Nigeria's top banks see N35 trillion customer deposits surge 15% YoY
Nigeria's six largest listed banks reported combined N35 trillion in customer deposits for 2025, a 15% increase from N30 trillion in 2024. First Holdco leads with N18.8 trillion, followed by FCMB (N4.4 trillion), Stanbic IBTC (N4.3 trillion), Wema Bank (N3.2 trillion), Sterling Financial Holdings (N2.9 trillion), and Jaiz Bank (N1.11 trillion). Customer deposits now account for 91% of total deposits, up from 85% in 2024. While interbank deposits declined to N3.4 trillion (down from N4.3 trillion), retail deposits dominated with savings accounts at N5.6 trillion (First Holdco) and N1.3 trillion (FCMB). Loan-to-deposit ratios improved across banks except Jaiz, with First Holdco lending N9.06 trillion (48% of deposits) and generating N1.85 trillion in interest income. Stanbic IBTC reported N552 billion pretax profit (81.6% YoY growth), while Wema Bank's profit jumped 116.3% to N222.07 billion. This deposit growth reflects strengthened banking sector resilience post-CBN reforms, though loan growth remains uneven.