Customer deposits in eight Deposit Money Banks reached N85.58tn in the third quarter of 2024, a 12.2 per cent increase from the N76.26tn recorded in the same period in 2023.
This was disclosed in the Unaudited Interim Financial Statements for the period ended September 30 of the banks filed with the Nigerian Exchange Limited recently.
A customer deposit in banking is the money that a customer pays to a bank to secure goods or services or to make an advance payment on an order or project.
Zenith Bank recorded the highest customer deposits, at N21.57tn in Q3 of the review year, up from N13.38tn in Q3 last year, marking a 61 per cent increase. The growth was driven by demand deposits, which increased from N7.00tn to N8.04tn.
Access Holdings Plc followed with N22.28tn in deposits for Q3 2024, compared to N15.32tn in Q3 of the previous year. This represents a 46 per cent year-on-year increase. Demand deposits stood at N9.36tn, up from N6.83tn in 2023.
First Bank of Nigeria Holdings Plc saw deposits rise to N16.72tn in Q3 2024, from N10.66tn in the same period last year, reflecting a 57 per cent increase. Demand deposits grew to N3.87tn, while savings deposits reached N4.12tn, and term deposits rose to N8.72tn.
Guaranty Trust Bank reported N10.68tn in customer deposits for Q3 2024, up from N7.41tn in the same period in 2023. This marks a 44 per cent increase. Term deposits increased from N846.09bn to N1.46tn, while savings deposits grew from N3.29tn to N4.21tn.
Fidelity Bank’s deposits grew to N6.08tn in Q3 2024, compared to N4.01tn in Q3 of the prior year, representing a 52 per cent increase. Term deposits increased from N75.99bn to N309.80bn.
Sterling Bank recorded a deposit increase to N2.46tn in Q3 2024, from N1.84tn in Q3 2023, marking a 34 per cent rise.
Savings deposits grew from N1.10tn to N1.50tn, while term deposits rose from N742.12bn to N1.23tn.
Stanbic IBTC’s deposits reached N2.46tn in Q3 2024, up from N1.84tn in the same period in 2023, reflecting a 34 per cent increase. The growth was mainly driven by current accounts, which rose from N1.04tn to N1.33tn, and savings accounts, which increased from N337.25bn to N478.22bn.
Wema Bank’s deposits reached N2.29tn in Q3 2024, compared to N1.86tn in Q3 2023, reflecting a 23 per cent year-on-year increase.
In August, The PUNCH reported that the value of customers’ deposits in banks had risen to N136tn as of the end of the first quarter of 2024, data from the Nigerian Exchange Limited and banking industry have indicated.
Total deposits in the banking sector rose by 63 per cent from about N70.5tn in 2022 to about N115tn in 2023 and hit about N136tn in March 2024, representing an increase of 18.26 per cent in three months.
