Nigerian Banks Report N4.85 Trillion Interest Income in Nine Months, Doubling 2023 Figures

|By Adejumo Adekunle –

• Access Holdings Leads with N1.13 Trillion in Interest Revenue
• Zenith Bank Records 161.8% Surge in Loan Earnings
• Sector Growth Reflects Strategic Lending Amid Challenges

Nigerian banks collectively earned N4.85 trillion in interest income from loans and advances to customers in the first nine months of 2024, showcasing a significant 114.95% increase from N2.26 trillion in the same period of 2023.

Access Holdings led the pack with N1.13 trillion in interest income, a 146.4% jump from N458.41 billion in 2023, driven by an aggressive lending strategy and loan portfolio expansion. Zenith Bank followed closely, recording N1.07 trillion, a 161.8% growth from N408.66 billion the previous year.

FBN Holdings reported N915.35 billion, up 128.1% from N401.33 billion, while Fidelity Bank achieved a 72.7% increase, earning N450 billion compared to N260.51 billion in 2023. Guarantee Trust Holding Company saw an 84.8% rise to N392.33 billion, and FCMB Group’s interest income grew by 73% to N317.53 billion.

Stanbic IBTC Holdings recorded N283.95 billion, reflecting an 81.7% growth. Wema Bank and Sterling Bank earned N149.28 billion and N139.86 billion, increasing by 76.8% and 54.6%, respectively.

The surge across the sector highlights the banks’ strategic lending approaches and efforts to expand their credit portfolios despite economic challenges.