CUSTOMER'S DEPOSITS RISE TO N136TN IN Q1 2024
Key Points:
1. Deposit Growth:
- Total Deposits: Customers' deposits in Nigerian banks have increased to N136 trillion by the end of Q1 2024.
- Recent Increase: This figure represents an 18.26% rise from N115 trillion in 2023 and a 63% increase from N70.5 trillion in 2022.
2. Individual Bank Deposits:
- Zenith Bank: Deposits grew from N8.98 trillion in 2022 to N16.78 trillion in March 2024.
- FCMB Group: Deposits rose from N2.07 trillion in 2022 to N3.7 trillion in Q1 2024.
- Premium Trust Bank: Deposits surged from N55 billion in December 2022 to N309 billion in Q1 2024.
- Fidelity Bank: Deposits increased from N2.58 trillion in 2022 to N4.71 trillion in March 2024.
- UBA: Deposits grew from N10.86 trillion in 2022 to N18.4 trillion in March 2024.
- Access Holdings: Deposits jumped from N11.3 trillion in 2022 to N24.7 trillion in Q1 2024.
- Sterling Holding: Deposits rose from N1.4 trillion in 2022 to N2.15 trillion in March 2024.
- GTCO: Deposits doubled from N4.6 trillion in 2022 to N9.2 trillion in Q1 2024.
3. Sector Impact:
- Credit Growth: Nigerian banks' credit to the private sector increased by 65.9% to N74.31 trillion in May 2024, up from N44.79 trillion in 2023.
- Economic Correlation: The rise in deposits and loans reflects a broader trend of increased financial activity, which supports national economic growth.
Key Points:
1. Deposit Growth:
- Total Deposits: Customers' deposits in Nigerian banks have increased to N136 trillion by the end of Q1 2024.
- Recent Increase: This figure represents an 18.26% rise from N115 trillion in 2023 and a 63% increase from N70.5 trillion in 2022.
2. Individual Bank Deposits:
- Zenith Bank: Deposits grew from N8.98 trillion in 2022 to N16.78 trillion in March 2024.
- FCMB Group: Deposits rose from N2.07 trillion in 2022 to N3.7 trillion in Q1 2024.
- Premium Trust Bank: Deposits surged from N55 billion in December 2022 to N309 billion in Q1 2024.
- Fidelity Bank: Deposits increased from N2.58 trillion in 2022 to N4.71 trillion in March 2024.
- UBA: Deposits grew from N10.86 trillion in 2022 to N18.4 trillion in March 2024.
- Access Holdings: Deposits jumped from N11.3 trillion in 2022 to N24.7 trillion in Q1 2024.
- Sterling Holding: Deposits rose from N1.4 trillion in 2022 to N2.15 trillion in March 2024.
- GTCO: Deposits doubled from N4.6 trillion in 2022 to N9.2 trillion in Q1 2024.
3. Sector Impact:
- Credit Growth: Nigerian banks' credit to the private sector increased by 65.9% to N74.31 trillion in May 2024, up from N44.79 trillion in 2023.
- Economic Correlation: The rise in deposits and loans reflects a broader trend of increased financial activity, which supports national economic growth.