In the Banker magazine Top 1000 global banks, eight Nigerian banks made the list of 25 top African banks. These banks are Zenith Bank plc, First Bank of Nigeria plc, Guaranty Trust Bank plc, Access Bank plc, United Bank for Africa plc, Fidelity Bank plc, First City Monument Bank plc, and Skye Bank plc.
African banks suffered in this year’s top 1000 ranking from weakness of their currencies, many of which fell sharply against the US dollar in the second half of 2011. Some banks moved up the ladder due to acquisition of other banks. Access bank’s assets increased 93 percent which is linked to its takeover of Intercontinental bank and has moved from 805th to 635th in the assets ranking. Togolese-based Ecobank Transnational moved from 609 to 498 due to its acquisition of Nigeria’s Oceanic bank.
The Banker in its benchmarking of the top 1000 global bank said that Zenith Bank PLC had, as at 2011 financial year, a total tier one capital of $2.398 billion as against the $2.405 billion of last year. This makes Zenith Bank the biggest bank in Nigeria, the 7th in Africa and the 322nd in the world.
It is followed by the first generation bank, First Bank, with a total of $2.262 billion in 2011 as against its last year’s figure of $2.221 billion shareholders’ stake in the bank known as tier one capital. First Bank occupies the 2nd position in the Nigerian banking sector, 8th in Africa and 338th in the globe.
The third highly capitalised bank in Nigeria by the standard of Bank of International Settlement (BIS) is GTBank with a tier one capital of $1.478 billion as against the $1.362 billion of 2010 financial year. By tier one capital ranking, it is Nigeria’s 3rd biggest, 11th in Africa and 455th in the world.
Access Bank followed closely with a capital of $1.054 billion as against the $1.149 billion it had last year making it the 4th largest bank in Nigeria, 15th in Africa and 541st universally.
United Bank for Africa (UBA), one of the oldest banks in the country, as at the 2011 financial year end had $1.003 billion compared to the $1.037 billion capital in 2010 making it one of the internationally recognised strong banks in the country. It is by this classification, the 5th largest bank in Nigeria, 16th in Africa and 563rd in the world.
Fidelity is next with $867 million as against the $904 million tier one capital the previous year, making it the 6th biggest bank in Nigeria, 17th in Africa and 618th in the world. First City Monument Bank followed closely with $683 million compared to the $854 million capital base it had a year before. It thus becomes the 7th largest bank, 22nd in Africa and 710th in the world. Skye Bank has $665 million compared to $695 million it had previously to feature as the 721st top banks in the world, 24th in Africa and 8th in Nigeria.