Development Bank of Nigeria ‘distributes N191.7bn to small business owners’

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Development Bank of Nigeria 'distributes N191.7bn to small business owners'
Development Bank of Nigeria 'distributes N191.7bn to small business owners'

The Development Bank of Nigeria says it has disbursed N199.7 billion in loans to small and medium enterprises in 2020.

In a statement issued by the bank on Thursday, the figures showed an increase of almost 89 per cent of the total amount of loans disbursed to N101.5 billion in 2019.

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Presenting his detailed report for 2020, he said his assets had grown from 474.7 billion naira in 2019 to 493.5 billion in 2020, while unpaid debt increased by 110 per cent from 101.9bn in 2019 to N214.0bn in 2020.

“Revenues increased by almost 60 per cent annually from ₦ 6.6bn in 2019 to ₦ 10.5bn in 2020.”

The bank found that its net profit by the end of 2020 stood at N34.6 billion, despite a slowdown in the koran during the year.

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