Grapevine

By Punch
Aug 5, 2024

Customers’ deposits rise to N136tn in Q1

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.