Nigeria, Feb. 10 -- FBN Holdings has reported an impressive 154.5% increase in net interest income, fueled largely by the Central Bank of Nigeria's (CBN) continued monetary policy rate (MPR) hikes.
According to its unaudited financial statement for 2024, the group's interest income soared to N1.39 trillion, up from N546 billion in 2023. This growth was primarily driven by Nigeria's rising interest rates, which increased by 850 basis points to 27.50% in November, enabling lenders to charge higher interest on loans.
Interest income, calculated using the effective interest rate, surged to N2.42 trillion from N936 billion. At the same time, interest expenses climbed significantly, rising by 164% to N1.03 trillion from N390 billion due to the ...