In the first half of 2021, Nigerian lenders were confronted with the gruelling task of finding their way to recovery. A year earlier, the emphasis had been on escaping the ravages of the pandemic outbreak and then survival., United Bank for Africa , Guaranty Trust Holding Company and Zenith, commonly known by their initials FUGAZ, reported N1.61 trillion between them in revenue. That compares with the N1.
“Most banks have also struggled to grow their interest income this year. That is also coming on the back of the flattish loan growth coming from a year when most banks had to grapple with Covid-19. Most of them are cautious in growing their loan book and that has impacted interest income.
“We’ve seen a sharper than expected contraction in interest income,” said Timchang Gwatau, research analyst at Lagos-based Meristem Securities Limited. That trend seems to be gaining momentum given that the Big 5 banks reported an increase of 51 per cent in e-business income for half year, with that earnings category contributing N115.8 billion to their revenues.Zenith made the fastest advance at 91 per cent, while FBN Holdings, the bank with the slowest growth, was still able to expand by almost one-third.The asset valuation of the Big 5 banks rose 14.1 per cent or N4.9 trillion to N39.9 trillion at the end of June compared to full-year 2020.
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