Bad debts of Nigerian banks rise 3.1% to N814 billion

The non-performing loan portfolio of 10 Nigerian banks grew to N814.08 billion at the end of December 2021.

The stock of underperforming loans in 2021 indicates an increase of 3.16% from N789.14 billion at the end of 2020.

The figure is based on the financial statements of nine banks listed on the Nigerian Stock 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.

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

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

Access Bank in 2021 reported NPL181.5 billion in value, an increase of 4.3% from the N161.2 billion it recorded in 2020, while Zenith Bank NPLs reported reached N146.8 billion in 2021 from N125.2 billion recorded in 2020, an increase of 17.3 percent.

Wema Bank in 2021 reported NPL 21.3 billion, an increase of 19.3% from NPL 19.3 billion in 2020, while FCMB Group NPL increased to NPL 45.93 billion N, an increase of 61% from N28.57 billion in 2020.

Others are Union Bank of Nigeria with N38.66bn NPL in 2021 vs N29.45bn reported in 2020, while Stanbic IBTC Holdings reported a 23.4% drop in its NPL to N20.3bn in 2021 vs N25.5bn in…

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