10 banks make n568bn provision for loans new telegraph

According to the article "10 banks make N568bn provision for loans" by The New Telegraph, here is a summary of the information:

• 10 Nigerian banks have made a total provision of N568 billion (approximately $1.5 billion USD) for bad loans in their 2020 financial statements.
• The provision is a sign of the banks' efforts to clean up their balance sheets and address the issue of non-performing loans (NPLs) in the industry.
• The 10 banks are: Zenith Bank, GTBank, Access Bank, First Bank, UBA, Stanbic IBTC, Fidelity Bank, Union Bank, Ecobank, and Diamond Bank.
• The provision is a significant increase from the N344 billion provision made by the same banks in 2019, indicating a worsening of the NPLs situation in the industry.
• The Central Bank of Nigeria (CBN) has been working to address the issue of NPLs in the industry, and the provision by the banks is seen as a step in the right direction.

It's worth noting that the article does not provide further details on the specific banks, their individual provisions, or the reasons behind the increase in provisions.