READ ALSO: Leaving marriage, one of my toughest decisions –Venita AkpofureThe five banks are Access Bank Plc, FBN Holdings Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc, and Zenith Bank Plc. In simple terms, impairment charges are charges banks make against their profit in order to reflect a fall in value or worse-than-expected performance of the loans or asset. The banks are Zenith Bank, Access Bank, GTBank, UBA, FBN Holdings, Ecobank Transnational Incorporated, Stanbic IBTC Holdings Plc, FCMB Holdings Plc, Sterling Bank Plc, Fidelity Bank Plc, and Jaiz Bank Plc. Access Bank in 2020 reported N62.89bn impairment charges, a 211.5 per cent increase above the N20.2bn it reported in 2019. Also, UBA reported impairment charges of N22.44bn last year, up by 37.4 per cent from the N16.336bn it reported in 2019.

Source: Punch May 02, 2021 01:52 UTC