6 Banks Boost Economy With N6.2tr Loans In 2015

Despite regulatory headwinds in the Nigerian financial system, and predictions of lower profit by banks, lending to the economy has continued to increase as the six banks that have released their 2015 full year results show increased lending.

The six banks, Zenith Bank, Access Bank, Guaranty Trust Bank, Wema Bank, Sterling Bank and United Bank for Africa last year grew loans and advances to their customers by 9.7 per cent.

Lending to the economy by they banks grew to N6.165 trillion in 2015 from N5.617 trillion in 2016. Of the six banks, Zenith Bank recorded the highest lending as its loans grew by 15 per cent to N1.989 trillion from N1.729 trillion.

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In 2015, GTB gave out N1.371 trillion, higher than N1.275 trillion which it gave out in 2014, while Access Bank’s loans and advances grew to N1.243 trillion from N1.071 trillion.

Lending by UBA however dropped slightly to N1.036 trillion from N1.071 trillion which it gave out in 2014, just as the loans given out by Sterling Bank dropped to N338.726 billion as against N371.246 billion while Wema Bank’s lending rose to N185.596 billion compared to N149.293 billion which it gave out in 2014.

Together, the six banks had posted a combined profit after tax of N343.238 billion. The breakdown of the banks’ PAT showed that Access Bank’s PAT was up

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