Nigerian banks achieve record N4.8tn interest income amid rising lending activity  

Nine Nigerian banks collectively recorded a historic N4.85 trillion in interest income on loans and advances within the first nine months of 2024, a remarkable 114.95 per cent growth from N2.26 trillion in the same period of 2023. CableNews24 reports that this surge highlights the aggressive lending strategies and evolving financial dynamics within the banking sector.

Access Holdings emerged as the top performer, with a 146.4 per cent increase in interest income, reaching N1.13 trillion by September 2024, up from N458.41 billion in 2023. This reflects the bank’s strategic expansion of its loan portfolio, solidifying its position as an industry leader.

Zenith Bank closely trailed with N1.07 trillion in interest income, marking a staggering 161.8 per cent growth compared to the N408.66 billion recorded in 2023. The bank’s focus on structured lending and efficient credit risk management contributed significantly to this milestone.

Other leading performers include FBN Holdings, which recorded a 128.1per cent growth to N915.35 billion, and Fidelity Bank, whose N450.00 billion income reflects a 72.7 per cent rise, emphasizing its robust penetration in corporate and retail lending markets.

Guaranty Trust Holding Company also demonstrated resilience and innovation. The bank saw an 84.8 per cent increase, generating N392.33 billion, while FCMB Group achieved a 73 per cent rise with N317.53 billion. Stanbic IBTC Holdings followed with N283.95 billion, reflecting an 81.7 per cent growth.

Wema Bank and Sterling Bank also showed strong performance, reporting N149.28 billion and N139.86 billion, respectively, marking growths of 76.8 per cent and 54.6 per cent.

This growth underscores the banks’ response to Nigeria’s economic environment, characterized by high-interest rates and increased demand for credit. Analysts suggest that sustained efforts to deepen credit access, coupled with enhanced risk management, will remain pivotal in driving the sector’s profitability.

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