TwentyTenDaily

Tag: Banks

  • Banks, Others Contribute N2.3trn To Economy

    Banks, Others Contribute N2.3trn To Economy

    Findings from the Gross Domestic Product released by the National Bureau of Statistics Q4 2021 report has shown that Banks and other financial institutions excluding insurance, contributed N2.3 trillion to the nation’s real GDP, in 2021. This is  up by 10.5 per cent from 2.1 trillion in 2020. The contribution of banks and other financial…

  • In Seven Months, Cash-strapped Banks Borrow N9.17tn

    In Seven Months, Cash-strapped Banks Borrow N9.17tn

    Figures obtained from the banking sector regulator has shown that Deposit Money Banks and merchant banks have borrowed the sum of N9.17tn from the Central Bank of Nigeria. The banks borrowed this through its Standing Lending Facility window within a period of seven months. Banks often access the CBN’s SLF window to borrow funds, subject…

  • Banks’ Earnings Hit N2.64tn In Nine Months

    Banks’ Earnings Hit N2.64tn In Nine Months

    According to data collated from the third quarter earnings of the banks, Nine banks made a gross earning of N2.64tn in the first nine months of 2021. This is N132.64bn increase from what the banks made in the corresponding period of 2020. In 2020, the banks had a gross earning of N2.50tn. The nine banks…

  • Nigerian Banks Lend Private Sector N4.1tn In 12months

    Nigerian Banks Lend Private Sector N4.1tn In 12months

    Between September 2020 and September 2021, the Nigerian banking sector’s credit to the private sector rose by N4.1tn or 13.8 percent. As part of an effort to drive lending to the real sector, the CBN had in 2019 directed all banks to maintain a minimum of 65 percent Loans-to-Deposit Ratio by the end of December…

  • Five Banks Pay N1.6bn For Forex Infractions, Other Penalties

    Five Banks Pay N1.6bn For Forex Infractions, Other Penalties

    In the first half of the year, five banks in Nigeria paid a total of N1.4 billion as penalties to financial regulatory bodies such as the Central Bank of Nigeria, Security Exchange Council and Financial Reporting Council of Nigeria. The banks include UBA , Fidelity Bank, Access Bank, GTBank and First City Monument Bank. This…

  • Seven Banks Paid N231.99bn As Salaries In 2020

    Seven Banks Paid N231.99bn As Salaries In 2020

    After analyzing data banks 2020 annual reports, a total of eight Nigerian banks paid N231.99 billion in wages and salaries in 2020. This is N1.92 billion less than what they paid in 2019.  Of the banks under review Zenith Bank paid the highest in wages in 2020 (N52.49bn) while Wema bank paid the least in…

  • Non-performing Loans Decline 0.1%

    Non-performing Loans Decline 0.1%

    The non-performing loans in the banking sector have slightly declined from 5.8 per cent in May to 5.7 per cent in June. This, according to the Central Bank of Nigeria showes more resilience in the banking sector. CBN disclosed this in the personal statements of members of the Monetary Policy Committee. According to a member…

  • In 9 Months, Eight Banks Made N26.73bn from International Trade

    In 9 Months, Eight Banks Made N26.73bn from International Trade

    Between January and September, eight banks gained a total of N26.73billlions from Letter Credits issued for international trade transactions, indicating a 23 percent increase as against the N21.68billion in the previous year. The letter credit is issued by banks to guarantee that a seller will receive a buyer’s payments on time and for the full…