A total of 13 banks generated N2.04trillion interest from customers loans, Securities investments, among others in first half year ended June 30, 2022 on the back of Central Bank of Nigeria hike in the Monetary Policy Rate to 13 per cent as at June from 11.5 per cent in January 2022.
China has adopted a precautionary stance against negative spillover from other Central Bank’s actions. Most of the Tier-1 banks benefitted from interest hike in African countries where they operate. Specifically, ETI reported N317.23billion interest income in H1 2022 from N282.75billion in H1 2021, while its interest on loans & advances to customers increased to N168.72billion in H1 2022, representing an increase of 16.3 per cent from N145.08billion in H1 2021.
GTCO in a presentation to investors/analysts attributed increase in interest income to 17per cent growth in average volumes of Earning Assets. Others are: Stanbic IBTC Bank, 1.3; Sterling Bank, 18; UBA, 19 per cent; Union Bank, 19.16 per cent; Unity Bank, 17 per cent; Wema Bank 25 per cent and Zenith Bank, 13.33 per cent.