Five major Nigerian banks, Access Bank Plc, FBN Holdings Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc, and Zenith Bank Plc, have posted whopping N683bn non-performing loans in the 2020 financial year.
This was contained in financial reports of the banks, released in April this year to the Nigerian Stock Exchange.
The financial reports revealed that the bad loans were linked to the downturn in the economy as a result of the COVID-19 pandemic and other factors.
The five affected banks reported N161.2bn (Access Bank Plc), N170.7bn (FBN Holdings Plc), N111.46bn (Guaranty Trust Bank Plc), N120.08bn (United Bank for Africa Plc) and N125.24bn (Zenith Bank Plc) bad loans.
It was further learnt that while FBN Holdings and GTBank reported NPL ratios that were above the prudential guideline of the Central Bank of Nigeria put at five per cent, Access Bank, Zenith Bank and UBA recorded NPLs that were within the regulatory threshold.
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