After reviewing the value of collaterals in its loan books, the Asset Management Company of Nigeria, AMCON said it made a net loss of NGN304.35 billion in its audited 2015 result.
Non-performing loans, NPLs ratios rose by 93% in 2015, compared to 57% reported last year.
AMCON has tried to cut down its operating costs, a item that is cutting deep into its revenue. The company’s operating expenses improved by 70.1%.
In 2014, AMCON spent NGN226.45 billion, it has pruned it down to NGN67.7 billion due to the 25.8% and 76.4% reduction in personnel and other expenses respectively.
AMCON reported that it has recovered NGN1.26 trillion out of a total of NGN3,7 trillion it bought from distressed banks in 2009.
AMCON has said it will no longer acquire toxic debts of distressed banks. Earlier this week, the company announced that it will be leasing out seized assets to shore its revenue. AMCON also announced that it is finalising the sale of Keystone Bank.
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