RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Banking

First Bank, Ecobank, 4 Others Generate N891bn from Loan to Customers in H1 of 2023

Rate Captain by Rate Captain
August 30, 2023
in Banking, Economy
Reading Time: 2 mins read
A A
0
First Bank, Ecobank, 4 Others Generate N891bn from Loan to Customers in H1 of 2023
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Nigerian Banks Record 47% Increase in Loans Amid Regulatory Measures

In a notable development, six major Nigerian banks collectively reported a significant surge in loans and advances to consumers, generating N891.1 billion in the first half of 2023. This marked a remarkable 47.14% increase compared to the N605.63 billion recorded in the same period of the previous year. The surge comes against the backdrop of the Central Bank of Nigeria’s (CBN) decision to raise the Monetary Policy Rate (MPR) to 18.5%, reflecting the regulatory environment’s influence on lending activities.

AlsoRead

Nigerian Fintechs Shine in CNBC’s 2025 Top 300 Global Fintech List

Naira Weakens to N1,560/$1 Ahead of CBN’s 301st MPC Meeting

Nigeria’s Inflation Dips to 22.22% in June 2025, But Monthly Pressures Persist

The six banks at the forefront of this surge include Ecobank Transnational Incorporated (ETI), Fidelity Bank Plc, FCMB Group Plc, Sterling Financial Holdings Company Plc, and Wema Bank Plc. As of June 30, 2023, these institutions collectively reported loans amounting to N18.98 trillion, a significant increase from the N13.43 trillion reported for the entire 2022 fiscal year.

The breakdown of the N891.1 billion loans and advances to customers provides deeper insights into the individual contributions of the banks. FBN Holdings reported a substantial N254.99 billion in loans and advances to customers in the first half of 2023, indicating a 53.3% increase from N166.32 billion during the same period in 2022. ETI also reported a substantial increase, recording N246 billion, marking a 46% rise from N168.72 billion. Similarly, Fidelity Bank reported N164.04 billion, marking an impressive 56% increase from N104.84 billion in the first half of 2022. FCMB Group reported N114.41 billion in loans and advances from customers, showcasing a notable 45.3% increase from N78.75 billion in the same period of the previous year.

The uptick in lending activities, however, coincides with increased scrutiny by the Central Bank of Nigeria (CBN) regarding potential conflicts of interest within the banking sector. This has led to the implementation of stringent sanctions targeting directors of financial institutions who secure loans from the banks they are affiliated with. This regulatory approach follows revelations that four commercial banks granted loans totaling N122.7 billion to entities controlled by key management personnel and related parties in 2022.

These figures underscore the dual dynamics shaping Nigeria’s banking landscape—a surge in lending activities and regulatory measures aimed at ensuring transparency and avoiding conflicts of interest. The banking sector is poised for further developments as stakeholders navigate this evolving landscape.

Tags: banking sectorcustomersEconomic GrowthFinancial institutionsFirst Half of 2023interest rate hikeloans and advancesMonetary Policy RateNigerian banks
Previous Post

Bitcoin Surges by 7% After US Court Rules

Next Post

Blue Line Rail Launch in Lagos Sparks Concerns Over High N750 Fare

Related News

Nigerian Fintechs Shine in CNBC’s 2025 Top 300 Global Fintech List

by Jide Omodele
July 17, 2025
0

Five Nigerian fintech companies—PalmPay, Moniepoint, OPay, PiggyVest, and Interswitch—have secured spots on CNBC and Statista’s 2025 list of the World’s...

Battered Commodity Currencies Gain Attention Amid Dollar’s Decline.

Naira Weakens to N1,560/$1 Ahead of CBN’s 301st MPC Meeting

by Stephen Akudike
July 17, 2025
0

The Nigerian naira depreciated to N1,560/$1 in the parallel market on July 17, 2025, down from N1,555/$1 earlier this week,...

Navigating Inflation Crossroads: Nigeria’s Economic Odyssey Amidst Global Trends

Nigeria’s Inflation Dips to 22.22% in June 2025, But Monthly Pressures Persist

by Stephen Akudike
July 17, 2025
0

Nigeria’s headline inflation rate fell to 22.22% in June 2025, marking a third consecutive monthly decline from 22.97% in May...

NMDPRA inaugurates oil and gas industry service permit portal.

PTML Customs Command Records N204.7 Billion Revenue in H1 2025

by Stephen Akudike
July 17, 2025
0

The Ports & Terminal Multiservices Limited (PTML) Command of the Nigeria Customs Service (NCS) reported a revenue collection of N204.7...

Next Post
Blue Line Rail Launch in Lagos Sparks Concerns Over High N750 Fare

Blue Line Rail Launch in Lagos Sparks Concerns Over High N750 Fare

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Nigerian Fintechs Shine in CNBC’s 2025 Top 300 Global Fintech List

July 17, 2025
Battered Commodity Currencies Gain Attention Amid Dollar’s Decline.

Naira Weakens to N1,560/$1 Ahead of CBN’s 301st MPC Meeting

July 17, 2025

Popular Story

  • Navigating Inflation Crossroads: Nigeria’s Economic Odyssey Amidst Global Trends

    Nigeria’s Inflation Dips to 22.22% in June 2025, But Monthly Pressures Persist

    0 shares
    Share 0 Tweet 0
  • Nigeria’s E-Payment Transactions Reach Record High of N1.07 Quadrillion in 2024

    0 shares
    Share 0 Tweet 0
  • FG Takes Governors to Supreme Court Over Local Government Allocations

    0 shares
    Share 0 Tweet 0
  • CBN and DMO at Odds as 364-Day Treasury Bill Rate Drops to Six-Month Low of 17.82%

    0 shares
    Share 0 Tweet 0
  • CBN Introduces N100,000 Daily Cash-Out Limit for POS Transactions

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
?>