Banks’ Loans Hit N8.03trn In H1 2023 – Report 

Oil and Gas, and manufacturing sectors lead other sectors in the amount of loans received from banks in the first half of 2023, accounting for 55.5 per cent of total N8.03 trillion to the economy as loans. This was revealed via data from the Sectoral Distribution of Credit by Deposit Money Banks published by the Central Bank of Nigeria (CBN) in the Statistical Bulletin for the second quarter of the year of 2023. The Oil and Gas sector got the largest share of N3.09 trillion representing 38.8 percent of fresh loans in the first half of 23, followed by the manufacturing sector which received N1.42 trillion or 17.5 per cent. The financial sector comprising the Finance, Insurance and Capital Market received the 3rd largest share of banks’ loans receiving N837 billion or 10.4 per cent of the new loans in the first half of 23. Trade and General Commerce received N670 billion representing 8.3 per cent while the Information, Communication and Technology sector received N517 billion representing 6.4 per cent of new loans in the first half 2023. General Services and Constructions received N398 billion and 348 billion respectively representing 5.0 per cent and 4.3 per cent of new loans in the first half of 23. The Power and Energy sector received N287 billion representing 3.6 per cent while the public sector (government) received N125 billion representing 1.6 per cent of new loans in the first half of 23. However, banks’ lending to the Mining & Quarrying sector declined by 16.6 per cent or N502 million in the first half of 2023, as lending to the sector dropped to N29.59 billion as the end of June from N30.09 billion at the beginning of the year. Similarly, lending to the Education sector dropped by 11 per cent to N84.19 billion at the end June from N94.4 billion at the beginning of the year.

Again, equity market sheds N96bn

The local stock market closed trading on Thursday on a negative note, shedding N96 billion with the anticipated rise in exchange rate and fuel prices.The market capitalisation of listed equities declined further by 0.27 per cent to N35.273 trillion from N35.369 trillion reported the previous day.The decline led the benchmark index, NGX ASI, to witness a decline of 176.32 basis points, concluding at 64448.96 points from 64,625.28 points reported on Wednesday.An analysis of the investment showed that JohnHolt led gainers table in percentage terms, gaining 10 per cent to close at N1.32 per share, CWG followed with a gain of 9.76 per cent to close at N3.60 per share, Prestige insurance gained 8.33 per cent to close at N0.52 per unit, Cutix Plc added 8.00 per cent to close at N2.70 while Linkage Assurance gained 7.69 per cent to close at N0.98 per unit.On the contrary Guinness Nigeria Plc topped losers chart, dropping by 8.57 per cent to close at N0.32 per unit, RTBriscoe trailed with 8.16 per cent to close at N0.45 per unit, Chi Plc loss 7.61 per cent to close at N0.85 per share, SUNU Assurance dipped by 6.98 per cent to close at N0.80 per unit, Deep Capital declined by 6.67 per cent to close at N0.28 per share.The volume of trades increased by 28.63 million, representing 9.82 per cent as investors traded 320.346 million shares valued at N3.729 billion in 5176 deals against 291.714 million shares costing N7.432 billion in 6213 deals.Transactions in the shares of Fidelity Bank led market activities with 80.045 million shares valued at N595.543 million, Transnational Corporation of Nigeria followed with 34.268 million shares worth N137.206 million, United Bank for Africa traded 24.398 million shares cost N340.020 million , Universal Insurance traded 22.429 million shares worth N5.062 million , FBNHoldings exchanged 19.096 million shares cost N353.481 million.