Between December 2020 and December 2021, the combined loan portfolio of 10 Deposit Money Banks in Nigeria rose by N2.9tn, data collated from their audited financial statements show.

The banks are Stanbic IBTC, Fidelity Bank Plc, Sterling Bank, Wema Bank, First City Monument Bank, Access Bank Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc, Zenith Bank Plc, and Union Bank Plc.

The loans and advances to their customers grew to N17.63tn as of December 31, 2021, from N14.64tn at the end of 2020.

This indicates an increase of about 20 per cent growth in their loan books.

According to their financial statements, all the reviewed banks expanded their loan portfolios during the period.

Loans and advances to customers, which account for the major proportion of the banks’ total assets, rose in 10 of the lenders.

Nigerian banks’ loan books have grown in recent years on the back of the Central Bank of Nigeria’s push for more lending.

The CBN had in July 2019 mandated all commercial banks to maintain a minimum loan-to-deposit ratio of 60 per cent by September 30, 2019, in a bid to improve lending to the real sector.

The minimum LDR was reviewed to 65 per cent in October 2019.

Access Bank expanded its loan book to N4.16tn at the end of December 2021, from N3.22tn in December 2020, while that of Zenith Bank grew to N3.35tn from N2.78tn.

UBA increased its loans and advances to customers from N2.55tn to N2.68tn during the period under review.

GTB grew its loan book to N1.80tn at the end of December 2021 from N1.66tn in December 2020 while that of Fidelity Bank rose to N1.65tn from N1.32tn.

FCMB’s loan portfolio grew by N238bn from N822.7bn to N1.06tn during the period under review.

Stanbic IBTC’s financial results show that its loans to customers rose to N937.14bn from N625.14bn in December 2020, showing an increase of N312bn.