– Eight Nigerian banks experienced an increase in customer deposits, which rose to N85.58 trillion in the third quarter of 2024.
– The increase represents a 12.2% increase, which shows customers confidence in the banking sector
– Zenith Bank led the pack with the highest customer deposits in the review period, with N21.57 trillion.
Customer deposits in eight commercial banks hit N85.58 trillion in the third quarter of 2024, representing a 12.2% increase from the N76.26 trillion recorded in the corresponding period in 2023.
The information is contained in the banks’ unaudited interim financials for the period ended September 30, which they filed with the Nigerian Exchange Limited (NGX).
Breakdown of the banks’ customer deposits
Customer deposit is the money a customer pays into a bank to secure goods or services or to make an advance payment on an order or project.
Zenith Bank recorded the highest customer de-posits at N21.57 trillion in the review period, from the N13.38 trillion recorded in Q3 2023.
The figure is a 61% increase driven by demand deposits, which rose from N7 trillion to N8 trillion.
Access Holdings followed next with N22.28 trillion in customer deposits compared to N15.32 trillion in Q3 2023, representing a 46% yearly increase.
The bank’s demand deposits stood at N9.36 trillion from N6,83 trillion in 2023.
First Bank increased to N16.72 trillion in the review period from N10.66 trillion in the same period in 2023, showing a 57% increase.
The bank’s demand deposits rose to N3.87 trillion, savings deposits reached N4.12 trillion, and term deposits spiked to N8.72 trillion.
Guaranty Trust Bank reported an N10.68 trillion increase in customer deposits under review from N7.41 trillion in the same period in 2023.
Term deposits of the bank rose from N846.09 billion to N1.46 trillion, while savings deposits rose from N3.29 trillion to N4.21 trillion.
Fidelity Bank recorded N6.08 trillion in customer deposits in the review period, relative to N4.01 trillion recorded in Q3 2023, representing a 52% increase, while term deposits rose from N75.99 billion to N309.80 billion.
Sterling Bank recorded customer deposits of N2.46 trillion in the period under review, up from the N1.84 trillion it recorded in the corresponding period in 2023.
The bank’s savings deposits rose from N1.10 trillion to N1.50 trillion, and term deposits stood at N1.23 trillion from N742.12 billion.
Its savings deposits rose from N1.10 trillion to N1.50 trillion, and term deposits increased from N742.12 to N1.23 trillion.
Stanbic IBTC’s deposits swelled to N2.46 trillion from N1.84 trillion in 2023, representing a 34% increase.
The growth was driven by current accounts, which spiked from N1.04 trillion to N1.33 trillion, and savings accounts rose from N337.25 billion to N478.22 billion.
Wema Bank experienced a 23% yearly increase in customer deposits, from N1.86 trillion in 2023 to N2.29 trillion in 2023.
Nigerian banks’ customer deposits explode in 2024
Punch reports that the value of customers’ bank deposits rose to N136 trillion as of March 2024.
Total bank deposits rose by 63%, from N70.5 trillion in 2022 to N115 trillion in 2023, hitting N136 trillion in March 2024, an 18.26% increase in three months.
CBN clarifies position on converting foreign currency
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) had issued new rules clarifying that commercial, merchant, and non-interest banks (CMNIBs) should let holders convert their internationally tradable foreign currency (ITTC) balances in designated domiciliary accounts into the local currency, the naira, at any time, using the prevailing exchange rate.
The bank disclosed that all conversions must be fully disclosed and reported as part of the bank’s exchange rate requirements.
Legit.ng reported that in February 2024, the apex bank reaffirmed that it would not coerce domiciliary account holders to convert their holdings into naira.