Bank record N1.5b bad debts

A total provision of N1.5 billion has been made for bad and doubtful debts by 24 of the 51 banks operating in the country, The Republic has learnt.
Out of this amount, which was ascertained as at the end of 1986 financial year merchants banks accounted for 13.5 per cent while commercial banks provided for 86.5 per cent.
According to available statistics Bank of the North tops the chart with a provision of N138,671,000 as bad and doubtful debs out of a total loan of N911,550,000 advanced.
Closely following is Societe Generale Bank with a provision of N113,267,000 out of a total N671,395,000 loan advanced. The statistics placed National Bank of Nigeria third with a provision of N81,700,000 against the N563,142,000 loan it advanced.
Of the twenty four banks whose statistics were made available Union Bank was place fourth with a bad debt provision of N55,041,000 as against the N1.914 billion loan advanced.

First Bank recorded a N48,917,000 bad debt provision against a total of N2.186 billion loan advanced by the banks.
United Bank for Africa, UBA, has a provision of N38,633,000 for bad and doubtful debts against N1.471 billion total loan advanced by the banks.
ICON Merchant Bank has on its account a N23,475,234 provisions as against N461,980,278 loans the bank advanced. First City Merchant Bank made a N2,5000,000 provision for bad and doubtful debts against the N63,462,000 loan it advanced as at the end of the period.
ACB had a total loan and advances of N961,923,000 with a provision for bad and doubtful debt of N1,068,000. The Nigerian Industrial Development Bank had a loan and advances of N352,484,000 and a provision for bad and doubtful debt of N9,533,000.
According to available figures IBWA hd a total loan and advances of N730,629,000 million and about N25,000,000 provision for bad and doubtful debt. Nigeria Arab Bank on its part had total of N231,960,292 as loan and advances and an estimated N21,960,000 provision for doubtful debt.

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