Top 20 Banks in Nigeria 2024: Driving Economic Growth and Innovation

Nigeria’s banking sector remains one of the most dynamic and robust in Africa, with numerous financial institutions providing a wide range of services. In 2024, the top banks in Nigeria will continue to play a crucial role in the country’s economy, offering services that range from traditional banking to digital innovations. This article explores the top 20 banks in Nigeria in 2024, highlighting their services, market share, and impact on the financial landscape.

Key Points

Zenith Bank leads in profit growth with a 154.94% increase in interest income and a 269.72% rise in profit before tax.

Access Bank remains the largest by assets, seeing a 183.07% increase in interest income.

GTBank experienced a 170.61% growth in interest income and a 1,587.48% increase in profit before tax.

Newer banks like Globus Bank and SunTrust Bank are gaining recognition for their innovative and digital banking solutions.

List of the Top 20 Banks in Nigeria

The top 20 banks in Nigeria 2024 leading with different reasons include:

#1. Zenith Bank

With an asset size of 24.28 trillion naira, it is considered the third-largest bank in Nigeria. It ranks the best in profit generation amongst other banks. It has about 497 branches in Nigeria with over 33 million customers across its subsidiaries. Zenith Bank recorded an impressive 154.94% growth in interest income, rising from N191.63bn previously to N488.55bn. This growth was driven by higher transaction volumes.

The bank’s PBT saw a substantial increase of 269.72%, reaching N320.19bn, reflecting improved cost management and stronger top-line revenue growth. Despite significant macroeconomic headwinds, the bank’s mobile app and internet banking services also experienced increased customer adoption, contributing to higher non-interest income.

#2. GTBank

Guarantee Tryst Bank Nigeria is a subsidiary of GTCO and it is ranked the sixth largest in terms of asset size. GTBank alone has an asset size of 8.79 trillion naira, but GTBank holdings have a total asset of 13 trillion naira. Currently, it has established about 270 locations, including 237 bank branches and 33 e-branches.

Guaranty Trust Bank’s (GTB) Q1 2024 performance was marked by a notable 170.61% growth in interest income, which rose to N281.65bn compared to N104.08bn in Q1 2023. The bank’s PBT showed an exceptional increase of 1,587.48%, reaching N509.35bn, a reflection of GTBank’s effective cost control measures.

#3. Access Bank

It is considered the largest bank in Nigeria in terms of assets, which are valued at about 32.57 trillion naira. It has a total of 737 branches, with 554 of them in Nigeria alone, and then the remaining is present in the 20 countries where Access has subsidiaries. Access Bank Plc reported a robust performance in Q1 2024, reflecting a solid start to the year. Interest income increased by 183.07% year-on-year, reaching N719.60bn, up from N254.22bn in Q1 2023. This growth was supported by increased deposits and customer loan growth, solidifying Access Bank’s position as one of Nigeria’s largest financial institutions.

#4. First Bank of Nigeria

The First Bank of Nigeria is part of the FBN holding group and has an asset size of 16.9 trillion naira. It has grossed over 41 million customers, making it take the position of the Nigerian bank with the highest customer rate. The bank has 595 branches and 144 quick services points (QSPs) in Nigeria, as well as 86 branches across international subsidiaries. First Bank of Nigeria Holdings (FBNH) exhibited steady operating growth in Q1 2024.

Despite management challenges, the bank maintained a stable financial position. Interest income surged by 153.32% to N454.98bn, up from N179.61bn in Q1 2023. Profit Before Tax (PBT) also increased significantly, reaching N238.53bn compared to N56.11bn in the previous year.

#5. UBA

It is said to be the second largest in terms of assists, following Access Bank. It has a total asset size of 25.37 trillion naira. It has over 1000 branches across 24 countries where it is domiciled but only 451 branches are present in Nigeria, with over 5,900 staff in Nigeria. UBA reported an interest income increase of 129.71% to N440.76bn in Q1 2024, up from N191.88bn in Q1 2023. This improvement was driven by rising transaction volumes across its African operations. However, UBA’s profit before tax recorded a decline of 60.74%, dropping to N61.37bn from N156.34bn in the previous year.

#6. Stanbic IBTC Bank

A subsidiary of Stanbic IBTC Holdings ( a member of Standard Bank). It has a total asset value of 4.974 trillion naira, over 130 branches, and 814 ATMs across Nigeria. It’s wholly owned by Stanbic IBTC Holdings Plc, which itself is 67.55% owned by Stanbic Africa Holdings Limited, a company under the umbrella of Standard Bank Group. Stanbic IBTC’s Q1 2024 results showed strong growth, with interest income increasing by 129.69% from N50.42bn to N115.80bn. The bank’s profitability and value creation for shareholders were evident in the increased earnings per share. These results highlight Stanbic Bank’s resilience and ability to capitalize on growth opportunities.

#7. Union Bank

It is the second oldest bank in Nigeria with a tita asset size of 3.65 trillion naira. The bank, which has about 258 branches and cash centers across Nigeria, has an active customer base of about 7.8 million customers. Union Bank, established in 1917, is one of Nigeria’s oldest and most respected banks. In Q1 2024, it showed notable financial performance improvements. Union Bank offers retail banking, corporate banking, SME financing, and digital banking solutions. Union Bank has received accolades such as the Most Improved Bank in Nigeria by BusinessDay and the Best Bank for Customer Service by KPMG.

#8. Fidelity Bank

Fidelity Bank, even though created in 1988 with a merchant banking license, converted to a commercial bank in 1999 and currently holds position seven of the largest bank based on asset size. It has an asset value of 6.23 trillion naira and operates 249 branches across Nigeria and one branch in the UK. Fidelity Bank demonstrated substantial growth in Q1 2024, with interest income almost doubling, suggesting effective asset management and increased lending activities. The bank’s profit before tax more than doubled, rising from N17.94bn to N39.50bn, showcasing strong revenue growth.

#9. Eco Bank

It is considered one of the largest banks based on assets, with an asset size of 10.37 trillion naira. It is a subsidiary of Ecobank Transnational Incorporated (ETI) PLC. It started in Togo and has branches establishing Togo, Nigeria, Ghana, Cote d’Ivoire, and Benin. It has about 273 branches and 541 ATMs in Nigeria. Ecobank’s Q1 2024 results highlighted outstanding financial performance, with remarkable growth in key areas.

The increase in interest income and profit before tax underscored the bank’s effective strategic management and operational efficiency. Post-tax profit grew impressively by 248.71%, rising from N40.41bn in Q1 2023 to N140.90bn in Q1 2024, showcasing Ecobank’s strong ability to drive bottom-line performance.

#10. Sterling Bank

Sterling Bank, established in 1960, has evolved into a major player in Nigeria’s banking industry, known for its innovative services. For Q1 2024, the bank reported significant growth in both interest income and profit metrics. Sterling Bank offers retail banking, corporate banking, loans, and digital banking services. Sterling Bank has been awarded the Most Innovative Bank in Nigeria by BusinessDay and the Best Bank in Sustainability by the Central Bank of Nigeria.

#11. Wema Bank

Wema Bank’s Q1 2024 financial results revealed significant growth across key performance metrics. Profit before tax rose by 80.19%, while profit after tax climbed by 79.72%, indicating strong bottom-line growth despite higher tax expenses. Wema Bank’s Q1 2024 financial results show notable growth across key performance metrics compared to Q1 2023. Wema Bank, founded in 1945, is Nigeria’s longest-running indigenous bank. Wema Bank offers retail banking, corporate banking, loans, and digital banking services through ALAT. Wema Bank has received the Best Digital Bank in Nigeria award by World Finance and the Most Innovative Bank by BusinessDay.

#12. FCMB

First City Monument Bank Limited, a subsidiary of the FCMB Group, is the ninth largest bank based on assets with an asset size of 3.78 trillion nairas. It has over 306 branches located across Nigeria with over 8.7 million customers. FCMB Bank reported a strong financial performance in Q1 2024, with interest income almost doubling, showing an 89.86% increase from N66.04bn to N125.39bn. The outlook for FCMB suggests strong lending growth and effective management of interest-earning assets.

#13. Heritage Bank

Heritage Bank, established in 2012, focuses on retail banking and SME financing. The bank showed impressive growth in Q1 2024. Heritage Bank provides retail banking, SME financing, corporate banking, and digital banking services. Heritage Bank has received awards such as the Best SME Bank in Nigeria by BusinessDay and the Most Innovative Bank by the Central Bank of Nigeria.

#14. Polaris Bank

Polaris Bank, established in 2018 after the acquisition of Skye Bank, reported significant improvements in its financial performance for Q1 2024. Polaris Bank provides retail banking, SME financing, corporate banking, and digital banking services. Polaris Bank has received the Most Innovative Bank in Nigeria award from BusinessDay and the Best Bank in Digital Transformation by the Central Bank of Nigeria.

#15. Keystone Bank

Keystone Bank, established in 2011, is a full-service commercial bank in Nigeria. Its Q1 2024 results showed significant growth in financial performance. Keystone Bank offers retail banking, corporate banking, SME financing, and digital banking services. Keystone Bank has been recognized with awards such as the Best Customer Service Bank in Nigeria by KPMG and the Most Innovative Bank by BusinessDay.

#16. Unity Bank

Unity Bank, established in 2006 through the merger of nine financial institutions, reported notable improvements in its Q1 2024 financial performance. Unity Bank provides retail banking, SME financing, corporate banking, and digital banking services. Unity Bank has received accolades such as the Best SME Bank in Nigeria by BusinessDay and the Most Improved Bank by the Central Bank of Nigeria.

#17. Jaiz Bank

Jaiz Bank has shown impressive growth in its financial performance during the first quarter of 2024. The bank’s profit before tax surged by 275% compared to the same period in 2023, reaching N6 billion. After taxes, the profit rose by 300% to N5.84 billion. Gross earnings also saw a significant increase of 67%, rising from N9.88 billion in Q1 2023 to N16.51 billion in Q1 2024. The bank’s total assets grew by 15.66% to N680.98 billion.

Jaiz Bank’s strong performance in 2024 builds on its successful 2023, where it achieved a 66.7% increase in profit before tax and a 42% increase in gross earnings. The bank’s continued growth is attributed to its focus on ethical finance and innovative digital platforms, positioning it as a leading player in the non-interest banking sector in Nigeria.

#18. SunTrust Bank

SunTrust Bank, established in 2016, is known for its digital focus and innovative banking solutions. The bank reported strong performance in Q1 2024. SunTrust Bank provides retail banking, corporate banking, SME financing, and digital banking services. SunTrust Bank has received the Best Digital Bank in Nigeria award by BusinessDay and the Most Innovative Bank by the Central Bank of Nigeria.

#19. Providus Bank

Providus Bank, established in 2016, focuses on innovative banking solutions and excellent customer service. Its Q1 2024 performance was strong. Providus Bank offers retail banking, corporate banking, SME financing, and digital banking services. The bank has been recognized for its innovation and excellent customer service, receiving awards from various industry bodies.

#20. Globus Bank

Globus Bank, established in 2019, is a new entrant focusing on innovative and customer-centric banking services. The bank’s Q1 2024 performance was notable. Globus Bank offers retail banking, corporate banking, SME financing, and digital banking services. The bank has been recognized for its innovation and excellent customer service, receiving awards from various industry bodies.

What Is the Profit of Banks in Nigeria in 2024?

Story highlights. Nigerian banks recorded a combined pre-tax profit of N1. 58 trillion in Q1 2024, marking a 263% year-on-year increase compared to N436 billion in Q1 2023, with GTCO posting the highest profit in banking history for the quarter.

What Is the Most Powerful Bank in Nigeria?

Zenith Bank Plc has been ranked as the Number One Bank in Nigeria by Tier-1 Capital in the 2021 Top 1000 World Banks Ranking published by The Banker Magazine.

Who Is the Richest Banker in Nigeria?

Jim Ovia is the founder of Zenith Bank, one of the largest commercial banks in Nigeria. He is the chairman and largest individual shareholder, with a stake of slightly more than 9%. He also owns prime real estate across Nigeria and mobile telecom operator Visafone, which has 3 million subscribers.

Conclusion

Nigeria’s banking sector remains vibrant, with these 20 banks leading the charge in terms of assets, profitability, and customer service. As the financial landscape continues to evolve, these institutions are expected to play a critical role in driving economic growth and financial inclusion in Nigeria.