By Sogeyinbo Abdulrahmon Olabanji (SIWES student, Gate Way ICT Polytechnic)
Among these, tier-1 banks dominated, with UBA leading the pack, experiencing a remarkable 62% surge in its loan book to N4.94 trillion. Stanbic IBTC, a tier-2 bank, closely followed with a 55.5% increase to N1.763 trillion.
Zenith Bank claimed the third spot, achieving a 49% growth to N5.78 trillion, while FBN Holdings secured the fourth position with a 48.5% rise to N5.35 trillion. Access Bank also demonstrated a substantial 45% increase, reaching N6.702 trillion.
Other notable growth figures include Wema Bank (43.4% to N661 billion), FCMB Group Plc (34.2% to N1.59 billion), Unity Bank (33.2% to N2.65 trillion), GTCo Plc (20.4% to N2.22 trillion), and Sterling Bank Plc (9.3% to N819 billion).
David Adonri, Vice Chairman of Highcap Securities, linked the surge to the Naira’s depreciation, suggesting that importers might have increased borrowing to meet import bills.
He also highlighted the positive outlook for banks, fueled by substantial forex windfalls, providing them with ample resources to expand their risk assets.
