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Nigerian banks’ bad loans rise by 3.1% hit N814bn

Nigerian banks’ bad loans rise by 3.1% hit N814bn

The non performing loan portfolio of 10 Nigerian banks has increased to N814.08 billion as of the end of December 2021.

The stock of underperforming loans as of 2021 indicates a 3.16 percent rise when compared to N789.14 billion it stood as at the end of 2020.

The figure is according to the financials of nine banks listed on the Nigerian exchange.

The nine banks are Access Holdings Plc, Zenith Bank Plc, Wema Bank Plc, FCMB Group, Union Bank of Nigeria Plc and Stanbic IBTC Holdings Plc.

Others are Guaranty Trust Holding Plc, United Bank for Africa Plc, and Ecobank Nigeria.

Read also :Nigerian banks open 66.6m new customer accounts in two years, Access leads in deposits

A breakdown showed that Access Holdings, Zenith Bank and GTCO reported the top three highest NPL by value among the nine banks, while Stanbic IBTC Holdings reported the lowest.

Access Bank in 2021 reported N181.5bn NPL by value, representing an increase of 4.3 per cent from the N161.2bn it recorded in 2020, while Zenith Bank’s NPL hit N146.8bn in 2021 from N125.2bn recorded in 2020, an increase of 17.3 per cent.

Wema Bank, in 2021, reported N21.3bn NPL, an increase of 19.3 per cent from N19.3bn in 2020, while FCMB Group’s NPL rose to N45.93bn, representing a 61 per cent increase from N28.57bn it reported in 2020.

Others are Union Bank of Nigeria with N38.66bn NPL in 2021 from N29.45bn reported in 2020, as Stanbic IBTC Holdings reported 23.4 per cent drop in its NPL to N20.3bn in 2021 from N25.5bn in…

Read Full Story At: Ripples Nigeria.

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