By Kolawole Ojebisi
A report from the Central Bank of Nigeria has revealed how nine Nigerian banks collectively earned N4.85tn in interest income on loans and advances to customers in the first nine months of 2024.
The report noted that this development marked a growth of 114.95 per cent compared to N2.26tn recorded in the same period of 2023.
According to the report, Access Holdings led the industry with N1.13tn in interest income as of September 2024, up from N458.41bn in the corresponding period of 2023.
This amount which accounted for 146.4 per cent surge reflects the bank’s lending strategy and expansion of its loan portfolio.
Zenith Bank followed closely, reporting an interest income of N1.07tn, more than doubling its N408.66bn figure from the previous year, representing an increase of 161.8 per cent.
FBN Holdings earned N915.35bn in interest income year-to-date in 2024, a 128.1 per cent increase from N401.33bn recorded in the same period of 2023.
Fidelity Bank recorded an interest income of N450.00bn, up from N260.51bn in 2023. The 72.7 per cent growth reflects the bank’s efforts to deepen its presence in the corporate and retail lending markets.
Guaranty Trust Holding Company reported an interest income of N392.33bn, an 84.8 per cent rise from N212.30bn in the prior year.
FCMB Group generated N317.53bn in interest income, up from N183.55bn in 2023. This 73 per cent increase is attributed to its targeted approach to scaling its credit portfolio to meet customer needs.
Stanbic IBTC Holdings recorded N283.95bn in interest income as of September 2024, representing a growth of 81.7 per cent from N156.24bn in the same period of the previous year.
Wema Bank posted an interest income of N149.28bn, an increase of 76.8 per cent from N84.42bn in 2023.
Sterling Bank recorded N139.86bn in interest income, up from N90.45bn in the same period of 2023. This 54.6 per cent growth reflects the bank’s focused efforts to grow its credit portfolio despite economic challenges.
