Nine Nigerian banks raked in a combined interest income of N14.26tn in 2024, an analysis of the audited financial results of the financial institutions shows. As the banks made trillions of naira from the interest on loans given to customers during the review period, manufacturers counted their losses, groaning under the weight of soaring borrowing costs totalling N1.3tn for the same period. An analysis of the audited financial results of First Holdco, Guaranty Trust Holding Company, Zenith Bank Plc, United Bank for Africa, FCMB Group, Fidelity Bank, Stanbic IBTC Holdings,…
Interest boom: Nine local banks generate N14tn from loans
