Nine leading Nigerian banks collectively earned an impressive ₦4.85 trillion in interest income from loans and advances to customers during the first nine months of 2024, reflecting a significant 114.95% growth compared to ₦2.26 trillion recorded in the same period of 2023.
Access Holdings emerged as the industry leader, generating ₦1.13 trillion in interest income as of September 2024, marking a remarkable 146.4% increase from ₦458.41 billion in the same period of 2023. This growth underscores the bank’s strategic lending initiatives and the expansion of its loan portfolio.
Zenith Bank closely followed, reporting an interest income of ₦1.07 trillion, more than double the ₦408.66 billion recorded in 2023, representing an impressive 161.8% growth.
FBN Holdings earned ₦915.35 billion in interest income year-to-date in 2024, a 128.1% increase from the ₦401.33 billion recorded in the same period the previous year, further highlighting its strong performance in credit expansion.
Fidelity Bank recorded an interest income of ₦450 billion, up from ₦260.51 billion in 2023, reflecting a 72.7% growth attributed to its strategic penetration into the corporate and retail lending segments.
Other notable performances include:
- Guaranty Trust Holding Company, which reported ₦392.33 billion in interest income, an 84.8% rise from ₦212.30 billion in 2023.
- FCMB Group, which posted ₦317.53 billion, a 73% increase from ₦183.55 billion recorded the previous year, driven by its focused efforts to expand its credit offerings.
- Stanbic IBTC Holdings, with ₦283.95 billion in interest income, up 81.7% from ₦156.24 billion in the same period of 2023.
- Wema Bank, which generated ₦149.28 billion, representing a 76.8% rise from ₦84.42 billion recorded in the prior year.
- Sterling Bank, which recorded ₦139.86 billion in interest income, reflecting a 54.6% increase from ₦90.45 billion in 2023, despite a challenging economic environment.
This outstanding growth across the banking sector underscores the resilience of Nigerian financial institutions and their ability to navigate economic headwinds while expanding their credit portfolios to meet customer needs. The substantial surge in interest income also highlights the banks’ success in leveraging increased lending activities to drive profitability.
