At the close of December 2023, customer deposits in leading deposit money banks soared to N76.04 trillion, marking a significant 66 percent increase from N45.81 trillion recorded in December 2022. Despite the prevailing inflationary trends and other economic hurdles in the country, this surge underscores a remarkable growth in confidence within the banking sector.

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The banks driving this surge include Zenith Bank Plc, Access Bank Plc, FBN Holdings Plc, United Bank for Africa (UBA) Plc, Guaranty Trust Holding Company (GTCo) Plc, Fidelity Bank Plc, and Wema Bank Plc, alongside Sterling Bank Plc, Stanbic IBTC Holdings Plc, and FCMB Group Plc.

Analysis of financial statements for the full year 2023 reveals UBA leading the growth trajectory with a staggering 90.3 percent surge to N14.89 trillion, followed closely by Zenith Bank Plc with a 69 percent increase to N15.17 trillion. Access Bank secured the third spot with a 65.6 percent growth, reaching N15.32 trillion, while Stanbic IBTC Holdings Plc and GTBank followed suit with 65.5 percent and 65.2 percent increases respectively.

Notable growth was also observed in Wema Bank, FCMB Group, Fidelity Bank Plc, FBN Holdings Plc, and Sterling Bank Plc, showcasing an optimistic trend amidst economic challenges. David Adonri, Vice Chairman of Highcap Securities, attributes this growth to enhanced confidence in the banking sector, fueled by the resolution of cash scarcity issues and substantial increases in FAAC Allocations, potentially driven by deposits from sub-national governments.