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13 Nigerian Banks Among World’s 1000, Is Your Financial Institution Included [Details]

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Thirteen Nigerian banks have been named in the list of 1000 top lenders across the world, according to the Banker magazine of the Financial Times Group in its 2014 report on banks released on Sunday 6 July.

The Nigerian banks attained this feat for the second year in a row which makes the Financial Institutions among the 1000 world best if your’e looking to bank in Africa or your’e worried about the capacity of your bank.

The Country Representative of The Banker Magazine, Kunle Ogedengbe, said the ranking is based on Tier-1 capital, which has Zenith Bank, Guaranty Trust Bank, First Bank, Access Bank, United Bank for Africa, Fidelity Bank and Ecobank Nigeria.

Others are: Skye Bank, First City Monument Bank, Diamond Bank, Stanbic IBTC Holdings, Standard Chartered Bank Nigeria and Union Bank of Nigeria.

Zenith Bank was ranked top in Nigeria at 293 position while Guaranty Trust Bank was placed 415. First Bank and Access Bank were ranked 424 and 532 respectively. UBA was listed at 539 and Fidelity, occupied 622 position.

The Banker said the profit on capital of three Nigerian banks that are not foreign-owned subsidiaries increased. First Bank’s profit on capital increased to 25.32 per cent from 25.13 per cent, Access Bank, from 21.19 per cent to 21.24 per cent and First City Monument Bank, 15.77 per cent from 15.07 per cent.

The magazine said the share number of local banks that made the ranking “underlines Nigeria’s number one position in Africa, as no other African country had up to 13 banks in the Top 1,000 World Banks”.

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