Access, Zenith lead list of banks with highest loans and Advances to Customers in 2022
- Loans and advances to customers from 10 commercial banks surpassed N21 trillion in 2022
- Access Bank and Zenith Bank were the biggest lenders to creditworthy customers
- The Central Bank of Nigeria's decision to adjust interest rates three times helped the banks record over N3 trillion in interest income
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Access Bank provided customers with the highest amount of loans and advances in 2022, based on data obtained from audited reports of 11 commercial banks listed on the Nigerian exchange.
The data revealed that the 11 banks collectively increased their customer loans by 18.2%, rising from N17.91 trillion in 2021 to N21.17 trillion in 2022.
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The banks surveyed include Access Bank, Zenith Bank, United Bank for Africa, First Bank, Guaranty Trust Bank, Stanbic IBTC, First City Monument Bank, Fidelity Bank, Union Bank, Sterling Bank, and Wema Bank.
Banks with the highest loans and advances
Access Bank took the top spot with N5.1 trillion in customer loans, representing an increase of 22.6% compared to N4.16 trillion recorded in the prior year.
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Zenith Bank was the second-largest bank by credit to customers with N4.01 trillion in loans, representing an increase of 19.6% year-on-year from N3.36 trillion recorded in 2021.
UBA came in third with customer loans of N3.14 trillion, a contrast to N2.68 trillion recorded in the previous year.
Breakdown of Loan amounts granted by banks as at the end of 2022
- Access Bank - N5.1 trillion
- Zenith Bank - N4.01 trillion
- UBA - N3.14 trillion
- First Bank - N2.98 trillion*
- GTBank - N2.84 trillion
- Stanbic IBTC - N1.2 trillion
- FCMB - N1.86 trillion
- Fidelity Bank - N2.12 trillion
- Union Bank - N1.48 trillion
- Sterling Bank - N787.1 billion
- Wema Bank - N521.4 billion
*Note: The figure for First Bank is for 9 months period. Its full year financial result has not been released.
Expert insight
Commenting, Kunle Adewale, a Lagos-based economic analyst explained that he rising consumer lending is a positive development.
According to him, Most economies that run on credits are developed as it increases consumer spending, which is key for any economy to grow.
"When people have more money to spend, the faster companies are able to move items out of their stores, the more economic activities increase thereby making people more employed.”
Access Bank CEO Wigwe buys over N11.3bn new shares
Meanwhile, in another report, Access Holdings' CEO Herbert Wigwe has cemented his place as one of the bank's most significant shareholders
The bank revealed that he paid over N11 billion to buy more shares in the financial institution.
Wigwe is one of Nigeria's highest-paid CEO and received huge compensation for his excellent work after an impressive year.
Source: Legit.ng
