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Nigeria In One Minute

14 banks incur N368.3bn bad loans in 9 months

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THE trending economic recovery news in the third quarter of 2017 (Q3’17)/ first nine months 2017 (9-M’17), did not prevent the banking sector from some misery in the form of rising bad loans as 14 banks quoted on the Nigerian Stock Exchange, NSE recorded 8.0 percent increase in bad loans (impairment losses), within the period, Financial Vanguard investigations revealed.

Industry stakeholders have said that the economy has not fully recovered as banks’ credit customers were still grappling with hardships in meeting their loan repayment obligations.

Industry stakeholders have stated that the Nigerian economy is still operationally in recession as they opined that the negative growth recorded in the non-oil sector in Q3‘17 figures indicates that the economy has not fully exited recession, and businesses are still facing difficulties in their financial performance.

Vanguard, DECEMBER 4, 2017

 

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