{"id":41748,"date":"2020-07-28T09:03:30","date_gmt":"2020-07-28T08:03:30","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=41748"},"modified":"2020-07-28T09:04:20","modified_gmt":"2020-07-28T08:04:20","slug":"banks-non-performing-loans-now-n1-2tn-cbn","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/banks-non-performing-loans-now-n1-2tn-cbn\/","title":{"rendered":"Banks\u2019 Non-Performing Loans Now N1.2tn \u2013 CBN"},"content":{"rendered":"

Banks\u2019 non-performing loans stood at N1.2tn as of the end of June according to figures obtained from the Central Bank of Nigeria on Monday.<\/p>\n

This amounted to about 6.4 per cent of the gross credit of the banks to the economy which stood at N18.9tn as of the period under review.<\/p>\n

The latest statistics show that the banks have gradually reduced the bad debts in their books in recent years.<\/p>\n

This was linked to increased recoveries, write-offs and disposals by the lending institutions.<\/p>\n

According to figures from the National Bureau of Statistics on selected banking data, the lending institutions\u2019 non-performing loans stood at N1.67tn as of the end of March 2019, from a figure of N1.79tn as of the end of 2018.<\/p>\n

At the end of the Monetary Policy Committee Meeting last week, the Central Bank Governor, Godwin Emefiele, affirmed that the non-performing loans had decreased in the sector.<\/p>\n

He said, \u201cThe committee noted the decrease in NPLs ratio to 6.4 per cent at end-June 2020 from 9.4 per cent in the corresponding period of 2019, on account of increased recoveries, write-offs and disposals.<\/p>\n

\u201cThe committee expressed confidence in the stability of the banking system and urged the bank to monitor the compliance of Deposit Money Banks to its prudential and regulatory measures to sustain the soundness and safety of the banking industry.\u201d<\/p>

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Emefiele disclosed that the aggregate domestic credit (net) grew by 5.16 per cent in June 2020 compared with 7.47 per cent in May 2020.<\/p>\n

He said the committee commended the CBN Loan-to-Deposit Ratio initiative to address the credit conundrum as the total gross credit increased by N3.33tn from N15.56tn at end-May 2019 to N18.90tn at end-June 2020.<\/p>\n

\u201cThese credits were largely recorded in manufacturing, consumer credit, general commerce, and information and communication and agriculture, which are productive sectors of the economy,\u201d he said.<\/p>\n

Also, the Managing Director\/Chief Executive Officer, Asset Management Corporation of Nigeria, Mr Ahmed Kuru, said the corporation had developed a new receiver framework for its recovery agents.<\/p>\n

As part of the corporation\u2019s efforts to recover the outstanding N5tn debt, he said the corporation had disengaged some of its receivers for non-performance.<\/p>\n

Kuru called on all AMCON partners, especially in the receivership business, not to allow a few individuals to escape with the commonwealth of all Nigerians.<\/p>\n

The Punch<\/p>\n","protected":false},"excerpt":{"rendered":"

Banks\u2019 non-performing loans stood at N1.2tn as of the end of June according to figures obtained from the Central Bank of Nigeria on Monday.<\/p>\n","protected":false},"author":6,"featured_media":41750,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[36,7139],"coauthors":[2391],"class_list":["post-41748","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-cbn","tag-non-performing-loan"],"yoast_head":"\nBanks\u2019 Non-Performing Loans Now N1.2tn \u2013 CBN - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/banks-non-performing-loans-now-n1-2tn-cbn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks\u2019 Non-Performing Loans Now N1.2tn \u2013 CBN - 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