Nine major Nigerian banks generated about N14.72tn in interest income between January and September 2025, a 27.7% rise from N11.53tn in the same period last year. The growth was driven largely by the high-interest-rate environment.

The analysis covers Access Holdings, First HoldCo, Zenith Bank, UBA, GTCO, Stanbic IBTC, Sterling HoldCo, Wema Bank, and Ecobank.

Access Holdings led the pack with N2.90tn, up 21%.

Zenith Bank followed with N2.74tn, rising 41%.

Ecobank earned N2.33tn, up 20%.

First HoldCo recorded N2.29tn, up from N1.63tn. These four institutions made up the largest share of total interest income.

Other banks also posted strong performance:

GTCO: N1.23tn (up 25.6%)

UBA: N1.98tn (up 10%)

Wema Bank: N396.9bn, the highest growth rate at 72.6%

Stanbic IBTC: N585bn (up 37.2%)

Sterling HoldCo: N262.4bn (up 38.7%)

Higher benchmark interest rates boosted income from loans, investments, and cash balances. Although the CBN cut the Monetary Policy Rate to 27% in September 2025, lending rates remained high at 29.84%.

However, private sector credit fell to N72.53tn, reflecting weaker borrowing demand. Moody’s warned that the rate cut may reduce banks’ profit margins unless loan volumes increase, as deposit costs typically adjust more slowly than lending rates.

Net interest income made up 62% of banks’ earnings in 2024, meaning the sector remains heavily dependent on interest-driven revenue.