31/01/2024
TOP 10 BANKS WITH THE MOST BRANCHES IN NIGERIA TODAY
Nigeria's dynamic banking landscape is marked by a diverse array of financial institutions, each vying for prominence and influence. In a nation boasting a total of 4,437 commercial bank branches, the competition among the 33 licensed banks is fierce. These banks operate under three distinct levels of licenses - international, national, and regional, each bestowing varying degrees of operational reach. In this Know Your Bank Article, we will look into the top 10 banks with the most branches in Nigeria, shedding light on their licenses, operational prowess, and financial achievements.
10. Unity Bank: 210 branches
Established in January 2006, Unity Bank secures the tenth position with 210 branches. Holding a national-level license, it can operate in every state across Nigeria. In 2022, Unity Bank reported a profit before tax of ₦1.1 billion, showcasing its steady growth and presence in the Nigerian banking sector.
9. Guaranty Trust Bank (GTB): 235 branches
Founded on August 1, 1990, GTB claims the ninth spot with 235 branches. Possessing an international-level license, GTB engages in offshore banking operations and maintains subsidiaries in Ghana, Kenya, Rwanda, and the UK. Despite a 3.3% decline in 2022's profit before tax, totaling ₦214.42 billion, GTB anticipates a positive trajectory in 2023, recording a Q1 profit of ₦74.1 billion, a 36.5% increase from the previous year.
8. Union Bank: 240 branches
With 240 branches, Union Bank holds the eighth position. Despite being licensed at the international level since 1969, the bank's profit is overshadowed by newer entrants. In 2022, Union Bank reported a profit before tax of ₦30.2 billion, reflecting its enduring legacy as one of Nigeria's oldest banks.
7. Fidelity Bank: 244 branches
Securing the seventh spot with 244 branches, Fidelity Bank operates under an international-level license. In 2022, it reported a remarkable 112.9% annual growth in profit before tax, reaching ₦53 billion, underscoring its resilience and agility in the competitive banking sector.
6. Polaris Bank: 252 branches
Registered in 2018 after acquiring the assets of Skye Bank, Polaris Bank claims the sixth position with 252 branches. Operating with a national-level license, the bank reported a profit before tax of ₦10.96 billion in 2022, demonstrating its commitment to financial stability despite a 46% decline from the previous year.
5. Ecobank: 273 branches
Founded in 1988 with a national-level license, Ecobank stands as the fifth-largest bank in terms of branches with 273 locations. In 2022, the bank reported a profit before tax of ₦230 billion, showcasing its robust financial performance and expansive operational reach.
4. Zenith Bank: 393 branches
Established in June 1990, Zenith Bank holds the fourth position with 393 branches. Operating both nationally and internationally, the bank reported a profit before tax of ₦284.7 billion in 2022, outperforming its 2021 figures by 4%.
3. United Bank for Africa (UBA): 460 branches
Licensed in 1961 with the authority to operate beyond Nigeria, UBA secures the third position with 460 branches. Reporting a profit before tax of ₦200 billion in 2022, UBA demonstrates consistent growth, surpassing its 2021 figures.
2. Access Bank: 583 branches
Licensed in 1988 with the ability to conduct banking operations outside Nigeria, Access Bank ranks second with 583 branches. Its financial prowess is evident with a profit before tax of ₦167.68 billion in 2022, solidifying its position as one of Nigeria's top-earning banks.
1. First Bank: 591 branches
Established in 1894, First Bank is Nigeria's oldest financial institution, securing the top spot with 591 branches. Originally known as the Bank of British West Africa, it recorded a profit before tax of ₦147 billion in 2022, cementing its legacy as a stalwart in Nigeria's banking industry.
In conclusion, these top 10 banks not only showcase the sheer magnitude of Nigeria's banking sector but also underscore the diverse strategies and strengths that contribute to their success in a competitive financial landscape.