Connect with us

Latest News

CBN Gives Order to Debit Defaulters as GTB, First Bank, 2 Others Record N478 Billion in Bad Loans



About four banks in Nigeria recorded N478 billion in non-performing loans during the first half of 2023, results from their financial records show…..CONTINUE READING…CONTINUE READING

Guarantee Trust Bank Holding, FBN Holding, and two others reported about N478.93 billion in non-performing loans in the half-year ending June 2023.

The figure represents almost 16% of N413 billion reported in the year ending December 31, 2022.

The other two banks are First City Monument Bank and Fidelity Bank.

Punch reports that with about 4.3% in non-performing loans ratio and N5.26 trillion gross loans and advances, FBN Holdings recorded N226.24 billion non-performing loans by value in the first half of 2023, from N2024.29 reported in 2022.


The banks declared a 5.4% non-performing loan ratio and N3.79 trillion gross loan and advances in the 2022 financial year.
GTBank records N115.29 billion in non-performing loans

Guarantee Holding declared N115.29 billion non-performing loan by the value of the half year 2023, from N103.37 billion reported in the 2022 financial year.

The bank said in its presentation to investors and analysts that the Group’s IFRS Stage 9 Stage 3 loans closed at 4.6% in half year 2023 from 5.2% in 2022.

The bank stated that individuals and other emerging sectors have the highest non-performing loans, representing 20.9% and 30,96%, respectively.


Fidelity Bank reported about N84.73 billion as of the first half of 2023 from N61.37 billion, while FCMB group declared N52.66 billion in Non-performing loan value as of the first of 2023 from N45.01 billion in 2022.
CBN orders banks to debit defaulters across financial institutions

The development has led to banks in Nigeria writing off bad loans as they also continued to debit bank accounts of defaulters to reduce non-performing loans.

In 2020, the Central Bank of Nigeria (CBN) released the Global Standing Instruction (GSI) to thaw non-performing loans in the banking industry and monitor persistent debtors, among others.

The CBN’s GSI allows banks to recover the outstanding principal and interest upon default from any account maintained by debtors across all financial institutions in the country.
NGX fines Ecobank, Fidelity Bank, PZ Cussons, others N125m for missing deadline for report submission

Advertisement reported that at least 26 listed companies were penalised N125 million for failing to submit their 2022 audited financial statements and quarterly reports for the first half of 2023 as required by the Nigerian Exchange.

Banks like Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, and Ecobank Transnational Incorporated were affected, according to The PUNCH.

The sanction also affected John Holt, PZ Cussons, Notore Chemical, Glaxo SmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria, and Juli Plc…..CONTINUE READING

Sports7 mins ago

Arsenal could fully unlock Declan Rice by signing £60m “monster” in 2024

Sports8 mins ago

Obasogie: Solution to Super Eagles goalkeeper crisis?

Sports9 mins ago

Napoli President Vents Fury After Serie A Loss To Inter Milan: ‘We Lost Because Of The Referees!’

Sports10 mins ago

TMW- Osimhen Agrees New Deal At Napoli With Bumper Pay And Huge Buy Out Clause

Sports11 mins ago

Liverpool fan has theory on why Simon Hooper blew whistle to prevent Jack Grealish chance, he could be right

Sports12 mins ago

‘I would sign David De Gea for Newcastle United but only on one condition’

Politics13 mins ago

African Countries Defend Large Delegations At Cop28

Politics13 mins ago

Proposed Regional Electricity Market Gets Boost As Ecowas Parliament Approves Draft Community Acts

Politics16 mins ago

Israeli PM Netanyahu Speaks to Argentina’s Milei

Politics17 mins ago

Why Rishi’s ‘Hammer Of Spod’ Moment Was Just The Start

Politics21 mins ago

Israeli PM Benjamin Netanyahu’s graft trial resumes in Israel in midst of Gaza war

Politics22 mins ago

OYOSUBEB: NUT, Headteachers, Stakeholders Hail Makinde On Adeniran’s Reappointment

Politics25 mins ago

John Mahama Meets Kwabena Duffuor Over 2024 Polls

Politics28 mins ago

Manasseh Azuri Must Come Again

Politics29 mins ago

Osun Government Clarifies Incident Involving Governor’s Wife, Police Orderly

Politics31 mins ago

Speaker Abbas Challenges Mdas On Citizens’ Participation In Budget Process

Latest News31 mins ago

NELSON MANDELA: Johannesburg Home Deteriorates Into Ghost House. All You Should Know About It

Politics31 mins ago

Former Uniben Sug President, Eniwake Emerges Isoko National Youth Leader

Politics35 mins ago

Israel-Hamas War, Day 59: Tensions Escalate In Middle East As Gaza Conflict Widens

Politics35 mins ago

Okene Local Government: Why Muhammed Jamiu Nuhu

Latest News6 hours ago

Akinyelure: The Newly Appointed NNPLC Chairman

Entertainment8 hours ago

“You’re acting way more than your age” – Mercy Kenneth triggers reactions over ‘naughty’ movie role -VIDEO

Politics12 hours ago

Obaseki’s anointed governorship aspirant, Ighodalo, hires interpreter to address kinsmen

Latest News21 hours ago

BREAKING: Julius Berger Hands Over 2nd Niger Bridge To FG

Politics17 hours ago

BREAKING: Senator Araraume Rejects President Tinubu’s Appointment Of New Board For NNPCL, Insists He Remains Chairman

Latest News6 hours ago

Obaseki’s anointed governorship aspirant, Ighodalo, hires interpreter to address kinsmen

Latest News8 hours ago

A Group Of Judges And Others Petition The CJN Regarding The Dismissal Of An LP Candidate By The Edo Election Tribunal

Latest News6 hours ago

Traders & Pedestrians Raise Alarms Over New Methods Of Robbery In Onitsha

Politics8 hours ago

Brekete Family: “Tinubu Is My Son, He Will Perform Excellently As President Give Him Time”- Trader Tells Ordinary President In Viral Video

Latest News21 hours ago

JUST IN: Rivers Police Officers Arrested For Abducting Man, Demanding N1m Ransom

Latest News17 hours ago

Trouble for Biden: Anger Explodes as Arab and Muslim Americans Reject His Reconciliation Moves

Politics21 hours ago

BREAKING: 56 Women Elected As APC Sweeps LG Poll In Ekiti

Politics21 hours ago

BREAKING: Prominent PDP Chieftain Defects To APC In Alimosho With Over 600 Supporters

Politics21 hours ago

BREAKING: Defending Fuel Subsidy Was A Mistake –Minority Leader

Latest News21 hours ago

BREAKING: Let Justice Prevail In Imo State – Stakeholders

Latest News21 hours ago

BREAKING: 200 lawyers volunteer to assist Gov. Yusuf win guber case at Supreme Court

Latest News21 hours ago

Rivers: Police Arrest 13 Officers Over Indecent Dressing

Entertainment21 hours ago

BREAKING: Israel DMW’s wife replies after he laid hefty curse on her

Politics21 hours ago

BREAKING: Eboigbe Announces Governorship Ambition

Latest News21 hours ago

JUST IN: How I Chased Out Shekau, Abu Qaqa, Stop Niger From Becoming Boko Haram HQ – Babangida