nigerianbanks

Analysts Highlight the Dual Impact of High Interest Rates on Nigerian Banks Key Details: • High Interest Rates Impacting Banks: Analysts raise concerns about how soaring interest rates are putting pressure on banks’ asset quality despite boosting profitability through higher loan and...

19 Nigerian Banks Adjust Savings Rates to 8.18% Following MPR Hike In a recent adjustment triggered by the Central Bank of Nigeria’s (CBN) monetary policy, 19 deposit money banks have raised their savings interest rates to 8.18%. This move aligns with the CBN’s directive to implement a minimum...

Nigerian Banks Double Investment Securities Amid Rising Yields and Currency Devaluation Summary and Detailed Breakdown: Nigerian banks have significantly increased their holdings in investment securities, with a 145% rise recorded in the first nine months of 2024. This growth is largely driven...

Nigerian Banks See Record Profits in High-Interest Environment, Reporting N4.2 Trillion Surge in Earnings Summary of the Article: Ten Nigerian Deposit Money Banks have reported a dramatic increase in profit, collectively earning N4.2 trillion in the first nine months of 2024, reflecting a...

FIVE NIGERIAN BANKS OVERSUBSCRIBED IN N1.26 TRILLION CAPITAL RAISE AMID INFRASTRUCTURE FUNDING PUSH 1. Banks' Capital Raising Efforts: Five banks—Guaranty Trust Holdings Plc, Zenith Bank Plc, Access Holdings Plc, Fidelity Bank Plc, and FCMB Group Plc—have collectively raised N1.26 trillion...

NIGERIAN BANKS MAINTAIN STRONG POSITION DESPITE CURRENCY CRISIS: ANALYZING THE 2024 AFRICAN BANK RANKINGS Despite Nigeria's ongoing currency devaluation and economic difficulties, the country’s banks have demonstrated resilience, achieving high rankings in two key assessments of African...

NIGERIAN BANKS DEPLETE N132BN OF CBN's INTERVENTION FUND AMID SCRUTINY Summary: A recent report reveals that Nigerian banks have reduced the intervention funds left in their possession to N399.34bn, following a Central Bank of Nigeria (CBN) decision to end the scheme a year ago. Between...

NIGERIAN BANKS FACE RISING COSTS AS WAGE BILLS SURGE AMID INFLATION Summary Breakdown: Significant Wage Growth: Nigerian banks have seen their wage and salary costs nearly double, reaching N615.8 billion in H1 2024, up by 96% from N314.4 billion in H1 2023. This surge is attributed to soaring...

NIGERIAN BANKS’ IT INVESTMENTS SURGE TO N178BN AMID RISING CUSTOMER COMPLAINTS Details: In the first half of 2024, five major Nigerian banks—Zenith Bank, Access Bank, Guaranty Trust Holding Company (GTCO), Wema Bank, and United Bank for Africa (UBA)—spent a total of N178.77bn on upgrading...

NIGERIAN BANKS EXTEND N75.48TN CREDIT TO PRIVATE SECTOR AMID ECONOMIC GROWTH PROSPECTS The Central Bank of Nigeria (CBN) reported that as of July 2024, banks' credit to the private sector surged to ₦75.48 trillion, marking a 34% increase from the ₦56.46 trillion recorded in July 2023. This...