|
Economic Confidential,
December, 2008
FACTS AND FIGURES
RATING
The
7 Biggest Banks in Nigeria
Ranking of Biggest, Bigger and Big Banks
After the consolidation exercise in the banking sector in 2006,
seven Nigeria’s banks have improved tremendously in their
shareholders’ funds, branch networks and share values. While other
banks still retain their position in meeting the minimum requirement
of N25billion, two banks have their fortunes dwindles even below the
mandatory requirement fixed by the Central Bank of Nigeria (CBN).
In
its analyses on the performances of Nigeria’s bank, the
Economic Confidential discovers that seven banks can
actually be regarded as biggest in a sector where every player is
rated big. The seven banks are top in the list of three basic
criteria used in the assessment from authenticated annual reports
and other verifiable indices.
In
an environment where every bank claims to receive different awards
largely from reciprocal media that traditionally reward patronage
and occasionally from questionable institutions, attempts by the
Economic Confidential magazine to collect data from some relevant
institutions, through official channels including published reports
were thwarted because of fears of
misrepresentation and misconceptions on
the facts and figures. Nevertheless
the Nigeria’s Economic Magazine succeeded in getting undisputable
figures on the positions of the banks as at the end of last year.
The magazine relies on facts and figures that have been endorsed by
the regulators in the sector especially the Central Bank of Nigeria
(CBN) and Nigeria Deposit Insurance Corporation (NDIC).
In
the finding of the Economic Confidential, First Bank leads all the
bank in Shareholders funds with N307billion in 2007 from N58.9
billion in 2006. It is followed by Oceanic Bank in second position
with shareholding fund of N210bn in 2007 from N36.5 billion in 2006,
Intercontinental ranked 3rd with its N172 billion from
N57billion in 2006. Other banks with huge shareholders’ fund as at
the end of 2007 are United Bank for Africa N154bn from N47.6bn,
Guaranty Trust Bank N142.98bn from N36billion, Zenith Bank N103bn
from N95bn while Union Bank remains in the league of the biggest
bank has its fortune dwindles to N94bn in 2007 from its 106bn in
2006.
On
the bottom of the ladder in shareholding funds are FirstInland Bank
whose fund reduced drastically from N26bn in 2006 to mere N20bn in
2007 and Sterling Bank Plc from N25bn in 2006 to N22.8bn in 2007.
Others are Skye Bank Plc from N31bn in 2006 to N25bn in 2007, Access
Bank Nig. Plc from N28bn in 2006 to N25.5bn in 2007.
Leading with the large numbers of branches is United Bank for Africa
with 545 branches followed by First Bank Plc with 434 branches,
Union Bank 393, Oceanic Bank 288, Zenith Bank 272, Intercontinental
Bank 243 and Afribank Nigeria plc 238 branches. The banks with fewer
branch-offices are Nigeria International Bank Ltd 13 offices
throughout the federation and Standard chartered Bank ltd which has
only 10 branches with 100% foreign ownership.
One
of the major indices adopted in the ranking of the biggest banks is
their share values. Leading in this category is United Bank for
Africa which share price is N49.50k as at December 2007 followed by
Zenith N46.09k, First Bank N44.70k, Union Bank N43.06k,
Intercontinental Bank N40.60k, Oceanic Bank N37.40k and Guaranty
Trust Bank N34.63k. Those with low share values are Unity Bank plc
N8.80k, Eco Bank Plc N7.95k and Sterling Bank N7.28k. Five banks
which were not quoted as at the end of 2007 and without any share
value are Equatorial Trust Bank, Nigeria International Bank, Spring
Bank, Stanbic Bank and Standard Chartered Bank.
The
Economic Confidential could not rely on other factors in rating the
banks like asset base and credit-worthiness because of deliberate
manipulation of figures and cooked up accounting processes by some
of banks in high-tech connivance and conspiracy. While conducting
the investigation, this magazine gathered that Central Bank of
Nigeria and NDIC that were mooting the idea of introducing uniform
financial year end for all the banks instead of different months,
have chickened out from implementing the policy which was supposed
to start next year. Only very few of the bank use December as
Financial Year End.
The
policy of uniform financial year ending, if implemented would have
checked the immoral habit of banks of borrowing from one another to
blow up their financial figures and paint rosy pictures of buoyancy
when in fact they used borrowed funds. It has been discovered that
on several occasions immediately auditors and regulators approved
the said financial reports, the deliberately bloated financial
figures crash as astronomical as when they were generated from the
back door.
BIGGEST BANKS IN NIGERIA
From the Biggest to
Big Banks
By
Economic Confidential
|
SHAREHOLDERS’ FUNDS AS AT DECEMBER 2007 AND 2006
|
BRANCHES AND OWNERSHIP STRUCTURE AS AT DECEMBER 2007 |
SHARE PRICE/VALUE AS AT DECEMBER 2007 |
|
RK |
BANKS |
SHAREHOLDERS’ FUNDS 2007 |
SHAREHOLDERS FUNDS 2006
|
|
RK |
BANKS |
BRANCHES |
GOVT |
PRIVATE |
FOREIGN |
RK |
BANKS |
VALUE |
|
|
1 |
First Bank Plc |
307.00bn |
58.996bn |
|
1 |
United Bank for Africa Plc |
545 |
4.27 |
90.43 |
5.29 |
1 |
United Bank for Africa Plc |
49.50 |
|
|
2 |
Oceanic Bank Plc |
210.60bn |
36.505bn |
|
2 |
First Bank Plc |
434 |
0.36 |
98.06 |
1.94 |
2 |
Zenith Bank Plc |
46.09 |
|
|
3 |
Intercontinental Bank Plc |
172.65bn |
57.25bn |
|
3 |
Union Bank Plc |
393 |
- |
100 |
- |
3 |
First Bank Plc |
44.70 |
|
|
4 |
United Bank for Africa Plc |
154.51bn |
47.624bn |
|
4 |
Oceanic Bank Plc |
288 |
9.95 |
90.25 |
- |
4 |
Union Bank Plc |
43.06 |
|
|
5 |
Guaranty Trust Bank Plc |
142.98bn |
36.420bn |
|
5 |
Zenith Bank Plc |
272 |
2.3 |
95.38 |
2.32 |
5 |
Intercontinental Bank Plc |
40.60 |
|
|
6 |
Zenith Bank Plc |
103.57bn |
95.324bn |
|
6 |
Intercontinental Bank Plc |
243 |
0.04 |
92.26 |
7.70 |
6 |
Oceanic Bank Plc |
37.40 |
|
|
7 |
Union Bank Plc |
94.74bn |
106.97bn |
|
7 |
Afribank Nigeria Plc |
238 |
10.00 |
90.00 |
- |
7 |
Guaranty Trust Bank Plc |
34.63 |
|
|
8 |
Diamond Bank Plc |
49.77bn |
34.97bn |
|
8 |
Unity Bank Plc |
220 |
63.00 |
36.96 |
0.04 |
8 |
Afribank Nigeria Plc |
30.49 |
|
|
9 |
Spring Bank Plc |
43.54bn |
41.29bn |
|
9 |
Skye Bank Plc |
191 |
5.75 |
94.25 |
- |
9 |
Bank PHB Plc |
25.51 |
|
|
10 |
Stanbic-IBTC Bank Plc |
35.11bn |
33.494bn |
|
10 |
Ecobank Nigeria Plc |
184 |
- |
28.7 |
71.3 |
10 |
Access Bank Nig. Plc |
23.00 |
|
|
11 |
Equitorial Trust Bank Ltd |
32.12bn |
28.41bn |
|
11 |
Spring Bank Plc |
164 |
- |
100 |
- |
11 |
Stanbic-IBTC Bank Plc |
19.89ibtc |
|
|
12 |
Bank PHB Plc |
31.62bn |
28.491bn |
|
12 |
First City Monument Bank Plc |
140 |
8.72 |
75.81 |
15.47 |
12 |
Diamond Bank Plc |
19.32 |
|
|
13 |
Unity Bank Plc |
30.77bn |
29.425bn |
|
13 |
FirstInland Bank Plc |
147 |
10.6 |
89.4 |
- |
13 |
First City Monument Bank Plc |
18.88 |
|
|
14 |
Nigeria International Bank Ltd |
28.36bn |
33.375bn |
|
14 |
Wema Bank Plc |
145 |
13.54 |
86.46 |
- |
14 |
Skye Bank Plc |
17.19 |
|
|
15 |
First City Monument Bank Plc |
27.65bn |
25.342bn |
|
15 |
Diamond Bank Plc |
137 |
- |
78.3 |
21.7 |
15 |
Wema Bank Plc |
15.00 |
|
|
16 |
Ecobank Nigeria Plc |
27.37bn |
25.763bn |
|
16 |
Bank PHB Plc |
130 |
- |
84.7 |
15.3 |
16 |
FirstInland Bank Plc |
13.30 |
|
|
17 |
Afribank Nigeria Plc |
27.20bn |
25.085bn |
|
17 |
Guaranty Trust Bank Plc |
125 |
0.18 |
74.75 |
25.07 |
17 |
Fidelity Bank Plc |
11.83 |
|
|
18 |
Fidelity Bank Plc |
27.12bn |
25.596bn |
|
18 |
Access Bank Nig. Plc |
118 |
- |
96.42 |
3.58 |
18 |
Unity Bank Plc |
8.80 |
|
|
19 |
Standard Chartered Bank Ltd |
26.36bn |
33.760bn |
|
19 |
Fidelity Bank Plc |
100 |
- |
100 |
- |
19 |
Ecobank Nigeria Plc |
7.95 |
|
|
20 |
Wema Bank Plc |
26.20bn |
26.230bn |
|
20 |
Sterling Bank Plc |
99 |
2.87 |
83.58 |
13.55 |
20 |
Sterling Bank Plc |
7.28 |
|
|
21 |
Access Bank Nig. Plc |
25.59bn |
28.894bn |
|
21 |
Equitorial Trust Bank Ltd |
79 |
- |
100 |
- |
21 |
Equatorial Trust Bank Ltd |
|
|
|
22 |
Skye Bank Plc |
25.58bn |
31.469bn |
|
22 |
Stanbic-IBTC Bank Plc |
61 |
- |
49.99 |
50.01 |
22 |
Nigeria International Bank Ltd |
|
|
|
23 |
Sterling Bank Plc |
22.89bn |
25.31bn |
|
23 |
Nigeria International Bank Ltd |
13 |
- |
18.10 |
81.90 |
23 |
Spring Bank Plc |
|
|
|
24 |
FirstInland Bank Plc |
20.35bn |
26.389bn |
|
24 |
Standard Chartered Bank Ltd |
10 |
- |
- |
100.00 |
24 |
Stanbic Bank Ltd |
|
|
|
25 |
Stanbic Bank Ltd |
- |
28.386bn |
|
|
|
|
|
|
|
25 |
Standard Chartered Bank Ltd |
|
|
The
table is created by Nigeria’s Economic Magazine, Economic
Confidential |
