Banks recorded N5.28tn non-performing loans in 2019 -NBS

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Banks recorded N5.28tn non-performing loans in 2019 -NBS

Out of the N65.21tn loans granted by Deposit Money Banks in 2019, about N5.28 trillion of them are non-performing loans.

The figure is contained in the Banking Sector Data report which was released on Wednesday by the National Bureau of Statistics.

The Bureau in the report said that for the first quarter, the banking sector gave out loans of N15.54tn out of which N1.67tn was classified as non-performing loans.

For the second quarter, about N15.48tn was provided as loans to the economy, from which NPL was put at N1.44tn.

In the third quarter of last year, about N16.62tn loan was advanced by banks to the economy out of which N1.1tn was categorised as NPL.

For the fourth quarter, the sum of N17.56tn was granted as loans to the real sector. From this amount, the sum of N1.05tn was yet to be repaid.

In terms of volume of transactions, the NBS report said that 893.68 million transactions valued at N48.54tn were recorded in the fourth quarter of last year.

The transactions occurred on electronic payment Channels in the Nigeria Banking Sector.

The report stated that NIBSS Instant Payments transactions dominated the volume of transactions recording 342.63 million volume of NIP transactions valued at N29.69tn.

As at the fourth quarter of last year, it put the total number of banks’ staff increased by 2.14 per cent from 101,435 in Q3 2019 to 103,610.