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The outcome of the ranking was determined by earnings analysis of Access Bank, Guaranty Trust Bank (GTBank), Zenith Bank, United Bank for Africa (UBA) and First Bank of Nigeria (FBN) Holdings, as well as Stanbic IBTC, First City Monument Bank (FCMB), Union Bank Nigeria (UBN), Wema Bank, Unity Bank, Ecobank and Fidelity Bank.
Analysis showed that the 12 creditors recorded 33.55% growth in Net Interest Income, which closed the third quarter of 2022 with N718.83 billion, representing N180.58 billion gain, when compared to the N538.24 billion reported during the corresponding period of Q3 2021.
Stanbic IBTC is the only company to drop from the top five list as it could only manage 38.79% growth in Net Interest Income, against the 58.17% that made the firm the second best performer in Q2 last year.
Stanbic IBTC maintained a spot on the list due to Union Bank suffering N2.50 billion loss in the third quarter of 2022.
Union Bank recorded 93.21% growth in Net interest Income, which was above the growth posted by Stanbic IBTC, however, the bottom line loss cost it a spot on the list.
Fidelity Bank improved on its growth rate in Q3 2022. It remains the only lender to post Net Interest Income growth above 100% in the second quarter (112.06%) and third quarter.
The firm didn’t make it into the top five list in Q1 after recording 4.3% increase.
Ecobank: (6.51%); Access Bank: 37.06% (22.71%); GTCO: 5.61% (23.18%); Sterling Bank: 42.71% (24.54%) and UBA: 3.85% (29.38%)
Fidelity Bank was the best-performing bank in the third quarter of 2022, after its Net Interest Income grew by 147.03% year-on-year when the N14.65 billion reported in Q3 last year is compared to the N36.21 billion same period this year.
Analysis shows that First Bank’s Net Interest Income for Q3 this year increased by 63.38% after the company generated N96.62 billion, against the N59.13 billion the commercial bank reported for Q3 2021.
In the third quarter of 2022, Wema Bank was the third best-performing bank after growing Net Interest Income by 50.41% year-on-year.
According to the financials obtained, Wema Bank’s Net Interest Income increased by N5.11 billion to close the period last year at N15.25 billion, above the N10.14 billion reported in Q3 2021.
FCMB closed Q3 2022 as the fourth best-performing creditor, as its Net Interest Income rose by 46.87% after the company generated N32.88 billion, in contrast to the N22.39 billion it recorded in the corresponding period of third quarter 2021.
Stanbic IBTC ended the period as the fifth best-performing bank, posting 38.79% growth in Net Interest Income. This raised the lender’s Net Interest Income to N29.30 billion in Q3 this year, in contrast to last year’s N21.11 billion.
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