Nine Nigerian Banks Rake in ₦14.7 Trillion Interest Income in Nine Months, Driven by High Interest Rates

The Nigerian banking sector has demonstrated remarkable resilience and profitability, with nine major financial institutions collectively raking in over ₦14.72 trillion in interest income for the first nine months of the year, ended September 30, 2025.

An analysis of the unaudited financial statements filed with the Nigerian Exchange Limited (NGX) reveals that the total interest income of the nine banks surged by 27.68% year-on-year, up from the ₦11.53 trillion recorded in the first three quarters of 2024.

This significant boom in core banking revenue is primarily attributed to the high-interest-rate environment fostered by the Central Bank of Nigeria’s (CBN) sustained tight monetary policy stance, which saw the Monetary Policy Rate (MPR) climb to a high of 27.5% during the period. The higher rates translated directly into increased earnings from loans and advances to customers and returns on investment securities.

Access, Zenith, and First HoldCo Lead the Charge

The sector was largely dominated by the Tier-1 banks, with four major financial holding companies accounting for the majority of the income. Access Holdings Plc led the pack in absolute terms, reporting an interest income of ₦2.90 trillion.

Closely following were Zenith Bank Plc with ₦2.74 trillion, representing a 40.77% growth, and Ecobank Transnational Incorporated (ETI) with ₦2.33 trillion. First HoldCo also crossed the ₦2 trillion mark, earning ₦2.29 trillion, supported by a robust 40.38% growth momentum.

While the behemoths led in overall figures, Wema Bank Plc registered the highest percentage growth among the reviewed institutions, with its interest income skyrocketing by 72.65% year-on-year to reach ₦396.95 billion.

Despite the impressive growth in interest income, analysts note that the banks also faced higher funding costs, reflecting rising interest expenses paid on customer deposits. This profitability underscores the banking sector’s ability to navigate current macroeconomic challenges and generate substantial income from core lending and investment activities.