The total assets of Nigeria deposit money banks (DMBs), comprising 29 commercial banks, six merchant banks, and four non-interest banks (NIBs), rose to N160 trillion ($106 billion) at the end of December 2024.
The total assets of the DMBs grew by 41.31 per cent to N160.60 trillion at the end of December 2024, from N113.65 trillion at the end of December 2023.
According to data compiled by Moneycentral, this increase was mainly driven by loans and advances, which rose by 33.13 per cent to N59.83 trillion from N44.94 trillion in the prior period.
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The combined assets of the top 5 DMBs stood at N100.82 trillion, or 62.78% share of the total, as of December 2024.
Similarly, total deposits from customers rose by 40.10 per cent to N99.19 trillion at year-end December 2024, from N70.80 trillion at year-end December 2023.
Profit before tax (PBT) for the DMBs rose by 75.69% to N5.18 trillion in 2024, compared to N2.94 trillion in 2023. The rise in PBT was partly attributed to an increase in Net Interest Income (NII) by 102.54% to N6.74 trillion in the period.
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.
