First Bank Reports N74 Billion Bad Loan! Woyo Allah!!

[gwobezentashi]

First Bank Reports N74 Billion Bad Loan

November 03, 2009

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.

http://thepmnews.com/2009/11/03/firs...llion-bad-loan

[Bunch17]

Originally Posted by gwobezentashi

First Bank Reports N74 Billion Bad Loan

November 03, 2009

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.

http://thepmnews.com/2009/11/03/firs...llion-bad-loan

Na bad belle jo.
"The banking sector is booming". "Nigeria is the fastest growing economy". "Nigerian economy is immune to the recession". "Meryll Lynch said..........."

and we say that the problem of Nigeria is just bad leadership?

[Wind]

So how does sanusi factor into this. since it happened under his watch.

[I Love Nigeria]

Wind I find it winded... and rather too windy to lay First Bank's failure at Mr. Sanusi's doorsteps... can you tell us, how long Mr. Sanusi has been in charge of the Central Bank of Nigeria?

Shall we begin to blame Mr. Onovo for 419 and other crimes in Nigeria already? There is an innocuous term called fairness... which I encourage you to show Mr. Sanusi and Mr. Onovo... they are both new at their assignments

[tonsoyo]

Originally Posted by I Love Nigeria

Wind I find it winded... and rather too windy to lay First Bank's failure at Mr. Sanusi's doorsteps... can you tell us, how long Mr. Sanusi has been in charge of the Central Bank of Nigeria?

Shall we begin to blame Mr. Onovo for 419 and other crimes in Nigeria already? There is an innocuous term called fairness... which I encourage you to show Mr. Sanusi and Mr. Onovo... they are both new at their assignments

Well ILN, the hypocrite Sanusi became the Executive Director in charge of that portfolio at First Bank in September 2005! He became the Managing Director on January 1st this year. The bad loan portfolio actually doubled under his direct watch.

Little wonder he quickly gave them a Clean Bill of Health.

[netotse]

Originally Posted by tonsoyo

Well ILN, the hypocrite Sanusi became the Executive Director in charge of that portfolio at First Bank in September 2005! He became the Managing Director on January 1st this year. The bad loan portfolio actually doubled under his direct watch.

Little wonder he quickly gave them a Clean Bill of Health.

you don already setup the panel, conduct investigation and find the man guilty...you too much!

[ozoodoo]

@Netotse

Originally Posted by tonsoyo
Well ILN, the hypocrite Sanusi became the Executive Director in charge of that portfolio at First Bank in September 2005! He became the Managing Director on January 1st this year. The bad loan portfolio actually doubled under his direct watch.

Little wonder he quickly gave them a Clean Bill of Health.

you don already setup the panel, conduct investigation and find the man guilty...you too much!

[/QUOTE]


The facts above speaks eloquently for themselves.

It is good the Sanusi is kicking the butt of all these executhieves. But we should be wary because the agenda he is pursuing may not be one that is in the overall interest of the Nigerian economy. Sanusi was thrown up by the same corrupt system.

[Wind]

My question:

Originally Posted by Wind

So how does sanusi factor into this. since it happened under his watch.

ILN's reply:

Originally Posted by I Love Nigeria

Wind I find it winded... and rather too windy to lay First Bank's failure at Mr. Sanusi's doorsteps... can you tell us, how long Mr. Sanusi has been in charge of the Central Bank of Nigeria?

Shall we begin to blame Mr. Onovo for 419 and other crimes in Nigeria already? There is an innocuous term called fairness... which I encourage you to show Mr. Sanusi and Mr. Onovo... they are both new at their assignments

ILN mind telling me what your reply has to do with my question, or how u made a big leap from a simple "analytical question" to one of an "accusatory statement".