Business & Economy
Loan Charges Hit N4.85tn in 2024 as Nigerian Banks Report 114.95% Growth in Interest Income
- Access Holdings recorded an interest income of N1.13tn
- Zenith Bank’s reached N1.07tn
- Sterling Bank’s interest income grew by 54.6%
From January to September 2024, nine Nigerian banks collectively generated N4.85tn in interest income from loans and advances to customers, marking a significant 114.95% increase compared to N2.26tn in the same period of 2023.
Eko Hot Blog gathered that leading the industry, Access Holdings recorded an interest income of N1.13tn as of September 2024, a remarkable 146.4% surge from N458.41bn in 2023.
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This impressive growth underscores the bank’s effective lending strategy and its focus on expanding its loan portfolio.
In close pursuit, Zenith Bank’s interest reached N1.07tn, more than doubling its N408.66bn figure from the previous year. This 161.8% increase showcases Zenith Bank’s robust performance in the financial sector.
FBN Holdings also saw notable growth, with an interest income of N915.35bn year-to-date in 2024. This represents a 128.1% increase from N401.33bn in the corresponding period of 2023.
Fidelity Bank reported an interest income of N450.00bn, a considerable 72.7% growth from N260.51bn in 2023. This increase highlights the bank’s continued efforts to deepen its presence in both corporate and retail lending markets.
Guaranty Trust Holding Company saw an 84.8% increase in interest income, generating N392.33bn compared to N212.30bn the year prior.
FCMB Group’s surged 73% to N317.53bn from N183.55bn in 2023. This notable growth is credited to the bank’s strategy of expanding its credit portfolio to meet evolving customer demands.
Stanbic IBTC Holdings also witnessed a substantial 81.7% growth in interest income, reaching N283.95bn. This marks a significant increase from N156.24bn in the corresponding period of the previous year.
Wema Bank’s interest income similarly climbed to N149.28bn, marking a 76.8% rise from N84.42bn in 2023.
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Sterling Bank’s interest income grew by 54.6%, reaching N139.86bn.
This figure shows an increase from N90.45bn in 2023 and demonstrates the bank’s resilience in expanding its credit offerings despite economic difficulties.
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