Leading bank cuts 2015 loan growth forecast to 3 pct

Africa's biggest economy posted its lowest output growth for five years in August with its economy expanding 2.35 percent in the second quarter against 6.54 percent a year ago.

___4297354___https:______static.pulse.com.gh___webservice___escenic___binary___4297354___2015___10___27___9___Stanbic-IBTC-500x300

Nigeria's Stanbic IBTC has cut its 2015 forecast for loan growth to 3 percent from 10 percent, citing the impact of slowing economic activities on businesses, the local unit of South Africa's Standard Bank said on Monday.

Africa's biggest economy posted its lowest output growth for five years in August with its economy expanding 2.35 percent in the second quarter against 6.54 percent a year ago. Stanbic said the slowdown continued in the third quarter.

The mid-tier lender said loans grew marginally by 1 percent to 418.3 billion naira ($2.1 billion) in the first nine months and lowered its return on equity (ROE) target to 15 percent from 18 percent, it said in a presentation.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Buhari’s education revolution to transform Nigeria technologically – APC

PDP slams 1 month suspension on Sen Nwaoboshi

2021 UTME: JAMB praises NIN for restoring credibility to exam

Security: Strengthen intelligence gathering in your areas, Makinde urges LG chairmen

We’ve spent N35bn on payment of pension, gratuities since 2018 – Gov Oyetola

APC appoints Gov Abiodun as chairman of Anambra primary election committee

Soludo wins Anambra APGA governorship primaries

Gov Okowa reiterates commitment to alleviate plight of widows

Lai Mohammed: 'My advice to anyone using VPN is to stop it!'