Thursday , December 9 2021
Mortgage Banks Assets Rise to N372 Billion in Q3 2020

Mortgage Banks Assets Rise to N372 Billion in Q3 2020



The assets of mortgage banks rose by N56bn from N315.48bn as of the end of November 2019 to N371.66bn as of the end of September 2020.

Figures obtained from the Central Bank of Nigeria on its report on ‘Primary mortgage banks’ accounts and assets showed that the lenders’ assets had continued to record moderate growth over the year.

 

The CBN disclosed in its third quarter economic monthly report for 2020 that under its development financing, it approved N200bn as mortgage financing to Family Homes Fund Limited.

The fund is expected to fast-track the construction of 300,000 homes across the country within the next five years and help create up to 1.5 million direct and one million indirect jobs.

The National Bureau of Statistics had earlier disclosed that the real estate sector grew by 9.15 per cent in the fourth quarter of 2020.

The NBS stated in its Gross Domestic Product report for Q4 that the sector contracted by 3.55 per cent in the full year 2020.

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Part of the report read, “In nominal terms, real estate services in the fourth quarter of 2020 grew by 9.15 per cent, or 6.64 per cent points higher than the growth rate reported for the same period in 2019 and 17.21 per cent points when compared to the preceding quarter.

“Quarter-on-quarter, the sector growth rate was 27.34 per cent, while the annual growth rate stood at –3.55 per cent for 2020 compared to 4.23 per cent in 2019.”

It stated that the contribution to nominal GDP in Q4 2020 stood at 6.4 per cent as against 6.45 per cent recorded in the fourth quarter of 2019 and higher than the 5.6 per cent recorded in the third quarter of 2020.


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