BANKS MORTGAGE LOANS HIT N77.61BN

Banks gave out N77.61bn mortgage loans in three years, according to the latest figures obtained from the National Bureau of Statistics.

The NBS stated in its selected banking sector report for the second quarter that N19.83bn, N32.09bn and N26.68bn were giving out in 2017, 2018 and 2019, respectively.

According to the NBS, non-performing loans in the banking sector amounted to N1.05tn as of December 2019.

The bureau also gave the gross loans of the banking sector as N17.56tn in the review period.

The report showed that for the first quarter of 2019, the banking sector gave out loans of N15.54tn out of which N1.67tn was classified as non-performing loans

For the second quarter of 2019, about N15.48tn had been provided as loans to the economy, from which the NPLs were put at N1.44tn.

In the third quarter of 2019, a total of N16.62tn had been advanced by banks to the economy as loans, out of which N1.1tn was categorised as the NPLs.

In terms of volume of transactions, the NBS report said that 893.68 million transactions valued at N48.54tn were recorded in the fourth quarter of 2019.

The transactions, it said, occurred on electronic payment channels in the nation’s banking sector.

The report stated that the NIBSS Instant Payments transactions dominated the volume of transactions, recording 342.63 million of the volume of the NIP transactions valued at N29.69tn.

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