News
Banks Start Deduction Of Loans From Accounts Of Chronic Debtors
According to research, Deposit Money Banks are recovering debts owed by chronic borrowers from their accounts in other banks in order to reduce the increase of non-performing loans in the industry.
According to data collected from the Central Bank of Nigeria and the National Bureau of Statistics, bank NPLs fell slightly from N1.2 trillion at the end of the second quarter of 2020 to N1.1 trillion at the end of July 2021..
Despite an increase in gross loans in the industry during the time, this is the case.
The CBN stated that the measures it implemented to reduce banking sector risks, such as the Global Standing Instruction, were assisting in the reduction of nonperforming loans in the industry.
The GSI, which began on August 1, 2020, allows banks to recover overdue principle and interest from any account held by the debtor across all financial institutions in Nigeria, according to the CBN.
The minor improvement, it added, was due to improved risk management techniques, the GSI policy, and regulatory forbearance that allowed banks to restructure COVID-19-affected credits. According to data acquired from the NBS on the banking sector for Q3 2020, although gross loans in the lending business was N18.9 trillion, total non-performing loans totaled N1.2 trillion.
The CBN’s newest numbers reveal that while gross loans increased to N22.2 trillion, nonperforming loans (NPLs) decreased slightly to N1.1 trillion.
Pastor cries out as wife strips him naked in front of his congregation, seeks divorce
Man catches his wife on bed with another man, stabs her to death with knife in Imo
Four people badly injured as Nigerians living in Malaysia clash
“Powerful political interests plotting to blackmail Peter Obi” – Aide raises alarm
Tolanibaj reacts to viral video of schoolgirl who names her as role model (Watch)
“Korra slept with a man when she was 5 months pregnant with our daughter, she sleeps around” – Korra Obidi’s estranged husband, Justin Dean cries out (Video)
“Your presence is deeply missed” – Billionaire mogul E Money vows to raise Junior Pope children, pays tribute to late actor (Video)
“It’s confirmed Chief Priest is not small. Money na water” – Cubana Chief Priest boasts as he’s granted N10m bail
-
Celebrity Gossip & Gist1 day ago“He’s a sure giver” – Davido warms hearts as he gifts female fan N58m ($50k) to clear off her student loan
-
Celebrity Gossip & Gist1 day agoPortable blows hot as Verydarkman urges him to check paternity of his kids
-
News1 day agoTunde Onakoya beats US national chess master as he attempts to break Guinness World Record
-
Celebrity Gossip & Gist1 day agoNigerians dig old video of Korra Obidi admitting to cheating on her ex-husband few hours after she denied allegations