Access Bank records highest interest income

Access Bank recorded the highest interest income on loans among ten listed banks in the country, posting a total interest income of N1.04 trillion in the first nine months of 2023.

The bank also maintained the top spot as the bank with the highest loans to customers, which was N6.7 trillion in the first nine months of 2023, representing a 31 per cent increase from N5.1 trillion recorded as of December 2023.

Zenith Bank and UBA followed in second and third spots with income of N670.9 billion and N666.3 billion respectively.

GTCo recorded an interest income of N374.6 billion, while Fidelity Bank earned N324.8 billion. On the flip side, Unity Bank recorded the least with N33 billion.

UBA recorded the highest growth rate in terms of loans to customers, growing its loan book by 57 per cent to N3.14 trillion, while Zenith Bank led the list in terms of nominal growth, with an increase of N1.9 trillion to stand at N5.78 trillion as of September 2023.

The ten banks reported bumper interest income in the first nine months of 2023 as their aggregate loan books grew by N8.45 trillion between January and September 2023.

The Banks’ loans to customers increased from N22.66 trillion recorded as of December 2022 to N31.1 trillion by the end of September 2023.

This translates to a 37.3 per cent increase in the review period. Customer deposits also surged by N18.6 trillion in the same period to N61.99 trillion in contrast to N43.37 trillion recorded as of December 2023.

In the same vein, interest income witnessed a significant boost to the tune of N4.18 trillion, a 65.9 per cent increase from N2.48 trillion recorded in the corresponding period of 2022.

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