Top 5 Banks in Nigeria by customer loans in 2022

Regardless, the financial sector in Nigeria recorded some level of growth, as the country managed to stay afloat in a fiscal year riddled with monetary complications.

As reported by the business publication, Business Day Nigeria, according to data from the Nigerian Exchange Group (NGX), Nigerian banks managed to record growth in their customer loan books in the space of nine-months leading up to September.

These banks collectively grew their customer loan book by 19%, from N23 trillion recorded in 2021, to N27 trillion reported in 2022, indicating more activities within the banking halls of Africa’s largest economy.

Below are 5 of these banks with the highest customer loan growth in 2022 from January to September standing as the period under review.

Stanbic IBTC Holdings PLC: During the period under review Stanbic IBTC recorded the highest customer loan increase at 34.47%. Its loan to customers grew from N822 billion in the previous year to N1.13 trillion in 2022. The financial institution granted N755 billion total loans to corporate organizations, while it also afforded N82 billion and N326 billion to customer and high network clients, and business and commercial clients respectively.

First Bank of Nigeria (FBN Holdings): At 29.60%, this bank had the second highest growth rate in its loan books for 2022. In 2021, its loan and advances to customers stood at N2.77 trillion, and in 2022, said loans grew by 820 million, coming in at N3.59 trillion. Term loans, overdraft and personal finances in the period under review amounted to N3.26 trillion, N428 billion and N43 billion respectively.

Zenith Bank: Coming in at third place is one of Nigeria’s most prominent banks. This bank had a 28.48% loan growth rate in 9 months leading up to September 2022, at N3.88 trillion, having recorded N3.02 trillion during 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 lending facilities grew by 25% to N761 billion in 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 in at N1.99 trillion for 2022, against N1.61 trillion in 2021. The bank also reported a 23% growth in loans to corporate and other organizations which amounted to N1.99 trillion, while loans to individuals grew by 12% to N70 billion.

Access Holdings Plc: Access holdings experienced a 23.20% loan book increase in the period under review, coming in at N4.62 trillion, compared to N3.75 it recorded in the corresponding period in 2021. Loans to corporate bodies and other organizations amounted to N4.22 trillion, while loans to individuals came in at N400 billion in the nine months period under review.