Nine Nigerian Banks Earn N4.85 Trillion on Loan Charges in 2024

• Nigerian banks earned N4.85 trillion in loan interest in 2024, up 114.95% from 2023.
• Access Holdings led with N1.13 trillion, followed by Zenith Bank at N1.07 trillion.
• FBN Holdings earned N915.35 billion, marking a 128.1% increase from last year.

Nigerian banks collectively earned N4.85 trillion in interest income from loans and advances to customers in the first nine months of 2024.

EKO HOT BLOG  reports that this figure is based on the financial records of nine banks, including Access Holdings, Zenith Bank, FBN Holdings, Guarantee Trust Holdings, Fidelity Bank, First City Monument Bank Group, Stanbic IBTC Holdings, Wema Bank, and Sterling Bank.

The amount represents a 114.95% growth compared to the N2.26 trillion recorded during the same period in 2023.

An analysis of individual bank performance showed that:

Access Holdings led the industry with N1.13 trillion in interest income as of September 2024, up from N458.41 billion in the corresponding period of 2023. This 146.4% surge reflects the bank’s lending strategy and expansion of its loan portfolio.

EDITOR’S PICKS 

• Polaris Bank’s Initiatives Ensure Continuous Education for Over 16,000 Students
• Verydarkman Pranks Nigerians: No N180 Missing From NGO Funds
• Why I Faked Missing N180m — VeryDarkMan

Zenith Bank followed, reporting N1.07 trillion in interest income, more than doubling its 2023 figure of N408.66 billion, with a 161.8% increase.

FBN Holdings earned N915.35 billion, a 128.1% rise from N401.33 billion recorded during the same period of 2023.

Fidelity Bank recorded N450.00 billion in interest income, up from N260.51 billion in 2023. This 72.7% growth highlights the bank’s expansion in corporate and retail lending markets.

FURTHER READING

• Why We Must Increase Call, Data Tariffs In 2025 – Telecoms Operators
• 19 Year old Arraigned in Kaduna for Allegedly Stabbing Uncle
• Diversify or Face Poverty: Abbas Calls for Economic Shift

Guarantee Trust Holdings reported N392.33 billion in interest income, an 84.8% increase from N212.30 billion in the previous year.

FCMB Group generated N317.53 billion, a 73% rise from N183.55 billion in 2023, attributed to its strategic credit portfolio expansion.

Stanbic IBTC Holdings recorded N283.95 billion in interest income, an 81.7% increase from N156.24 billion in 2023.

Wema Bank posted N149.28 billion, marking a 76.8% rise from N84.42 billion in 2023.

Sterling Bank earned N139.86 billion, a 54.6% increase from N90.45 billion in the same period of 2023, reflecting its resilience and focus on credit portfolio growth despite economic challenges.

Here is the video of the week