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  • Business - Companies
  • Updated: April 27, 2022

10 Bank Earned Total Of  N1.57 Trillion Interest Income in 2021 – Report

Union Bank Plc, Stanbic IBTC, Fidelity Bank Plc, Sterling Bank, Wema Bank, First City Monument Bank, Access Bank Plc, Guaranty Trust Bank, United Bank of Africa, and Zenith Bank Plc earned a total of N1.57 Trillion in net interest income last year, up from N1.4trillion as of December 31, 2020

An analysis of data from their audited financial statements for the period ended December 31, 2021, showed that seven of the banks boosted their net interest income, their main source of revenue, while the rest witnessed a decline.

Net interest income is a financial performance measure that reflects the difference between the revenue generated from a bank's interest-bearing assets and the expenses associated with paying on its interest-bearing liabilities such as loans to customers and the interest paid out on customers’ deposits.

Zenith Bank earned the largest net interest income of N320.8bn in 2021, up 30.12 percent from N299bn recorded in 2020.

It was followed by UBA, whose net interest income rose to N320.8bn in 2021 from N259.46bn in the same period a year earlier.

Access Bank earned N301.4bn in net interest income in 2021, up by N38.47bn from N262.93bn in 2021.

On the other hand, Guaranty Trust Bank Plc’s net interest income fell to N220.61bn from N253.66bn, during the review period.

Meanwhile, the net interest of FCMB and Stanbic IBTC rose slightly to N90.91bn and N75.37bn in 2021 from N90.75bn and N74.21bn in 2020, respectively.

The net interest income earned by Fidelity Bank dropped to N94.87bn from N104.12bn while that of Union Bank dipped by N12.94b from N57.40bn to N44.46bn.

 “The banking industry is grappling with competitive rivalry within the industry as hungry players like Access Bank, Zenith Bank, and GTBank are adopting ruthless strategies to expand market share domestically and across Africa.

"On the one hand, whilst simultaneously defending itself from cannibalistic competitor moves by the telcos and their surrogates – the fintechs,” the Financial Derivatives Company Limited said in a report released last year.

 

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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