Meristem Securities prepared a research report on the middle-tiered banks in Nigeria. Click here to read.

Here is the summary/my take-away from the report:

- AfriBank and IBTC have the highest proportion of non-performing loans (17.6% and 14%) repectively as against the perr average of 8.9%.
- Skye Bank and FCMB have the best performing loan rates of 96.8% and 94.7% as against the average of 91.1%.
- Short term loans make up over 85% of the banks’ loan portfolio.
- Deposit structure of these banks is 50% current account, 7% savings, 42% time and call deposits and the remaining other account variants.
- These banks have a sound liquidity position.
- Combined assets of these banks increased from N363bn in 2004 to N2,607bn in 2007.

Their rankings:
1. Skye Bank
2. Diamond Bank
3. EcoBank
4. Access Bank
5. Bank PHB

6. FCMB

7. Fidelity Bank

8. Stanbic IBTC

9. Afribank

Opportunities- Nigeria still has a low bank penetration rate.