Ten leading banks earned a combined N4.6 trillion in interest income during the first three months of 2026, posting an 8.2 per cent jump from N4.3 trillion a year earlier despite the Central Bank of Nigeria trimming its benchmark rate.
Access Holdings, Zenith Bank, United Bank for Africa, Guaranty Trust Holding Company, Ecobank, First Holdco, Wema Bank, Sterling Financial Holdings, and Stanbic IBTC Holdings all grew their earnings from loans, government securities, and other interest-bearing assets even as borrowing rates stayed stubbornly high.
Zenith Bank pulled in N869.1 billion, up 3.8 per cent from N837.64 billion in the same quarter last year. Access Holdings earned N824.75 billion, though this fell short of its prior-year figure. First Holdco led the growth charts with N704.45 billion, a 12.7 per cent rise from N625.28 billion, while Ecobank surged 23.4 per cent to N561.08 billion. UBA posted N641.1 billion, up 6.8 per cent, and GTCO grew nearly 18 per cent to N466.5 billion.
The CBN cut its Monetary Policy Rate from 27 per cent to 26.50 per cent between January and March, yet banks kept their lending rates elevated. The average maximum lending rate stayed flat at 35.17 per cent in March, among the highest on record. The average prime lending rate, offered to the most reliable customers, remained at 19.29 per cent, having peaked at 19.54 per cent in January, its highest in almost two decades.
CBN Governor Olayemi Cardoso said the Monetary Policy Committee voted unanimously at its 305th meeting to let the earlier tightening continue working through the economy. He said the committee acknowledged a marginal uptick in inflation but saw it as temporary, driven by external shocks. "The committee's decisions were anchored on a comprehensive assessment of risks to the outlook," Cardoso said, adding that the current policy environment could support disinflation over time.
Analysts attributed the sustained income growth to the prevailing high-rate environment and broader macroeconomic conditions. The earnings show that Nigerian banks remain resilient despite persistent pressures, with the gap between policy rates and lending rates giving them room to expand interest margins. Rating agencies like Fitch Ratings have monitored these developments closely as inflation and monetary tightening continue reshaping the banking landscape.
The banks will release their full audited results and quarterly earnings calls in coming weeks, offering deeper insight into asset quality, deposit trends, and forward guidance amid the evolving interest-rate cycle.
