Jibrin Abubakar
17 June 2008
United Bank for Africa (UBA), Oceanic and Zenith Bank have been ranked as the biggest banks in the country.
Coming closely behind in the top ten ranking are: First Bank of Nigeria, Intercontinental Bank, Union Bank and Guaranty Trust Bank. These banks are called the 'Big 7.'
Other Banks that made the Top Ten ranking are: Skye Bank, Platinum Habib Bank (Bank PHB) and Acess Bank.
The ranking was conducted by the Eli Business Support Service Limited.
In a statement signed by the Managing Director of the firm Frederick Apeji, the ranking was based on the annual reports and the published financial statement of the banks for the 2007 financial year.
It said: "But curiously among the big 7 banks in Nigeria, Oceanic Bank stock is traded at the lowest price on the Nigerian Stock Exchange (NSE) as at today."
According to the table titled 2007 Annual Reports and Published Abridged Financial Statements of the Listed Banks, and made available to Daily Trust, the UBA has a total asset of N1.2 billion total asset, N168 billion shareholders fund, N905 billion deposits, N109 billion gross earnings and N29 billion profit before tax.
It said: "With a total assets of N1.03 trillion, Oceanic Bank International Plc has emerged as the nation's No. 2 bank, next only to UBA with N1.19 trillion ...With N693.92 billion in deposits, the bank also came second to UBA."
It added that: "We have taken our story from the Oceanic Bank angle because we feel (from the ranking) that the bank made the most spectacular news by moving from No. 5 to No. 2 between 2006 and 2007."
It said that in the past two years, there has been an unprecedented expansion of branches throughout the federation by the UBA, Intercontinental Bank and Oceanic Bank.
According to it: "UBA has boosted its branch network aggressively mainly by snapping up several of the banks that lost their licenses in December 2005 for their inability to meet the N25 billion thresholds."
It said: "In 2007, Platinum Habib Bank moved into the league of the top ten banks in Nigeria, while Diamond Bank dropped out of it."
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