The deposits in Nigerian banks have increased to N42.03tn amounting to 24.17 growth from N33.85tn experienced in June 2021.
This was disclosed by the Deputy Governor, Financial Systems Stability Directorate, Aishah Ahmad, in a statement at the MPC meeting.
Ahmad said, “Key industry aggregates also continued their year-on-year upward trajectory with total assets rising to N65.48tn in June 2022 from N53.64tn in June 2021, while total deposits rose to N42.03tn from N33.85tn over the same period.
“Gross credit has maintained an upward trajectory since 2019, rising by N5.02tn between June 2021 and June 2022 with significant growth in credit to manufacturing, general commerce, and oil & gas sectors.
“This notable increase was achieved amidst a continued decline in non-performing loans ratio from 5.3 per cent in April 2022 to 5.0 per cent in June 2022.”
According to her, banks have shown resilience in solvency and liquidity ratios in response to potential severe macroeconomic shocks.
See Also: Woman Robs Bank To Sponsor Sister’s Cancer Treatment
She added, “The Bank must remain vigilant to proactively manage probable macro risks to the financial system such as lingering spillover effects of the pandemic, winding down industry forbearance portfolio, and other risks to financial stability such as exchange rate, operational and cyber security risks.”
Also speaking, Folashodun Shonubi, a member of the MPC, said the financial sector witnessed substantial growth during the timeframe in review.
He said, “Prudential indicators in the banking sector remained within acceptable levels, highlighting the resilience of the sector.
“Even as total asset, deposit and credit maintained their upward trend, the non-performing loans ratio improved further to 4.95 per cent, below the prudential maximum of 5.0 per cent.
Source: Punch
- Gov Alex Otti Reacts To Tribunal Judgment - October 7, 2023
- Fake Credentials: Soyinka Dares Accusers To Prove Allegations - October 7, 2023
- Ukraine Vow To Shun UEFA Competitions Featuring Russian Teams - September 27, 2023
