Sunday, September 19, 2021

CBN says vulnerable borrowers hold 37.72% of bank loans

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Vulnerable borrowers benefitting from the Central Bank of Nigeria’s COVID-19 forbearance hold about 37.72 per cent of the entire banking industry loan portfolio as of April.

A member of the Monetary Policy Committee, Robert Asogwa who gave the information however said the increase in total assets and total deposits of the banking industry in April 2021 compared to the position in February shows that the system remains robust and characterised by a balanced funding structure.

He said recovery from the effects of COVID-19 pandemic seemed to have strengthened.

According to Asogwa, the manufacturing sub-sector (especially food, beverages and tobacco) was key to the remarkable performance of the industry sector, even though there were marginal improvements from construction and electricity sub-sectors in the first quarter of 2021.