Fidelity, Firstbank Top List Of Best Performing Nigerian Banks
Fidelity Bank, Stanbic IBTC and FirstBank are among the top five performing Nigerian banks in the second quarter of 2022, according to the financial reports of 12 banks under survey.
Both Zenith Bank and Union Bank dropped from the top five list in the second quarter of 2022, indicating declining performance, with Fidelity Bank and Wema Bank replacing them.
The list is determined by each firm’s Net Interest Income growth, which is the balance from turnover of interest-bearing assets, such as corporate, personal and other types of loans, as well as cost of servicing liabilities like customers’ deposits.
Fidelity Bank topped the list, closing the second quarter with 112.06 per cent year-on-year growth in Net Interest Income, which moved the firm from the bottom five in the first quarter to becoming the best performing lender in the period under review.
The 112.06 per cent growth increased the Net Interest Income to N45.59 billion in the second quarter of 2022, against the N21.50 billion it reported between April to June last year.
In the first quarter, Stanbic IBTC was the best performing bank, however, it was displaced and left with the second spot in the second quarter of 2022, despite surpassing its first quarter effort after growing Net Interest Income by 58.17 per cent year-on-year.
Stanbic IBTC reported N26.92 billion Net Interest Income for the second quarter of 2022, surpassing the N17.01 billion that the firm posted in the same period in 2021 – a difference of N9.90 billion.
First Bank of Nigeria also dropped a spot down on the top five list to become the third best performing bank in the second quarter of 2022, following a 56.9 per cent year-on-year growth in its Net Interest Income which closed the period with N80.11 billion.
The percentage growth represents N29.08 billion, considering First Bank had reported that its Net Interest Income for the three months period of the second quarter of 2021 was N51.03 billion.
Source: www.blueprint.ng
