10 Nigerian banks have increased their loan disbursement to customers by N1.84 trillion in the first three quarters of 2019. This was obtained in the third quarter financials of various banks released so far.
According to the report, the gross loans by the 10 banks rose to N13.55 trillion in September 2019, compared to N11.70 trillion in December 2018. This means the banks increased their loans’ disbursement by 15.8% (N1.84 trillion).
Breakdown of loans’ disbursed
Specifically, the 10 banks that have released their financials so far include Access Bank, First Bank, Zenith, UBA, GT Bank, Stanbic IBTC, Wema, Unity, Sterling and Fidelity Banks.
A look into the financials showed that Access Bank recorded the highest additional loan disbursement of N801.7 billion within the period under review (December 2018 to September 2019).
The bank’s loans and advances rose from N2.13 trillion in December 2018 to 2.93 trillion in September 2019. This represents a whopping 37% increase in loans.
UBA ranks second with an additional loan disbursement of N254 billion, representing a 14% rise between December 2018 and September 2019.
Fidelity Bank came in third with an additional loan disbursement of N224.2 billion within the period while Zenith Bank’s additional loan disbursement stood at N219.9 billion, thereby increasing its total loans and advances from N1.82 trillion in December 2018 to N2.04 trillion in September 2019.
GT Bank also increased its loans by N115.9 billion, representing a 9% increase in nine months just as Stanbic IBTC loan disbursement rose by N101 billion.
Unity Banks was next with N45.1 billion with First Bank disbursing N37.9 billion.
Wema Bank and Sterling Bank disbursed N34.7 billion and N14.07 billion in the period under review.