Access, Zenith, FirstBank Lead as 9 Nigerian Banks Post N14.7tn Interest Income in 9 Months
Legit.ng journalist Victor Enengedi has over a decade of experience covering energy, MSMEs, technology, banking and the economy.
Nine major Nigerian banks collectively generated roughly N14.72tn in interest income during the first nine months of 2025, buoyed by the elevated interest-rate climate.
A review of their unaudited financial statements for the period ending 30 September 2025, submitted to the Nigerian Exchange Limited, shows that their combined interest income rose 27.68% from the N11.53tn reported a year earlier.
Source: UGC
The analysis covers the Q3 filings of Access Holdings Plc, First HoldCo, Zenith Bank Plc, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), Stanbic IBTC Holdings, Sterling Financial Holding Company, Wema Bank, and Ecobank Transnational Incorporated (ETI).
Interest income, as defined by the Corporate Finance Institute, refers to the return a company earns from lending activities, whether through customer loans, deposit placements, or investment in fixed-income instruments.
Performance breakdown across major banks
Access Holdings recorded the highest interest income in absolute terms, posting N2.90tn, a 21.11% increase from the N2.39tn it earned in Q3 2024.
Zenith Bank followed closely with N2.74tn, representing a robust 40.77% growth from N1.95tn the previous year.
Ecobank Transnational Incorporated (ETI) reported a 20% increase, generating N2.33tn. Interestingly, ETI recorded the highest deposits among listed banks in H1 2025, totalling N36.6 trillion, up 15.56% from N31.6 trillion in FY 2024.
First HoldCo, parent company of FirstBank, earned N2.29tn, up from N1.63tn from interest income. According to the group’s unaudited financial statement filed with the Nigerian Exchange Limited, First HoldCo posted a profit after tax of N450.9bn, a performance largely driven by interest income.
These four institutions contributed the largest portion of the sector’s interest income during the review period.
Zenith Bank and First HoldCo recorded the strongest annual growth among the top-tier banks, with percentage increases of 40.77% and 40.38%, respectively.
In absolute terms, Zenith Bank added approximately N793.84bn, while First HoldCo grew its earnings by around N659.37bn.
GTCO reported interest income of N1.23tn, reflecting a 25.56% rise. UBA saw a more modest increase of 10.08%, bringing in N1.98tn from N1.79tn.
Wema Bank delivered the most dramatic growth, with its interest income climbing 72.65% to N396.95bn, up from N229.91bn in the same period of 2024.
Stanbic IBTC posted a strong 37.24% year-on-year rise, outpacing the sector’s average expansion of 27.67%, adding roughly N158.53bn to its interest income.
Sterling HoldCo also delivered impressive results, growing by 38.73% to N262.42bn, driven mainly by income from loans and customer advances, followed by returns from FVOCI-classified investment securities.
Monetary policy shifts and lending conditions
Sustained increases in benchmark interest rates earlier in the year significantly boosted banks’ core earnings from loans, investment securities, and cash balances.
However, at its September 2025 meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria implemented its first rate cut in years, reducing the Monetary Policy Rate (MPR) by 50 basis points to 27% and adjusting the Standing Facilities corridor to +250/-250 basis points.
The committee also reviewed the Cash Reserve Ratio (CRR), raising it to 45% for commercial banks, maintaining 16% for merchant banks, and introducing a 75% CRR on non-TSA public sector deposits while leaving the liquidity ratio unchanged at 30%.
CBN Governor Olayemi Cardoso noted that the rate cut reflected stronger disinflation in August, the fastest in five months.
With the MPR at 27%, CBN Money Market Indicators showed that the maximum lending rate in September reached 29.84%, slightly higher than in July and August.
Meanwhile, ThisDay reported that credit to the private sector fell to N72.53tn in September from N75.88tn in August and N76.13tn in July, suggesting a cooling in lending appetite as borrowing costs shifted.
Source: Getty Images
CBN confirms 14 banks meet recapitalisation target
In related news, Legit.ng earlier reported that the CBN announced that 14 commercial banks have successfully met the capital threshold set under the ongoing recapitalisation programme.
Speaking at the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, September 23, 2025, CBN Governor Olayemi Cardoso confirmed that the institutions crossed the required capital mark ahead of the March 31, 2026, deadline, leaving six months for others still working toward compliance.
Cardoso noted that the banking industry remains stable, adding that key financial soundness indicators continue to reflect the level of resilience expected under the recapitalisation framework.
Source: Legit.ng
