Nigeria: Bank PHB Writes Off N16 Billion Margin Loans

6 August 2009

Abuja — In line with the Central Bank of Nigeria (CBN) directive to all banks in the country to have a common financial year end by December 2009, Bank PHB has announced an increase in gross earnings to N141 billion for the 12 months ended June 2009, 63 per cent higher than the N86 billion made in the same period last year.

The bank had to make an expected one time provision for loan losses of N16 billion to cover for the general downturn in the financial markets.

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