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Nigeria’s Top 5 Banks to Double Growth in 2012, Access CEO Say

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Oct. 4 (Bloomberg) -- Nigeria’s five biggest lenders are set to double growth this year as shared profits increase to $1.6 billion from $400 million in 2005, Access Bank Plc Chief Executive Officer Aigboje Aig-Imoukhuede said.

“The Nigerian banking system is poised for a new era of competition,” he told an investor conference today in Lagos, Nigeria’s commercial capital.

Access Bank last year acquired Intercontinental Bank Plc, one of eight lenders bailed out by the central bank in 2009 after a debt crisis caused in part by loans to speculators in equities.

The Lagos-based bank, which is the West African nation’s fourth largest by market value, said Sept. 11 that net income in the six months through June jumped to 26.3 billion naira ($168 million) from 8.05 billion naira a year earlier, as revenue doubled to 108.7 billion naira.

Guaranty Trust Bank Plc is Nigeria’s biggest bank by market value, followed by Zenith Bank Plc, First Bank of Nigeria Plc, Access Bank and United Bank for Africa Plc.

To contact the reporter on this story: Chris Kay in Lagos at ckay5@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net