Banks loans to customers jump by N1.5trn amid COVID-19

CBN begins first batch disbursement of N50bn COVID-19 loan
CBN begins first batch disbursement of N50bn COVID-19 loan

Banks loans to customers jump by N1.5trn amid COVID-19: In spite of the impact of the COVID-19 on economies, loans disbursed by the banking sector leaped 8.6 per cent to N18.9 trillion in the first quarter of 2020 from N17.4 trillion in the corresponding period of 2019.

Analysts attributed the growth to the increased in Loan to Deposit Ratio (LDR) by the Central Bank of Nigeria (CBN) to 65per cent from 58.5 per cent it previously stood.  Recall that the Central Bank of Nigeria (CBN) had in July 2019 increased banks’ Loan to Deposit Ratio (LDR) to 60 per cent, up from 58.5 per cent.

Zenith Bank accounted for N275.2 billion, while First Bank came in second with a disbursement of N198.9 billion.

United Bank for Africa Plc came in third with N195.2 billion, followed by Guaranty Trust Bank Plc with N121.3 billion. Figures for the rest of the banks can be seen in the table below.

The main reason the CBN increased the LDR in the first place was to facilitate the provision of credit facilities to the real sector of the economy. The CBN incentives assigned a weight of 150 per cent in respect of lending to SMEs, retail, mortgage, and consumer lending. Lenders are required to fully comply or risk attracting a levy of additional Cash Reserves Requirements of 50 per cent of the lending shortfall of the target LDR.

However, it remains to be seen whether the loan figures will grow during the second quarter of the year, considering the challenges that have faced the Nigerian economy during the period.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.




8 Comments

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    RICH CONNECT PACKAGES
    N20,000——N40,000
    N40,000——N80,000
    N50,000——N100,000
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    N300,000—–N600,000
    N200,000—–N400,000
    N400,000—–N800,000
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    NOTE: we credit your account after 45mins of Your Registeration
    INTRODUCTION
    RICH CONNECT TRUST Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Okafor Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

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    Contact Mrs. GOODLUCK TIMOTHY
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    NOTE:- YOU GET CREDITED BACK IN LESS THAN 45 MINUTES.

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     *Are u jobless and u need where u can make source of income?*

     *Lavita Ricca Investment is here for you! With a little amount u can earn and make more more source of income without any problems*

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