In the third quarter of 2024, customers deposited a total of N85.58 trillion in eight major banks in Nigeria. This amount is 12.2% higher than the N76.26 trillion that was deposited in the same period last year, 2023. This information was shared in the banks’ financial reports, which they submitted to the Nigerian Exchange Limited.
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When we talk about customer deposits in banking, we mean the money that customers put into their bank accounts. This money can be used to pay for goods and services, or it can serve as an advance payment for future orders or projects.
Now, let’s look at how individual banks performed in terms of customer deposits:
- Zenith Bank had the highest customer deposits, totaling N21.57 trillion in the third quarter of 2024. This is a significant increase from N13.38 trillion in the same quarter last year, which means their deposits grew by 61%. A big part of this growth came from demand deposits, which are funds that customers can access anytime. These demand deposits increased from N7.00 trillion to N8.04 trillion.
- Access Holdings Plc came next with N22.28 trillion in deposits for the third quarter of 2024, up from N15.32 trillion in the same period last year, marking a 46% increase. Their demand deposits rose from N6.83 trillion to N9.36 trillion.
- First Bank of Nigeria Holdings Plc saw their deposits grow to N16.72 trillion in Q3 2024, compared to N10.66 trillion in Q3 2023, which is a 57% increase. Their demand deposits went up to N3.87 trillion, savings deposits reached N4.12 trillion, and term deposits rose to N8.72 trillion.
- Guaranty Trust Bank reported customer deposits of N10.68 trillion for Q3 2024, an increase from N7.41 trillion in the same period last year, representing a 44% rise. Their term deposits increased from N846.09 billion to N1.46 trillion, and savings deposits grew from N3.29 trillion to N4.21 trillion.
- Fidelity Bank also saw growth, with deposits rising to N6.08 trillion in Q3 2024, up from N4.01 trillion in Q3 2023, which is a 52% increase. Their term deposits increased from N75.99 billion to N309.80 billion.
- Sterling Bank reported an increase in deposits to N2.46 trillion in Q3 2024, from N1.84 trillion in Q3 2023, marking a 34% rise. Their savings deposits grew from N1.10 trillion to N1.50 trillion, and term deposits rose from N742.12 billion to N1.23 trillion.
- Stanbic IBTC also had deposits reach N2.46 trillion in Q3 2024, up from N1.84 trillion in the same period last year, reflecting a 34% increase. The growth was largely due to current accounts increasing from N1.04 trillion to N1.33 trillion, and savings accounts growing from N337.25 billion to N478.22 billion.
- Wema Bank had deposits of N2.29 trillion in Q3 2024, compared to N1.86 trillion in Q3 2023, which is a 23% year-on-year increase.
Earlier in August, reports indicated that the total value of customer deposits in banks had reached N136 trillion by the end of the first quarter of 2024. The overall deposits in the banking sector rose significantly, climbing 63% from about N70.5 trillion in 2022 to around N115 trillion in 2023, and then increasing by 18.26% in just three months to reach about N136 trillion by March 2024.
