I GUESS WE CAN SEE WHAT IS HAPPENING NOW
I SAID IT BEFORE THAT THE WHOLE THING WAS A CHARADE NOW SEE FIRST BANK WITH 70BILLION NON PERFORMING LOAN(MORE THAN ETB) IN 9MONTHS
Nigeria biggest bank, First Bank revealed today it had non-performing loans of about N75 billion, as at September this year, five times more than the level of such toxic loans recorded at the same time last year.
The revelation came today as the bank presented its first half year report to the Nigeria Stock Exchange in Lagos . Banking insiders believe that the entire banking sector may be carrying in their books over $10 billion, about N1.5trillion, in toxic assets, loans that went really bad.
By making provisions for its share of the errant loans, First Bank saw its group pre-tax profit falling to N3.19 billion ($21 million) , a tenth of what it recorded a year earlier.
It was not all bad news for the bank, however, as its gross earnings rose to N128.14 billion from N96.95 billion in the same period of last year. The bank surpassed Guaranty Trust Bank on this score. GTB which recently released its half year result, posted a turnover of N127 billion. With a much lower bad loan of N18 billion, GTB however recorded a profit after tax of N15.9 billion.