Nigeria In One Minute
11 banks set aside N433bn for bad loans
Despite the improving macroeconomic environment, the banking industry seems likely to continue to grapple with Non-Performing Loans (NPLs), in the short-term at least, as financial results of 11 Deposit Money Banks (DMBs) show that they provided a total of N433.8 billion as provision for bad loans in 2017.
The banks are Zenith Bank, United Bank for Africa (UBA), Guaranty Trust Bank, First Bank, Access Bank, Union Bank and Stanbic IBTC. Others include FCMB, Fidelity Bank, Sterling Bank and Wema Bank.
However, confirming predictions that the i proving macroeconomic environment will gradually lead to a reduction in banks’ NPLs, New Telegraph’s analysis of the 11 lenders’ 2017 full year financial statements, shows that the N433.8 billion figures is lower than the total of N477 billion provided by these DMBs for bad loans in the 2016 financial year.
New Telegraph, May 30, 2018
RipplesNigeria… without borders, without fears
Click here to join the Ripples Nigeria WhatsApp group for latest updates.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...