Sunday, May 16, 2021

Five major banks post N680bn bad loans

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Five of the major banks in the country, also known as Tier-1 banks have posted non-performing loans valued at N683bn
in the 2020 financial year.

According to the financial reports of the banks, the bad loans were linked to the downturn in the economy as a result of the COVID-19 pandemic and other factors.

The financial reports showed that some of the five Systemically Important Banks recorded an increase in their bad loans while others recorded a decrease during the year under review, compared to the previous year.

The five banks are Access Bank Plc, FBN Holdings Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc, and Zenith Bank Plc.