Babatunji Wusu –
According to a recent examination of bank performance, as of the third quarter (Q3) of 2023, Fidelity Bank, Zenith Bank, and Access Holdings held the top three positions in terms of capitalization. This honor was given soon after the Central Bank of Nigeria (CBN) declared at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos that a bank recapitalization was to take place.
With a sizeable capital base of N1.92 trillion, Zenith Bank is still at the top of the capitalization ladder and is the most capitalized bank in Nigeria.
With a capital basis of N1.778 trillion, UBA closely trails Zenith Bank in terms of financial soundness, thereby establishing itself as a leading institution in the nation.
The last two companies in the top five, Access Holdings (capital base of N1.64 trillion) and First Bank Holdings (capital base of N1.37 trillion), exhibit remarkable financial stability.
According to Fidelity Bank’s Q3 2023 figures, the bank’s capital base increased significantly from N314.3 billion in 2022 to N410.75 billion. This significant expansion shows the bank’s solid financial results and dedication to long-term stability.
To further strengthen its financial position and show its proactive approach to expansion, Fidelity Bank had earlier in the year proactively obtained the consent of its shareholders to raise more capital.
Alongside other highly capitalized banks like Zenith Bank (N1.92 trillion), UBA (N1.778 trillion), Access Holdings (N1.64 trillion), First Bank Holdings (N1.37 trillion), and Ecobank (N1.37 trillion), the bank’s outstanding performance places it among Nigeria’s top financial institutions.
This award highlights Fidelity Bank’s dedication to offering top-notch financial services to its clients while maintaining its long-term viability and resilience in the face of changing banking conditions in Nigeria. The whole banking industry is to be strengthened and made more resilient to future economic shocks by the CBN’s recapitalization strategy.
The bank’s recent acquisition of Union Bank of Nigeria’s UK division further demonstrates its strategic growth and aspirations for worldwide expansion.
Full List Of Top 10 Most Capitalised Banks In Nigeria As Of Q3 2023:
1. Zenith Bank Plc 1,920.00 billion
2. United Bank for Africa Plc: N1,778.79 billion
3. Access Holdings Plc: N1,640.50 billion
4. First Bank Holdings Plc:** N1,370.75 billion
5. Ecobank Transnational Incorporated: N1,373.85 billion
6. GTCO Holdings Plc: N1,273.57 billion
7. Stanbic IBTC Holdings Plc: N471.10 billion
8. Fidelity Bank Plc: N410.75 billion
9. FCMB Group Plc: N373.70 billion
10. Sterling Financial Holdings Plc: N165.84 billion
