Ranking of Banks In Nigeria

Nigerian banks are ranked highly in The Africa Report list of the continent's Top 200 banks. The rankings were published in October 2010, showing that 18 Nigerian banks are listed in the top 200 in Africa.

United Bank for Africa (UBA) is ranked 1st in Nigeria and 12th in Africa, followed by First Bank of Nigeria (2nd) and Zenith International Bank (3rd).

UBA is West Africa's largest and most profitable bank. It became the first bank in Nigeria to institute a foundation -UBA Foundation. Additionally, UBA has been ranked as one of the Top 10 banks in sub-Saharan Africa by the Banker magazine published by the Times of London.

First Bank of Nigeria (FBN) is one of Nigeria’s largest banks by total assets, with 536 branches and about 1,000 ATMs across the country at FYE09. The bank commenced operations in 1894 and provides universal banking services to corporate and retail clients.

Zenith Bank Plc is one of the biggest and most profitable banks in Nigeria with total assets plus contingents of N1 .66 trillion as at the end of December 2009. The Bank provides a range of financial services including Corporate and Commercial Banking Services, E-business Solutions including local and international cards, Treasury and Cash Management Services, Foreign Exchange and Trade Finance Services, etc.

* Featured Articles:

Top Largest Banks in Nigeria

Ranking of Top 10 Banks

Author

Kelvin Wong Loke Yuen is an experienced writer with a strong background in finance, specializing in the creation of informative and engaging content on topics such as investment strategies, financial ratio analysis, and more. With years of experience in both financial writing and education, Kelvin is adept at translating complex financial concepts into clear, accessible language for a wide range of audiences. Follow him on: LinkedIn.

Popular posts from this blog

Advantages & Disadvantages of Reducing Balance Method

Advantages of Reducing Balance Method of Depreciation (also known as diminishing balance method, written down value method or reducing installment method): 1. Simplicity and Ease of Use One of the main advantages of the Reducing Balance Method is its simplicity. The method requires only a basic understanding of how to calculate depreciation using the fixed percentage rate applied to the asset's book value. Once the initial cost of the asset and the depreciation rate are determined, it is relatively straightforward to calculate the depreciation expense for each period. This simplicity makes it easy for accountants and businesses to apply this method, particularly when dealing with multiple assets. Moreover, as the method doesn’t require complex estimations of residual values or changes in useful life, businesses can easily calculate depreciation year over year, providing a clear and consistent framework for accounting. This also simplifies financial reporting and compliance with
Read more

Advantages and Disadvantages of Swaps

A swap is a financial derivative instrument that involves the exchange of a series of cash flows between two parties over a specified period. Typically, swaps are used to manage risk, particularly interest rate and currency risk, by converting variable cash flows into fixed ones or vice versa. Swaps can also be employed to align liabilities with revenues, hedge against fluctuations in commodity prices, or manage exchange rate risk. The two most common types of swaps are interest rate swaps and currency swaps, although other variations such as commodity swaps and equity swaps also exist. Swaps have grown in popularity due to their ability to offer more customized solutions compared to traditional financial instruments such as futures, options, or forwards. Despite their advantages, swaps also come with certain risks and drawbacks, which must be carefully considered before entering into such contracts. Below, we explore both the advantages and disadvantages of swaps in more detail. Adv
Read more

How to Calculate Debenture Interest

Debenture is a liability instrument with a fixed rate of interest, and the holders of debenture are considered as creditors of the limited company. Interest on debentures is calculated at a fixed rate of interest on the face value (not on the issue price), and is charged to Profit and Loss Account. Note that such interest must be paid to the debenture holders even if the company is not making a profit or incurring losses. Nature of Debentures Debentures are long-term debt instruments issued by companies, typically with a fixed interest rate and a set maturity date. They are a key tool for companies looking to secure funding without diluting ownership, as debentures do not confer any equity rights to the holders. Instead, debenture holders act as creditors, and their claims on the company are generally subordinate to other types of liabilities such as bank loans or trade payables. Debentures are classified as unsecured or secured. Secured debentures are backed by a specific asset or se
Read more