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H1 2017: Customer resistance, other factors cost 5 banks N363bn decline in deposits

THE top five banks in the country recorded N363 billion decline in customers’ deposit in the first half of 2017, H1’17, reflecting their inability to meet up with demand for higher interest rate by customers. The banks are Access Bank, First Bank, Guaranty Trust Bank, United Bank for Africa Plc (UBA), and Zenith Bank Financial Vanguard analysis of the recently released H1‘17 financial statements of the five banks revealed that total customers deposit dropped by 2.85 per cent to N12.29 trillion at end of June 2017, from N12.65 trillion at the end of December 2016.

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