KINGSTON, Jamaica (CMC) – The Jamaica government says it will write off the outstanding mortgage balances for 50 homeowners as part of the country’s 50th anniversary of political independence.
The programme being carried out by the Ministry of Transport, Works and Housing’s Jubilee Housing initiative wi ...more »
COMMERCIAL banks' non-performing loans (NPLs) fell by $570 million over the three months to September 30.
The decline over the quarter was a continuation of a trend since loans left unserviced for three months or more - NPLs - peaked at just over $23 billion last December.
NPLs fell to $19.9 billion at the end of March before gradually making its way down to $18.9 billion at the end of September.
The ratio of non-performing loans to total loans was 6.3 per cent at the end of September compared to 6.7 per cent three months before and 7.8 per cent at end-September 2011, according to the latest data published by the Bank of Jamaica (BOJ).
Total commercial bank loans outstanding increased over the review period, from $288 billion to $299 billion, mainly due to growth in personal loans.
Loans to local residents climbed by five per cent, from $116 billion to $122 billion over the three-month period, while loans to overseas residents rose by 21 per cent, from $7.5 to $9 billion.
Net lending to distributors increased by seven per cent, from $37 billion to $40 billion, while manufacturers of food, drink and tobacco borrowed $1 billion more over the three months, increasing their debt after repayment to the banks, at $4.5 billion.
Loans outstanding to the construction and tourism sectors declined by $1.2 billion each, reducing the amounts owed by the two sectors to $19 billion and $26 billion, respectively.
Non-performing loans are gradually going down, according to data published
by the Bank of Jamaica
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