Regardless, the financial sector in Nigeria has recorded some level of growth as the country has been able to survive a fiscal year plagued by financial complications.
According to a trade publication, Business Day NigeriaAccording to data from the Nigerian Exchange Group (NGX), Nigerian banks managed to record growth in their consumer loan books for the nine-month period up to September.
These banks have collectively increased their customer loan book by 19% from N23 trillion recorded in 2021 to N27 trillion in 2022, indicating more activities in the banking halls of Africa’s largest economy.
Below are these 5 banks with highest consumer loan growth in 2022 from January to September as per the period under review.
Stanbic IBTC Holdings PLC: Stanbic IBTC recorded the highest consumer credit growth of 34.47% during the period under review. Its loan to customers rose to N1.13 trillion in 2022 from N822 billion in the previous year. The financial institution disbursed N755 billion total loans to corporates, while it also disbursed N82 billion and N326 billion to consumers and more network clients and business. and commercial customers respectively.
First Bank of Nigeria (FBN Holdings): At 29.60%, this bank has the second highest growth rate in its loan books to 2022. It said that in 2021, its loans and advances to customers stood at N2.77 trillion, and in 2022, loans coming in at N3 grew by 820 million. .59 trillion. Loans, overdraft and personal finance for the period under review stood at N3.26 trillion, N428 billion and N43 billion respectively.
Zenith Bank: It is one of the leading banks in Nigeria, ranked third. The bank recorded a loan growth rate of 28.48% in the 9 months to September 2022 at N3.88 trillion, as against N3.02 trillion in the previous year. For Zenith Bank, loans and advances to customers grew by 23% at N2.71 trillion, while overdrafts grew by 57% at N589 billion and credit facilities grew by 25% to N761 billion during the period under review.
Fidelity Bank: Next on the list is Fidelity Bank, which recorded a 23.60% increase in its loan growth from 2021 to 2022. Its loan book increased by N380 billion, with its figures coming to N1.99 trillion for 2022. The bank reported a 23% growth in loans to corporate and other institutions, which stood at N1.99 trillion, against N1.61 trillion in 2021, while loans to individuals rose 12% to N70 billion. has increased.
Access Holdings plc: Access Holdings experienced a 23.20% increase in its loan book during the period under review, which stood at N4.62 trillion, compared to N3.75 trillion recorded in the corresponding period in 2021. Loans to corporate bodies and other institutions stood at N4.22 trillion, while loans to individuals came in at N400 billion during the nine-month period under review.
