Home General News Banks Record Drop in Loans Repayment Default

Banks Record Drop in Loans Repayment Default

Provision for loan losses by commercial banks in the country has dropped, reflecting a development in loan repayment.

This was revealed by the nine-month results of some of the banks quoted on the Nigerian Stock Exchange (NSE) released recently, and was compiled by THISDAY.

Findings showed that the 10 banks recorded lower loss charges for the nine months which ended September 30, 2018.

The banks are:

  • Access Bank Plc,
  • Guaranty Trust Bank Plc,
  • Sterling Bank Plc,
  • United Bank for Africa (UBA) Plc
  • Zenith Bank Plc,
  • FBN Holdings Plc,
  • Diamond Bank Plc,
  • Ecobank Transnational Incorporated,
  • Fidelity Bank Plc
  • Stanbic IBTC Holdings.

Precisely, the 10 banks total loss charges fell by 35 percent from N328.172 billion in 2017 to N213.93 billion in 2018.

Financial specialists told THISDAY that the decline in loss charges was due to borrowers improving in their loan’s repayment.

They added that banks have also adopted restraints approach to loan creation.

Avatar
Arierhi Odjirighohttps://360aproko.com/
Music lover, writing gives me joy and am a proud one. The secret of getting ahead is getting started

Must Read

Those who kidnapped me are herdsmen – RCCG pastor

The female pastor of the Redeemed Christian Church of God, RCCG, Mrs Ibelegbo Chidinma, who was kidnapped yesterday at Ijebu Ode and has regained her...

El Paso shooting – Many people dead in Texas

El Paso shooting: A man has been arrested after multiple people were shot, some fatally, inside a Walmart in El Paso, Texas on Saturday. The shooting...

Cristiano Ronaldo loses bid to get Las Vegas rape lawsuit dismissed

Cristiano Ronaldo has lost a bid for dismissal or complete secrecy in a lawsuit by a Nevada woman who accused him of raping her at...

Governor Nyesom Wike sacks Rivers State University Vice Chancellor

Rivers State Governor, Nyesom Wike has sacked the Vice Chancellor of the Rivers State University, Prof. Blessing Chimezie Didia of his appointment with immediate...

Popular yahoo boy in Port Harcourt arrested by EFCC

A yahoo boy in Port Harcourt, Wealth Wilson who was arrested by operatives of The Economic and Financial Crimes Commission, EFCC was on Friday arraigned before...