About nine Nigerian banks have earned N4.85 trillion in interest income on loans and advances to customers in the first nine months of 2024, representing 114.95% growth relative to N2.26 trillion recorded in 2023.

Nigeria’s largest bank by assets, Access Bank, led the pack with N1.13 trillion in loans as of September 2024, from N456.41 billion in the same period last year.

Top banks with the highest earnings on loans

The surge shows the bank’s lending plans and expansion of its loan portfolio.

Zenith Bank came next with an interest income of N1.07 trillion, more than double its previous earnings of N408.66 billion in the same period in 2023, representing an increase of 161.8%.

FBN Holdings, now First HoldCo, earned N915.35 billion in interest income in the same period, a 128.1% increase from the N401.33 billion recorded in the same period last year.

Fidelity Bank recorded an interest income of 450 billion from the N260.51 in 2023.

The figure represents 72.7% growth, showing the bank’s efforts to deepen its presence in the corporate and retail lending markets.

Guaranty Holding Company earned N392.33 billion, a spike of 84.8% from N212 billion recorded last year.

The FCMB Group earned N317.53 billion in interest income, relative to N212.30 billion recorded in the same period in 2023.

According to a Punch report, IBTC Holdings recorded N283.95 billion in interest income as of September last year, from N156.24 billion in the same period in 2023.

As of September 2024, Stanbic IBTC Holdings earned N283.95 billion in interest income on loans, an 81.7% increase from N156.24 billion in the same period in 2023.

Sterling Bank disclosed N138.86 billion as interest in loans from N90.45 billion in the same period in 2023.

The figure represents 54.6% growth, showing the bank’s efforts to grow its credit portfolio amid the economic challenges.

CBN hikes interest rates

Wema Bank rounded off the list with interest earnings on loans of N149.28 billion, an increase of 76.8% from N84.42 in 2023.

The Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) by 50 basis points to 27.75% in November last year, necessitating the bumper earnings by Nigerian banks.

The apex bank’s hike in interest rates made borrowing expensive for small and medium-sized enterprises (SMEs).