CBN fines 12 banks N499bn over failure to meet 60% loan-to-deposit deadline

The Central Bank of Nigeria (CBN) has fined 12 banks N499 billion for failing to give 60% of deposits as loans.

Okay.ng understands that the 12 banks failed to meet September 30, 2019 deadline mandated by the CBN.

Underneath are the listed banks:

1. Citibank – N100,743,055,321
2. First Bank of Nigeria – N74,668,880,480
3. FBNQuest Merchant Bank – N2,697,456,144
4. First City Monument Bank (FCMB) – N14,371,064,742
5. Guaranty Trust Bank – N25,147,933, 628
6. Jaiz Bank – N7,525,165,552
7. Keystone Bank – N4,162,938, 879
8. Rand Merchant Bank – N2,823,177,399
9. Standard Chartered Bank – N30,027,137,984
10. SunTrust Bank – N1,703,205,427
11. United Bank for Africa – N99,676,181,916
12. Zenith Bank – N135,629,337,625

It can be recalled that the CBN on Tuesday directed banks to raise their Loan-to-Deposit Ratio (LDR) from 60 to 65 percent before December 31, 2019.