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Nigerian Banks’ Stocks Fall By N141bn
According to data available on the Nigerian Exchange Limited, banking sector performance ended the year out of the loop as five banks saw their value downed by 5.5 per cent This is coming despite the Nigerian capital market closing the year on a bullish trend. The drop is from N2.57 trillion in 2021 to N2.43…
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Nigerian Banks’ Assets Rise By N10tn
The latest figures from the Central Bank of Nigeria have revealed that the Nigerian banks’ assets gained N10 trillion between August 2021 and August 2022 to hit N66.76trillion. The CBN disclosed in the personal statement of a member of the Monetary Policy Committee, Kingsley Obiora, that the banking sector remained resilient amid economic challenges. It…
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Banks Charge Customers N715bn For E-transactions
According to the nine-month financial reports of the banks, eleven banks charged their customers N714.61 billion for electronic fees and other forms of commissions in the first nine months of 2022. This is a 16.92 percent increase from the N611.21bn earned by the banks from the income source in the corresponding period of 2021. This…
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Banks’ Income Tax Rise By 35%
Nigerian banks have paid N75.4 billion as Company Income Tax (CIT) in the first half of the year, (H1’22), representing a 35 per cent rise when compared to N55.67 billion paid in H1’21. Meanwhile, the Federal Government tax revenue rose by 31 percent to N2.44 trillion in H1’22 from N1.86 trillion in H1’21. The banks…
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Banks Staffs Strength Drop By 2%
The National Bureau of Statistics has said that the staffing strength in Nigeria’s banking industry reduced by 2.0 percent to 93,090 in 2021. This is from 95,026 recorded in 2020. NBS said this in its Quarter-on-Quarter, QoQ, Selected Banking Sector Data for last year (Q1-Q4’21). The report indicated that the number of contract staff declined…
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Bank Assets Rise By 21%
Figures obtained from the Central Bank of Nigeria has shown that Nigerian banks’ total assets rose by N11.15 trillion in one year to N64.32 trillion as of the end of April. CBN said that the assets of the lending institutions had hit N53.17 trillion in the corresponding period of 2021. The 2022 numbers showed a…
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How Bank Profitability Performed in Q1 2022 (2)
Commercial banks in Nigeria have paid N25.1 billion as account maintenance fee in the first quarter of this year (Q1’22). This represents a 17 percent year-on-year (YoY) increase when compared to N21.4 billion the customers of those banks paid in the corresponding period of 2021, Q1’21. The Account Maintenance Fee (AMF) is the annual amount…
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Bank Loans To Govt Rise To N16.32tn
Figures obtained from the Central Bank of Nigeria have shown that the total net credit by the Nigerian banking sector to the government rose by N2.2 trillion in the first quarter. The CBN’s data on ‘Money and credit statistics’ have shown the net credit to the government rose from N14.12tn as of the end of…
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Power Firms Owe Banks N861.14bn
According to the Central Bank of Nigeria data, the debt owed to Nigerian banks by operators in the power sector rose by 12.83 per cent in one year to N861.14bn in December 2021. This is coming amidst the lingering problems plaguing the sector since it was privatized over eight years ago. According to figures obtained…
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In 2020, 477,405 Complaints Were Unresolved In Four Banks
Within a period of one year spanning January 1 to December 31, 2020, four top banks in Nigeria recorded a total of 477,405 unresolved customer complaints. The banks are Zenith, Guaranty Trust Bank, United Bank for Africa and Access Bank. The figures were arrived at after analysing the 2020 annual financial reports of the banks.…