10 banks with highest loan book growth in 2022

Stanbic IBTC, FBN holdings and Zenith Bank have recorded the biggest increase in customer loans and advances in the first nine months of 2022.

2022 was an unusual year for most economies. Following the rollout of the covid-19 vaccine and a gradual recovery in oil prices in late 2021, most people expected 2022 to kickstart global economic growth. Instead, a war started, causing high inflation and higher interest rates across the globe. A shock like this often makes several sectors vulnerable, including banking.

Data obtained from the Nigerian Exchange Group (NGX) show that Nigerian banks reported double-digit growth in their customer loan books during the nine-month period of 2022.

Stanbic IBTC Holdings Plc, FBN Holdings, Zenith Bank, Fidelity Bank, Access Holdings Plc, FCMB Group, Union Bank, Wema Bank, Sterling Bank, and Ecobank Transnational Incorporated were the banks with the highest growth in loans to customers in the nine months leading up to September, according to BusinessDay’s analysis of the 13 largest listed banks on the NGX.

Collectively, these banks grew their customer loan book by 19 percent to N27 trillion in the nine-month period of 2022 from N23 trillion in the corresponding period.

Breakdown of 10 banks with the highest customer loan book growth

Stanbic IBTC Holdings Plc

In the nine-month period of 2022, Stanbic led the pack with the highest customer loan book growth rate by reporting a 37.47 percent increase in its loans and advances to customers.

Its loans and advances during the period grew to N1.13 trillion from N822 billion in the nine-month period of 2021.

Further analysis of its nine months financial results shows that the Group generated more loans from corporate and investment banking amounting to N757 billion, while it generated N82 billion and N326 billion from customer and high network clients and business and commercial clients respectively.

FBN Holdings Plc

Second on the list is FBN Holdings Plc leading with a 29.60 percent growth in loans and advances to customers during the nine-month period of 2022. Its loans and advances to customers grew to N3.59 billion in the nine-month period of 2022 from N2.77 billion in the corresponding period of 2021.

Term loans, overdraft and personal finance loans given out by the Group in the nine-month period of 2022 amounted to N3.26 trillion, N428 billion, and N43 billion respectively.

Zenith Bank Plc

Zenith Bank followed closely, reporting a 28.48 percent increase in loans and advances to customers amounting to N3.88 trillion in the nine-month period of 2022 from N3.02 trillion in the same period of 2021.

Further analysis into its loans and advances to customers show that the banks term loans grew by 23 percent to N2.71 trillion, overdrafts grew by 57 percent to N589 billion, and on lending facilities grew by 25 percent to N761 billion in the nine-month period of 2022.

Fidelity Bank Plc

Fidelity Bank took fourth place, reporting a 23.60 percent rise in loans and advances to customers totaling N1.99 trillion in the nine-month period of 2022 from N1.61 trillion in the nine-month period of 2021.

The loan growth was brought on by a 23 percent increase in loans to corporate and other organisations in the nine-month period of 2022 which amounted to N1.99 trillion while loans to individuals grew by 12 percent to N70 billion.