Tuesday, December 1, 2020

Banks’ mortgage loans hit N77.61bn

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The National Bureau of Statistics says Banks gave out N77.61bn mortgage loans in three years.

The NBS stated in its Banking sector report for second quarter that N19.83bn, N32.09bn and N26.68bn were given out in 2017, 2018 and 2019, respectively.

According to the NBS, non-performing loans in the banking sector amounted to N1.05tn as of December 2019 while gross loans of the banking sector reached N17.56tn in the review period.

In the first quarter of 2019, the banking sector gave out loans of N15.54tn out of which N1.67tn was classified as non-performing loans, and in the second quarter about N15.48tn had been provided as loans to the economy, from which the NPLs were put at N1.44tn.

In the third quarter of 2019, a total of N16.62tn had been advanced by banks to the economy as loans, out of which N1.1tn was categorised as the NPLs.

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 2019.