The 2020 top banks in Nigeria by assets

An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. Assets are broken down into two main categories. These two categories are current assets and non-current assets. In this educational article, we list the 2020 top banks in Nigeria by assets

Total assets are the sum of all current and non-current assets and must equal the sum of total liabilities and stockholders’ equity combined. The final amount of all cash and cash equivalents, financial assets held for trading, derivative financial assets, investments securities (those available for sale and held to maturity), assets pledged as collateral, loans and advances to banks and customers, restricted deposits and other assets, investment in subsidiaries, property and equipment, intangible assets and assets classified as held for sale as they are presented on the balance sheet.

Loans and advances to customers accounts for major proportion of the total assets, followed by cash and cash equivalents. Intangible assets accounts for least proportion of the total assets.

Total assets = liabilities + stockholders’ equity

The 2020 top banks in Nigeria by assets

From the figure above Access Bank has the highest total assets with N7.2trn, then Zenith bank with N6.3trn and then First Bank with N5.2trn. The significant increase in Access bank is due to its acquisition of diamond bank the previous year.