible.

Accessibility and branch network

A wide network of branches and ATMs ensures that customers can access banking services conveniently, regardless of their location. Banks with an extensive branch network and ATMs make it easier to deposit, withdraw, and carry out other banking activities.


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 Ranking Criteria for the Top 10 Banks in Nigeria

To determine the top 10 banks in Nigeria for 2023, we evaluate several key factors.

Assets and capital base

The total assets and capital base of a bank indicate its financial strength and capacity to support lending and other financial activities.

Profitability and financial performance

A bank’s profitability reflects its ability to generate earnings and sustain its operations in the long run. It includes metrics such as return on assets (ROA) and return on equity (ROE).

Market share and customer base

Banks with a significant market share and a large customer base demonstrate their ability to attract and retain customers, indicating trust and satisfaction.

Innovation and technological advancements

The adoption of innovative technologies and digital banking solutions sets banks apart in terms of efficiency, convenience, and customer experience.

List of Top 10 Banks in Nigeria for 2023

Now, let’s delve into the list of the top 10 banks in Nigeria for 2023:

1. Access Bank PLC 

2. Ecobank Transnational Inc

3. Zenith Bank PLC 

4. FBN Holdings PLC (Firstbank) 

5. United Bank For Africa PLC (UBA) 

6. Guaranty Trust Bank Ltd (GTB) 

7. Fidelity Bank PLC 

8. Stanbic IBTC Bank PLC 

9. First City Monument Bank (FCMB) 

10. Union Bank

Analysis and Review of Each Bank

In this section, we will provide an overview of each bank on the list, highlighting their financial performance, growth, product offerings, digital banking initiatives, and total assets. 

  1. Access Bank PLC 

Access Bank PLC 2022 total assets – ₦15 trillions. 

Access Bank PLC maintained the position as the best bank in Nigeria by assets in 2022. 

Their total assets increased from ₦11.73 trillion in 2021 to ₦15 trillion in 2022. The major source of the revenue came from the Access Bank loan plan. 

According to Access Bank 2022 annual report, they accumulated ₦1.38 trillion gross earnings in 2022, What a remarkable fit. 

  1. Ecobank Transnational Inc

Ecobank 2022 total assets  – ₦13.37 trillions. 

Ecobank has proven the fact that “the older the wine, the better the taste” 

I know you might be surprised to see them coming second in the list. They pulled a massive revenue in 2022, making a net profit of $1.9 billion. They made $540 million after tax, that’s a 13% increase from the previous year. 

As of December 2022, Ecobank total assets is ₦13.37 trillion, from ₦11.70 trillion in 2021.

  1. Zenith Bank PLC 

Zenith Bank 2022 total assets – ₦12.29 trillions. 

Zenith Bank witnessed a huge increase in 2022. They rose from ₦9.45 trillion in 2021 to ₦12.29 trillion total assets in 2022. 

They made ₦945.5 billion gross earnings in 2022, compared to  ₦765.6 billion they made in 2021. 

They saw an all round growth both in the Operating Expenses, Interest Expenses, Impairments, and most especially, Customer deposits. 

  1. FBN Holdings PLC (firstbank) 

Firstbank 2022 total assets – ₦10.9 trillions. 

Firstbank didn’t realise much in 2022, despite that, they came fourth in the list. 

They were able to make ₦10.9 trillion which was a 5.1% rise from the previous year, which was ₦10.1 trillion. 

They did very well in the loan plan, making a total of ₦3.9 trillion in 2022 surpassing the previous year at ₦3.7 trillion earning. Also, there was an increase from customers’ deposits. From ₦6.9 trillion in 2021 to ₦7.4 trillion in 2022. 

  1. United Bank of Africa (UBA) 

UBA 2022 total assets – ₦10.86 trillions. 

Firstbank narrowly beats UBA to the fourth position. 

They pulled a total assets of ₦10.86 trillion in 2022, compared to ₦8.54 trillion in 2021. 

For the first time in the bank’s history, they made $23.6 billion in 2022, surpassing $19.4 billion in 2021. This is the first time they are crossing the $20 billion mark. 

Also, they rose from $1.6 billion gross earnings to $1.9 billion in December 2022.


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  1. Guaranty Trust Holdings Company PLC (GTCO – GTB) 

GTB 2022 total assets – ₦6.4 trillions. 

They didn’t record a huge earnings in 2022. However, they rose from ₦5.44 trillion to ₦6.5 trillion in 2022, which is 18.6% growth. 

They had 4.6% increase in the loan plan, making ₦1.89 trillion in 2022 compared to ₦1.8 trillion they made the previous year. 

They accumulated a total of ₦539 billion gross earnings in 2022, from ₦447 billion they made in 2021. 

  1. Fidelity Bank PLC

Fidelity Bank 2022 total assets – ₦3.989 trillion. 

Fidelity is occupying the 7th position in our list. 

They rose from ₦3.276 trillion total assets to ₦3.989 trillion in 2022, which is 21.76% growth. Also, they made a good profit in the loan plan from ₦1.66 trillion to ₦2.116 trillion in 2022. 

The gross profit saw 34.4% growth, with ₦337 billion earnings. 

  1. Stanbic IBTC Holdings PLC 

Stanbic IBTC Bank 2022 total assets – ₦3.03 trillions. 

Despite the economic conditions in Nigeria, Stanbic were able to maintain a good revenue flow. 

From ₦2.75 assets in 2022 to ₦3.03 trillion in 2022. 

The major source of the growth came from customers’ deposits and loans. Stanbic loans & advance rose to 31%, yielding ₦1.24 trillion in 2022 compared to ₦946.26 billion made in 2021. 

The gross earnings rose from ₦206.6 billion in 2021 to ₦287.533 billion in 2022. 

  1. First City Monument Bank (FCMB)

FCMB 2022 total assets – ₦2.98 trillions.

FCMB occupied the 9th position. They had a 19.6% increase, rising from ₦2.50 trillion to ₦2.98 trillion in 2022. 

They are among the few banks that are gaining huge new customers. From June 2021 – june 2022, they’ve acquired an additional 1.7 million customers. 

The gross earnings rose from ₦212 billion to ₦283 billion in 2022, that’s about 35.5% growth.

Also, they made a good figure from the loan plan, making ₦1.20 trillion compared to ₦1.06 trillion they made the previous year.

  1. Union Bank

Union Bank 2022 total assets – ₦2.8 trillions.

Union Bank completed the list. They rose from ₦2.6 trillion to ₦2.8 trillion in 2022. 

₦1.48 trillion was made from customers’ deposits alone, surpassing ₦1.36 trillion made in 2021. 

Also, the gross earnings is ₦208.2 billion, from ₦175 billion made in 2021.

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The top 10 banks in Nigeria for 2023 showcase the industry’s progress and commitment to delivering quality financial services. These banks have excelled in various areas such as financial stability, customer satisfaction, digital banking, and innovation. When choosing a bank, it is essential to consider your specific requirements and preferences to find the institution that best aligns with your needs

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