The total value of credit allocated to private sectors by the bank increased to N18.82trn in Q2 2020 from N18.49 trillion in Q1 2020, according to the Selected Banking Sector Data Q2 2020 report released by the National Bureau of Statistics.
Oil & Gas and Manufacturing sectors got credit allocation of N3.62trn and N3.07trn to record the highest credit allocation as at the period under review.
Agriculture credit rose to N903.70bn in Q2 2020 from N853.27bn from in Q1.
Power and Energy credit rose to N395.85bn from N393.38bn.
Government credit declined to N1.50 trillion from N1.52 trillion.
Finance, Insurance and Capital Market credit rose to N1.37 trillion from N1.32 trillion.
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Non-performing loans (NPL) declined to N1.21 trillion from N1.19 trillion recorded in Q1 2020. However, NPL declined compared to N1.44 trillion registered in the same period in 2019.
The increase in NPL in Q2 2020 from Q1 2020 figures was due to the rise in Information and Communication sector NPL by 18.3% to N104.45bn, Agriculture sector rose by 23.93% to N51.35bn, Real Estate Activities sector NPL also rose by 18.75% to N74.89bn. The General commerce NPL rose by 7.12% to N171.55bn while the construction sector rose by 5.81% to N167.86bn.
On the other hand, NPL in the Manufacturing sector dropped by 2.86% to N117.26bn, Oil & Gas sector NPL dipped by 4.29% to N268.79bn while Power and Energy sector NPL dropped by 35.51% to N30.81bn.
Written by;
Ifunanya Ikueze
