Banks' non-performing loans drop by 62% to N1.1 trillion

• The non-performing loans of Nigerian banks dropped by 62% from N2.9 trillion in December 2009 to N1.1 trillion in December 2010
• The industry's level of delinquent loans to total loans imporved significantly to 16% from 36% in 2009
• The report also disclosed that the banking industry total loans declined by 17% compared with a 3 year annual average growth rate of 76% between 2006 and 2009
• The report also notes that credit penetration in Nigeria remained low at 24.9% of GDP, as at the year end 2010