Six banks grow customer deposits to N35 trillion — what’s driving the surge?

Six of Nigeria’s listed banks that have released their unaudited financial statements for 2025 reported a combined N35 trillion in customer deposits.

This represents a15% year-on-year increase from the N30 trillion recorded in 2024, reflecting strong deposit inflows.

The banks include First Holdco alongside five tier-two banks: Sterling Financial Holdings, FCMB, Stanbic IBTC, Wema Bank, and Jaiz Bank.

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While customer deposits surged, the statements show that interbank deposits declined, totaling N3.4 trillion, down from N4.3 trillion in 2024.

Altogether, these six banks hold over N38 trillion in total deposits, an increase of more than N4.6 trillion in 2025 compared to the previous year, with customer deposits accounting for 91% of the total.

**What the data is saying **

First Holdco ranks highest in customer deposits, totaling N18.8 trillion, up N1.72 trillion from N17.1 trillion in 2025.

• Of this, current accounts made up the largest portion at N5.6 trillion, followed by domiciliary accounts at N5.2 trillion, savings at N4.3 trillion, term deposits at N3.5 trillion, and electronic purses at N65.3 billion.

FCMB followed with N4.4 trillion in customer deposits, up N105.5 billion from the previous year, with N2.5 trillion from retail customers and N1.5 trillion from corporate clients.

• Within the retail segment, savings deposits led at N1.3 trillion, followed by term deposits of N1.01 trillion and current deposits of N522.5 billion.
• Among corporate deposits, current accounts totaled N1.04 trillion (67% of the corporate sum), with term deposits at N496.3 billion.

Stanbic IBTC recorded N4.3 trillion in customer deposits, up N1.3 trillion from the prior year, with current accounts making up the largest share at N2.2 trillion, followed by term deposits at N1.4 trillion, savings at N442 billion, and call deposits at N166.8 billion.

Wema Bank posted N3.2 trillion in customer deposits, up N759.5 billion in 2025 from N2.5 trillion, with corporate deposits totaling N2.3 trillion.

• Within this, ‘other deposits’ contributed N1.1 trillion, while current accounts made up N1.03 trillion.
• Retail deposits, totaling N923.5 billion, were dominated by savings at N512.3 billion.

Sterling Financial Holdings saw customer deposits rise to N2.9 trillion, up N463.9 billion from N2.5 trillion, with current accounts at N1.8 trillion as the largest component.

Jaiz Bank’s customer deposits grew to N1.11 trillion, up N213.5 billion from N904.7 billion, with corporate clients contributing N629.6 billion, individuals N483.7 billion, and government deposits N4.9 billion.

This data highlights increased customer patronage across banks. However, examining how these deposits translate into loans is essential to understanding their real impact on banking operations.

Loan-to-Deposit overview

Except for Jaiz Bank, which did not specifically disclose loans and advances to customers, the other major banks reported a combined N16.90 trillion in loans and advances, up from N15.78 trillion in 2024.

• Of N18.8 trillion in customer deposits at First Holdco, N9.06 trillion was extended as loans and advances to customers, generating N1.85 trillion in interest income—a 35.9% increase.
• At FCMB, from N4.4 trillion in deposits, N2.2 trillion was lent to customers, earning N610.9 billion in interest, up 41.03%.
• Stanbic IBTC reported that out of N4.3 trillion in deposits, N2.3 trillion went into loans and advances, producing N473.2 billion in interest income, a 20.8% rise.

Wema Bank converted N1.7 trillion of its N3.2 trillion in customer deposits into loans, generating N344.8 billion in interest, up 47.49%.

Sterling Financial Holdings lent N1.4 trillion from N2.9 trillion in deposits, earning N242.3 billion in interest, up 31.9%.

While loans and advances traditionally account for the bulk of interest income, they also play a key role in driving overall profitability.

What to Know

According to Muktar Mohammed, CEO of Asher Investment Ltd, CBN measures to strengthen Nigerian banks may have shaken investor sentiment, but they likely encouraged more customers to deposit their money.

• “CBN policies have made Nigerian banks stronger, as customers likely feel safer to deposit,” he said.

He added that many banks that have reached capital thresholds or exited the forbearance list add resilience to the sector, improving customer confidence and supporting bottom-line profits.

• Stanbic IBTC posted a pretax profit of N552 billion, up 81.6% year-on-year.
• Wema Bank reported N222.07 billion, an 116.3% increase.
• FCMB’s pretax profit rose to N200.9 billion, up 80%, while Sterling Financial Holdings reported N90.73 billion, up 98.3%.
• First Holdco recorded N229 billion, down 71.18%, and Jaiz Bank posted N31.3 billion, up 28.43%.

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