Nigerian banks collectively earned N4.85 trillion in interest income on loans and advances in the first nine months of 2024, a 114.95% increase from the N2.26 trillion recorded in the same period of 2023.
This growth, reflected in the financial records of nine leading banks, underscores the sector’s resilience and strategic expansion of lending portfolios.
Access Holdings led the industry, generating N1.13 trillion in interest income, up 146.4% from N458.41 billion in 2023. Zenith Bank followed closely with N1.07 trillion, representing a 161.8% increase from N408.66 billion. FBN Holdings earned N915.35 billion, a 128.1% rise from N401.33 billion recorded in the previous year.
Fidelity Bank posted N450 billion, up 72.7% from N260.51 billion in 2023, while GTCO recorded N392.33 billion, an 84.8% growth from N212.30 billion. FCMB Group generated N317.53 billion, reflecting a 73% increase from N183.55 billion. Stanbic IBTC earned N283.95 billion, up 81.7% from N156.24 billion.
Wema Bank reported N149.28 billion, marking a 76.8% increase from N84.42 billion, while Sterling Bank recorded N139.86 billion, a 54.6% rise from N90.45 billion in 2023.
