The net interest income of four mid-sized banks in Nigeria surged by 78 percent in 2024 compared to a year earlier, a situation driven by the aggressive rate hike by the Central Bank of Nigeria (CBN), an analysis by BusinessDay shows.
According to the latest unaudited financial statements of the firms, their combined net interest income rose to N938.3 billion in 2024 from N526.6 billion in the same period of 2023.
The lenders, which are listed on the Nigerian Exchange Limited are Wema Bank Plc, FCMB Group Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Company Plc.