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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

 

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