Banks’ assets rise to N73tn

Total banking industry assets have increased by N14.36 trillion, or 24.24 percent, from N59.24 trillion at the end of December 2021 to N73.59 trillion in 2022.Information Guide Nigeria

The Central Bank of Nigeria disclosed this in a personal statement made by Aishah Ahmad, Deputy Governor, Financial System Stability Directorate, CBN, at the most recent Monetary Policy Committee meeting.

he said, “Key industry aggregates also continued their year-on-year upward trajectory with total assets rising to N73.59tn in December 2022 from N59.24tn in December 2021, while total deposits rose to N45.50tn from N38.42tn over the same period.

“Total credit also increased by N5.14tn between end December 2021 and end-December 2022 with significant growth in credit to manufacturing, general commerce and oil & gas sectors. This impressive increase was achieved amid continued decline in non-performing loans ratio from 4.90 per cent in December 2021 to 4.20 per cent in December 2022.”NYSC Portal

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According to her, the financial system has provided significant support for needed domestic economic resilience in the face of global shocks and will remain strong through 2023.JAMB Result

Data provided by Bank staff, she said, indicated stability in broad soundness indicators and an unprecedented improvement in asset quality, even as credit to the private sector continued to grow.

She stated that capital adequacy as of December 2022 was strong at 13.83 percent, 383 basis points higher than the regulatory minimum of 10%.

She noted that industry liquidity was also strong, at 44.10 percent over the same period, and was supported by significant cash reserve requirement buffers available to provide liquidity backstops should banks require it.

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